IAU vs SLV: returns, risk and drawdowns compared
iShares Gold Trust against iShares Silver Trust, over the same 20 years (November 2006 to October 2026) with dividends reinvested.
Data updated October 2026
From November 2006 to October 2026, IAU returned 9.8% a year and SLV 7.6% a year on average, so IAU came out ahead by 2.3% a year. SLV was the more volatile of the two (32.5% against 17.4% a year), and the deepest falls from a month-end high were 42.6% for IAU and 72.2% for SLV.
The correlation of monthly returns was 0.80: they usually moved together. Over 205 rolling 3-year periods, IAU did better in 62% and SLV in 38%.
Side by side
| IAU | SLV | |
|---|---|---|
| Annual return (CAGR) | +9.8% | +7.6% |
| Total return | +551% | +329% |
| Annual volatility | 17.4% | 32.5% |
| Maximum drawdown (month-end) | −42.6% | −72.2% |
| Worst month | −16.3% | −28.5% |
| Best month | +12.7% | +33.2% |
| Positive months | 53% | 50% |
| Best year | 2025: +63.9% | 2025: +144.7% |
| Worst year | 2013: −28.2% | 2013: −36.3% |
| 1-year return | +0.4% | +19.3% |
| 5 years, a year | +18.0% | +18.5% |
| 10 years, a year | +12.4% | +12.2% |
| Trading currency | USD | USD |
First nine rows: the same 240 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IAU vs SLV
Returns by calendar year
| Year | IAU | SLV |
|---|---|---|
| 2025 | +63.9% | +144.7% |
| 2024 | +26.9% | +20.9% |
| 2023 | +12.8% | −1.1% |
| 2022 | −0.6% | +2.4% |
| 2021 | −3.9% | −12.3% |
| 2020 | +25.8% | +48.1% |
| 2019 | +18.0% | +14.9% |
| 2018 | −1.8% | −9.2% |
| 2017 | +12.9% | +5.8% |
| 2016 | +8.3% | +14.6% |
| 2015 | −10.6% | −12.4% |
| 2014 | −2.1% | −19.5% |
| 2013 | −28.2% | −36.3% |
| 2012 | +6.9% | +9.0% |
| 2011 | +9.6% | −10.7% |
| 2010 | +29.5% | +82.5% |
| 2009 | +23.9% | +47.7% |
| 2008 | +5.1% | −23.8% |
| 2007 | +30.4% | +14.2% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, IAU or SLV?
From November 2006 to October 2026, IAU returned +9.8% a year and SLV +7.6% a year, with dividends reinvested. Over rolling 3-year periods IAU did better in 62% of cases. Past returns do not predict future returns.
Which is riskier, IAU or SLV?
Over the same months annual volatility was 17.4% for IAU and 32.5% for SLV; the deepest fall from a month-end high was 42.6% and 72.2%, and the worst single month −16.3% and −28.5%.
How correlated are IAU and SLV?
The correlation of their monthly returns was 0.80: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.