Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
SLV has lagged SLVO over the trailing twelve months, posting a 4.76% total return against 10.71%. The picture flips over 10 years, though — SLV has compounded at 12.01% a year, ahead of SLVO at 8.77%. SLVO has been the steadier holding, though — annualized volatility of 25.8% against 44.4% for SLV. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Apr 2013” measures every fund from April 17, 2013 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Not a distribution payer
SLV (iShares Silver Trust) has no distribution rate on file and its distribution frequency is None. SLV is not a payer. The blank yield is not a zero yield.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Reflect the performance of the price of silver bullion less trust expenses.
Provides exposure to the Credit Suisse NASDAQ Silver FLOWS 106 Index, which combines a long position in silver with a short position in silver call options.
Bottom lineChoose SLV if you want a non-correlated hedge against inflation and market stress. Choose SLVO if you want to maximize current income — roughly 33.21%, generated by selling options premium. There's no free lunch: SLVO's payout comes from selling options, which caps upside and can erode the share price over time, while SLV keeps full price exposure.
SLV vs SLVO: bullion or a silver covered-call note?
SLV holds silver. SLVO is an ETN that sells silver upside for cash. Structure, not yield, is the decision.
SLV
SLVO
Vehicle
Silver bullion trust
Covered-call ETN
Expense ratio
0.50%
0.65%
Distribution rate
None (bullion)
33.21%
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. SLVO generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.
See our curated list of related YouTube videos on SLV.
SLV (iShares Silver Trust) is an ETF, while SLVO (Credit Suisse X-Links Silver Shares Covered Call ETN) is an ETN — their trading structures differ.
SLVO currently shows a 33.21% distribution yield. SLV has not yet established a full distribution history, so a comparable yield figure is not available.
SLV is cheaper with an expense ratio of 0.50% compared to 0.65%.
They have different reference exposures: SLV is linked to Silver bullion spot price while SLVO is linked to Silver, which means their performance drivers differ.
SLV is the larger fund by assets ($29.7B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose SLV
iShares Silver Trust
Want a non-correlated hedge against inflation and equity stress.
Want to keep costs low — a 0.50% expense ratio vs 0.65% for SLVO.
Want to maximize current income — SLVO distributes roughly 33.21% from selling options premium, while SLV makes no distribution.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Prefer lower volatility — a beta of 0.4 vs 1.2 for SLV.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Still deciding? Track SLV & SLVO for free
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On a $10,000 investment, SLV has no reported distribution yield yet, so a cash estimate is not available, while SLVO would produce $276.75 cash per distribution, at current distribution rates.
SLV yield—
SLVO yield33.21%
Cost & efficiency
Over 10 years on $10,000, SLV would cost approximately $500 in fees vs $650 for SLVO (simplified, not compounded). The $150.00 difference may be offset by yield or performance.
SLV ER0.50%
SLVO ER0.65%
Strategy & risk
SLV tracks Silver bullion spot price with a metals approach, while SLVO tracks Silver with a covered call approach. Beta is 1.22 for SLV and 0.43 for SLVO, making SLVO the less volatile of the two by this measure.
SLV beta1.22
SLVO beta0.43
Fund details
SLV is managed by iShares (launched 04/21/2006) with $29.7B in assets. SLVO is managed by UBS Asset Management (launched 04/16/2013) with $401M in assets.
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Frequently asked questions
What is the difference between SLVO and SLV?
SLV (iShares Silver Trust) holds silver bullion and pays no income. SLVO (Credit Suisse X-Links Silver Shares Covered Call ETN) is a covered-call note on silver that pays 33.21% monthly as of October 2026. SLVO is an exchange-traded note, not a bullion trust. Cost is 0.65% versus 0.50%. A higher payout generally means more silver upside has been sold.
Which of SLV or SLVO pays more dividend income?
SLVO currently reports a distribution yield, while SLV has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between SLV and SLVO?
SLV (iShares Silver Trust) tracks Silver bullion spot price with a metals approach, while SLVO (Credit Suisse X-Links Silver Shares Covered Call ETN) tracks Silver with a covered call approach. They are issued by iShares and UBS Asset Management respectively.
Can I hold both SLV and SLVO?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, SLV or SLVO?
SLV has an expense ratio of 0.50% while SLVO charges 0.65%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SLV vs SLVO generate?
At current rates, SLV does not pay distributions, so there is no cash income to estimate. The same in SLVO would produce about $276.75 cash per distribution ($3,321.00 annually).
Which has performed better historically, SLV or SLVO?
SLV has lagged SLVO over the trailing twelve months, posting a 4.76% total return against 10.71%. The picture flips over 10 years, though — SLV has compounded at 12.01% a year, ahead of SLVO at 8.77%. SLVO has been the steadier holding, though — annualized volatility of 25.8% against 44.4% for SLV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Lateral filters that include these funds — browse the full peer set on DividendVision.
The structural cost difference is modest: SLVO's 0.65% expense ratio versus SLV's 0.50%, but SLVO's options overlay carries embedded transaction costs not fully visible in the stated ratio.
SLVO: Fits investors who prioritize current monthly income from silver and are willing to sacrifice price upside—and accept capped gains—in exchange for a high yield paid regularly, and who can tolerate the complexity of an ETN structure and UBS counterparty exposure.
Key risks to know
NAV erosion at high yields.SLVO's 33% distribution rate is unsustainable from silver price appreciation alone; payouts likely depend on return-of-capital or capital erosion, meaning the NAV may drift lower over time despite flat or rising silver prices.
Counterparty and credit risk specific to SLVO. As an ETN, SLVO is a senior unsecured debt obligation of UBS; if UBS's credit quality deteriorates significantly, the note's value could be impaired independent of silver price movements.
Volatility dampening and timing mismatch.SLVO's lower beta means investors miss shorter-term silver price swings; call strikes are set monthly, so rapid price moves may leave investors locked out of sudden rallies. If you prioritize monthly income and accept capped upside plus counterparty risk in exchange for a high current yield, SLVO's covered call structure delivers that tradeoff—but the 33% distribution rate warrants scrutiny regarding capital preservation. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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