A head-to-head comparison of iShares Silver Trust and Credit Suisse X-Links Silver Shares Covered Call ETN covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on SLV.
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.
Asset class
Commodity
Commodity
Inception date
04/21/2006
N/A
Beta
1.26
0.48
Last dividend
—
$2.0041
Ex-dividend date
—
07/22/2026
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 37.16%, 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.
Most used
Income calculator
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
SLV has outpaced SLVO over the trailing twelve months, posting a 53.54% total return against 28.71%. The lead holds up over 10 years too: SLV has compounded at 10.61% a year, against 7.33% for SLVO. SLVO has been the steadier holding, though — annualized volatility of 25.0% against 43.5% for SLV. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 14, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Apr 2013” measures every fund from April 17, 2013 — the youngest fund's first trading day — 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.
Quick verdict
SLV (iShares Silver Trust) is an ETF, while SLVO (Credit Suisse X-Links Silver Shares Covered Call ETN) is an ETN — they take fundamentally different approaches.
SLVO currently shows a 37.16% 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 track different benchmarks: SLV is linked to Silver bullion spot price while SLVO tracks Silver, which means their performance drivers differ.
SLV is the larger fund by assets ($35.1B), which generally means tighter spreads and better 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 37.16% 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 0.5 vs 1.3 for SLV.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Deep dive
Yield & income
On a $10,000 investment, SLV has no reported distribution yield yet, so a monthly income estimate is not available, while SLVO would produce $309.67/month, at current distribution rates.
SLV yield0.00%
SLVO yield37.16%
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 1.26 for SLV and 0.48 for SLVO, indicating SLVO is less volatile relative to the market.
SLV beta1.26
SLVO beta0.48
Fund details
SLV is managed by iShares (launched 04/21/2006) with $35.1B in assets. SLVO is managed by UBS Asset Management (launched 04/16/2013) with $393M in assets.
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Frequently asked questions
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 has not established a distribution history yet, so a monthly income estimate is not available. The same in SLVO would produce about $309.67 per month ($3,716.00 annually).
Which has performed better historically, SLV or SLVO?
SLV has outpaced SLVO over the trailing twelve months, posting a 53.54% total return against 28.71%. The lead holds up over 10 years too: SLV has compounded at 10.61% a year, against 7.33% for SLVO. SLVO has been the steadier holding, though — annualized volatility of 25.0% against 43.5% for SLV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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