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Security Comparison

SLVO vs SLV: Sell Silver Upside, or Own the Metal?

A head-to-head of the X-Links silver covered-call note and the iShares Silver Trust covering structure, cost, and why they are not substitutes.

Data updated August 28, 2026

Best for

  • SLVInvestors who want a non-correlated hedge against inflation and market stress.
  • SLVOInvestors who want to maximize current income — roughly 22.62%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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 71.53% total return against 38.89%. The lead holds up over 10 years too: SLV has compounded at 12.87% a year, against 8.98% for SLVO. SLVO has been the steadier holding, though — annualized volatility of 25.4% against 43.9% 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.
SymbolYTD1Y3Y5Y10YSince Apr 2013Volatility Sharpe Sortino Max drawdown
SLV-8.71%71.53%39.26%21.86%12.87%7.64%43.9%0.650.84-52.3%
SLVO7.20%38.89%29.83%16.51%8.98%4.87%25.4%0.861.12-21.4%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 28, 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricSLVSLVO
Full nameiShares Silver TrustCredit Suisse X-Links Silver Shares Covered Call ETN
IssueriSharesUBS Asset Management
Underlying indexSilver bullion spot priceSilver
Last Close$60.02 as of August 28, 2026$69.92 as of August 28, 2026
Distribution yield—22.62%
Distribution Safety Score™ —70
Safety-Adjusted Yield —15.83%
Expense ratio0.50%0.65%
AUM$33.5B$444M
Distribution frequencyNoneMonthly
ObjectiveReflect 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 classCommodityCommodity
Inception date04/21/2006N/A
Beta1.110.38
Last dividend—$1.3180
Ex-dividend date—08/20/2026

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 22.62%, 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.

SLVSLVO
VehicleSilver bullion trustCovered-call ETN
Expense ratio0.50%0.65%
Distribution yieldNone (bullion)22.62%

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.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

iShares
ETFs466
Total AUM$4691B

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.

See all iShares ETFs

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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 22.62% 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 ($33.5B), 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.

Choose SLVO

Credit Suisse X-Links Silver Shares Covered Call ETN

  • Want to maximize current income — SLVO distributes roughly 22.62% 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 1.1 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 $188.50/month, at current distribution rates.

SLV yield—
SLVO yield22.62%

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 1.11 for SLV and 0.38 for SLVO, making SLVO the less volatile of the two by this measure.

SLV beta1.11
SLVO beta0.38

Fund details

SLV is managed by iShares (launched 04/21/2006) with $33.5B in assets. SLVO is managed by UBS Asset Management (launched 04/16/2013) with $444M in assets.

SLV AUM$33.5B
SLVO AUM$444M
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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 22.62% monthly as of August 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 has not established a distribution history yet, so a monthly income estimate is not available. The same in SLVO would produce about $188.50 per month ($2,262.00 annually).

Which has performed better historically, SLV or SLVO?

SLV has outpaced SLVO over the trailing twelve months, posting a 71.53% total return against 38.89%. The lead holds up over 10 years too: SLV has compounded at 12.87% a year, against 8.98% for SLVO. SLVO has been the steadier holding, though — annualized volatility of 25.4% against 43.9% for SLV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SLV vs SLVO — at a glance

Generated August 15, 2026.

Overview

SLV is a straightforward ETF that tracks silver bullion prices, holding physical silver bars in trust. SLVO is an exchange-traded note that combines silver exposure with a covered call strategy—selling call options against silver to generate monthly income. The core difference: SLV offers direct commodity exposure with no distributions, while SLVO layers options income on top of silver, trading upside for current yield.

How they differ

SLV holds physical silver and aims to mirror spot prices minus a 0.50% annual fee; it pays no distribution. SLVO uses a different structure entirely—it's an ETN, not an ETF, and it combines a long silver position with short silver call options through the Credit Suisse NASDAQ Silver FLOWS 106 Index, generating a 22.85% distribution rate paid monthly. SLV has $28.6B in assets and a beta of 1.11, meaning it moves roughly in line with silver; SLVO has $391M in AUM and a beta of 0.38, reflecting the dampening effect of its short calls. The expense ratio for SLVO is 0.65% versus SLV's 0.50%, but the real cost difference lies in the opportunity cost: SLVO caps upside in exchange for income, whereas SLV preserves full participation in silver rallies.

Who each is best for

SLV: Investors seeking pure silver price exposure without distributions, willing to accept commodity volatility in exchange for capital appreciation potential and simplicity.

SLVO: Investors prioritizing monthly income from a silver allocation and comfortable with capped upside and the credit risk inherent in an exchange-traded note structure.

Key risks to know

  • NAV erosion at high yields. SLVO's 22.85% distribution rate is likely supported by covered call premium rather than underlying silver appreciation alone; distributions exceeding underlying returns over time can erode principal.
  • ETN credit risk. SLVO is an exchange-traded note, meaning it carries the counterparty credit risk of UBS. If UBS's creditworthiness deteriorates, the ETN's value could decline regardless of silver prices.
  • Capped upside from short calls. SLVO's short call position limits gains if silver rallies sharply. This trade-off is intentional but means investors forgo a portion of bullish moves SLV would capture.
  • Commodity price volatility. Both securities track silver, which swings significantly on macro shifts, USD strength, and industrial demand cycles. SLV's beta of 1.11 and SLVO's 0.38 illustrate different sensitivity, but neither eliminates silver's inherent volatility.
  • Liquidity and size disparity. SLV's $28.6B asset base ensures tight spreads and deep trading; SLVO's $391M is substantially smaller, potentially widening bid-ask spreads during stress or rapid outflows.

Bottom line

SLV offers capital appreciation potential on silver with minimal fees and no income distributions; SLVO trades upside for a high monthly yield via covered calls and carries ETN credit risk. If you prioritize participation in silver rallies, SLV's simplicity and AUM depth stand out. If you want to extract income from a silver position and accept capped gains and counterparty risk, SLVO's monthly payout structure fits that profile. Past performance in either security doesn't predict future silver prices or the sustainability of covered call income.

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.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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