Silver Soars 18.9% YTD Despite $1.5B in Outflows

Date: 2026-02-22The Weekly Report's Time Range: 2.16-2.20

Market Overview

The ETF market saw continued outflows from major equity and silver products during the week of 2.16-2.20. The largest outflow was recorded by the iShares Core S&P 500 ETF (IVV), with a net outflow of $-2.298B. This pattern reflects ongoing investor caution across key equity benchmarks and commodities, with silver and small-cap exposure also showing notable declines in net inflows. The S&P 500 ETFs, including IVV and SPY, remain among the largest in terms of assets under management (AUM), with both showing positive YTD returns despite outflows. In contrast, the iShares Silver Trust (SLV) saw a surge in performance, posting an impressive YTD gain of 18.94%.

ETF Highlights

IVV - iShares Core S&P 500 ETF reported a weekly net outflow of $-2.298B. Despite this, the fund showed a YTD performance of 1.10% and maintained a large AUM of $754.32B. The continued outflows may indicate shifting investor priorities or rebalancing within the broader equity market.

SLV - iShares Silver Trust experienced a net outflow of $-1.564B for the week. This contrasts with a strong YTD performance of 18.94% and an AUM of $40.15B. The outflow could suggest some profit-taking or risk management in the precious metals sector.

IWM - iShares Russell 2000 ETF recorded a net outflow of $-988.818M. The fund has a YTD performance of 7.50% and an AUM of $75.64B. The outflow might reflect a strategic shift away from small-cap exposure in favor of more stable or liquid assets.

SPY - State Street SPDR S&P 500 ETF Trust reported a net outflow of $-972.377M. The fund showed a YTD performance of 1.10% and an AUM of $700.61B. The outflow may indicate continued rotation out of the S&P 500 as part of broader investor positioning.

XLF - State Street Financial Select Sector SPDR ETF saw a net outflow of $-861.275M. The fund had a negative YTD performance of -4.16% and an AUM of $52.27B. The outflow could reflect ongoing underperformance or reallocation away from financial sector exposure.

XBI - State Street SPDR S&P Biotech ETF recorded a net outflow of $-747.566M. Despite this, it posted a YTD performance of 2.34% and an AUM of $7.88B. The outflow might reflect strategic diversification out of the biotech sector amid market volatility.

DIA - SPDR Dow Jones Industrial Average ETF Trust had a net outflow of $-643.740M. The fund showed a positive YTD performance of 3.23% and an AUM of $43.75B. The outflow could suggest a reallocation away from industrial stocks despite the strong performance.

VTEB - Vanguard Tax-Exempt Bond ETF experienced a net outflow of $-640.532M. The fund had a YTD performance of 1.27% and an AUM of $41.92B. The outflow might reflect changing preferences in fixed income strategies, particularly for tax-exempt instruments.

QQQM - Invesco NASDAQ 100 ETF reported a net outflow of $-563.238M. The fund had a negative YTD performance of -0.89% and an AUM of $71.33B. The outflow could indicate a pullback from tech-heavy assets in favor of more defensive or diversified holdings.

VCSH - Vanguard Short-Term Corporate Bond ETF recorded a net outflow of $-494.093M. The fund showed a YTD performance of 0.45% and an AUM of $40.93B. The outflow might reflect shifting investor priorities within the fixed income space.

Notable Trends / Surprises

Despite outflows, several funds, particularly those tied to equities and silver, showed positive YTD performance. The sharp increase in performance of the iShares Silver Trust (SLV) at 18.94% is particularly striking against the backdrop of net outflows, suggesting continued volatility and shifting investor sentiment in the precious metals space.

Conclusion

The week saw sustained outflows in major equity and commodities ETFs, with the largest outflow directed toward the S&P 500 and silver exposures. While some funds showed strong YTD performance, the patterns indicate a complex mix of investor behavior across different asset classes. Investors may be re-evaluating their exposure to large-cap equities and commodities in light of ongoing market dynamics.