AG vs. SLV
AG (First Majestic Silver Corp.) is a stock, while SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price. Over the past 10 years, AG returned -0.85%/yr vs 10.33%/yr for SLV. Their 0.69 correlation means they have sometimes moved together and sometimes differently.
Performance
AG vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, AG achieves a -5.71% return, which is significantly higher than SLV's -19.75% return. Over the past 10 years, AG has underperformed SLV with an annualized return of -0.85%, while SLV has yielded a comparatively higher 10.33% annualized return.
AG
- 1D
- -3.27%
- 1M
- -7.10%
- 6M
- -38.93%
- YTD
- -5.71%
- 1Y
- 88.31%
- 3Y*
- 35.45%
- 5Y*
- 3.00%
- 10Y*
- -0.85%
- ALL TIME*
- 1.07%
SLV
- 1D
- -2.32%
- 1M
- -2.97%
- 6M
- -49.11%
- YTD
- -19.75%
- 1Y
- 49.25%
- 3Y*
- 32.31%
- 5Y*
- 16.86%
- 10Y*
- 10.33%
- ALL TIME*
- 7.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $153.68M | $160.05M | $224.11M | |
| $725.18M | $769.49M | $1.28B |
AG vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | -5.71% | 204.32% | -10.47% | -25.99% | -24.73% | -17.24% | 9.62% | 108.15% | -12.61% | -11.66% |
SLV iShares Silver Trust | -19.75% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between AG and SLV is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2010 | 0.69 |
The correlation between AG and SLV has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
AG vs. SLV — Risk / Return Rank
AG
SLV
AG vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Majestic Silver Corp. (AG) and iShares Silver Trust (SLV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AG | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.20 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 0.95 | +0.80 |
| Martin ratioReturn relative to average drawdown | 3.38 | 1.85 | +1.54 |
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Drawdowns
AG vs. SLV - Drawdown Comparison
The maximum AG drawdown since its inception was -90.20%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for AG and SLV.
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Drawdown Indicators
| AG | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.20% | -76.28% | -13.92% |
Max Drawdown (1Y)Largest decline over 1 year | -50.94% | -52.28% | +1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -50.94% | -52.28% | +1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -70.28% | -52.28% | -18.00% |
Max Drawdown (10Y)Largest decline over 10 years | -80.82% | -52.28% | -28.54% |
Current DrawdownCurrent decline from peak | -50.94% | -51.04% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -59.08% | -44.68% | -14.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.19% | 26.76% | -0.57% |
Volatility
AG vs. SLV - Volatility Comparison
First Majestic Silver Corp. (AG) has a higher volatility of 17.10% compared to iShares Silver Trust (SLV) at 10.65%. This indicates that AG's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AG | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.10% | 10.65% | +6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 57.23% | 55.59% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.87% | 61.33% | +13.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.15% | 36.96% | +25.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 32.21% | +29.66% |
Dividends
AG vs. SLV - Dividend Comparison
AG's dividend yield for the trailing twelve months is around 0.23%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | 0.23% | 0.12% | 0.33% | 0.34% | 0.31% | 0.14% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AG and SLV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AG has higher volatility (17.10%) compared to SLV (10.65%). In terms of maximum drawdown, AG dropped -90.20% vs SLV's -76.28%.
AG currently has the higher Sharpe Ratio (1.19 vs 0.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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