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 4.39%/yr vs 13.83%/yr for SLV. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
AG vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, AG achieves a 11.48% return, which is significantly higher than SLV's -5.91% return. Over the past 10 years, AG has underperformed SLV with an annualized return of 4.39%, while SLV has yielded a comparatively higher 13.83% annualized return.
AG
- 1D
- -4.48%
- 1M
- -5.90%
- YTD
- 11.48%
- 6M
- 13.38%
- 1Y
- 117.42%
- 3Y*
- 49.77%
- 5Y*
- 3.06%
- 10Y*
- 4.39%
SLV
- 1D
- -4.39%
- 1M
- -13.34%
- YTD
- -5.91%
- 6M
- 0.58%
- 1Y
- 79.64%
- 3Y*
- 39.81%
- 5Y*
- 20.48%
- 10Y*
- 13.83%
AG vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | 11.48% | 204.32% | -10.47% | -25.99% | -24.73% | -17.24% | 9.62% | 108.15% | -12.61% | -11.66% |
SLV iShares Silver Trust | -5.91% | 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 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.75 - 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 | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.76 | +0.56 |
| Martin ratioReturn relative to average drawdown | 5.57 | 3.74 | +1.82 |
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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 | -50.88% | -45.40% | -5.48% |
Max Drawdown (3Y)Largest decline over 3 years | -50.88% | -45.40% | -5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -73.79% | -45.40% | -28.39% |
Max Drawdown (10Y)Largest decline over 10 years | -80.82% | -45.40% | -35.42% |
Current DrawdownCurrent decline from peak | -42.00% | -42.60% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -59.16% | -44.65% | -14.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.18% | 21.35% | -0.17% |
Volatility
AG vs. SLV - Volatility Comparison
First Majestic Silver Corp. (AG) has a higher volatility of 24.52% compared to iShares Silver Trust (SLV) at 14.57%. 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 | 24.52% | 14.57% | +9.95% |
Volatility (6M)Calculated over the trailing 6-month period | 58.21% | 59.15% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.26% | 60.09% | +14.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.80% | 36.49% | +25.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.05% | 32.04% | +30.01% |
Dividends
AG vs. SLV - Dividend Comparison
AG's dividend yield for the trailing twelve months is around 0.19%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | 0.19% | 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 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AG has higher volatility (24.52%) compared to SLV (14.57%). In terms of maximum drawdown, AG dropped -90.20% vs SLV's -76.28%.
AG currently has the higher Sharpe Ratio (1.59 vs 1.33), 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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