AG vs. SLV

Last updated Apr 1, 2026

Compare and contrast key facts about First Majestic Silver Corp. (AG) and iShares Silver Trust (SLV).

SLV is a passively managed fund by iShares that tracks the performance of the LBMA Silver Price. It was launched on Apr 21, 2006.

Performance

AG vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Majestic Silver Corp. (AG) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

AG vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AG First Majestic Silver Corp.	28.97%	204.32%	-10.47%	-25.99%	-24.73%	-17.24%	9.62%	108.15%	-12.61%	-11.66%
SLV iShares Silver Trust	5.77%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Returns By Period

In the year-to-date period, AG achieves a 28.97% return, which is significantly higher than SLV's 5.77% return. Over the past 10 years, AG has underperformed SLV with an annualized return of 12.83%, while SLV has yielded a comparatively higher 16.87% annualized return.

AG

• 1D: 9.31%
• 1M: -32.90%
• YTD: 28.97%
• 6M: 74.90%
• 1Y: 221.73%
• 3Y*: 44.31%
• 5Y*: 5.79%
• 10Y*: 12.83%

SLV

• 1D: 7.27%
• 1M: -19.83%
• YTD: 5.77%
• 6M: 60.82%
• 1Y: 119.88%
• 3Y*: 45.50%
• 5Y*: 24.10%
• 10Y*: 16.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

AG vs. SLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AG

AG Risk / Return Rank: 94
AG Sharpe Ratio Rank: 97
AG Sortino Ratio Rank: 92
AG Omega Ratio Rank: 90
AG Calmar Ratio Rank: 94
AG Martin Ratio Rank: 96

SLV

SLV Risk / Return Rank: 89
SLV Sharpe Ratio Rank: 93
SLV Sortino Ratio Rank: 86
SLV Omega Ratio Rank: 92
SLV Calmar Ratio Rank: 90
SLV Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	AG	SLV	Difference
Sharpe ratio Return per unit of total volatility	2.97	2.11	+0.85
Sortino ratio Return per unit of downside risk	3.04	2.20	+0.84
Omega ratio Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio Return relative to maximum drawdown	5.09	2.82	+2.27
Martin ratio Return relative to average drawdown	16.64	8.79	+7.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AG vs. SLV - Sharpe Ratio Comparison

The current AG Sharpe Ratio is 2.97, which is higher than the SLV Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of AG and SLV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AG	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.97	2.11	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.69	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.54	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.25	-0.20

Correlation

The correlation between AG and SLV is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AG vs. SLV - Dividend Comparison

AG's dividend yield for the trailing twelve months is around 0.11%, while SLV has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
AG First Majestic Silver Corp.	0.11%	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%

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.

Drawdown Indicators

	AG	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-90.20%	-76.28%	-13.92%
Max Drawdown (1Y) Largest decline over 1 year	-42.92%	-42.45%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-77.20%	-42.45%	-34.75%
Max Drawdown (10Y) Largest decline over 10 years	-80.82%	-42.81%	-38.01%
Current Drawdown Current decline from peak	-32.90%	-35.47%	+2.57%
Average Drawdown Average peak-to-trough decline	-59.48%	-44.76%	-14.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.13%	13.63%	-0.50%

Volatility

AG vs. SLV - Volatility Comparison

First Majestic Silver Corp. (AG) has a higher volatility of 25.46% compared to iShares Silver Trust (SLV) at 18.91%. 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.

Volatility by Period

	AG	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.46%	18.91%	+6.55%
Volatility (6M) Calculated over the trailing 6-month period	59.76%	57.27%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	75.24%	57.07%	+18.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.10%	35.28%	+25.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.38%	31.36%	+31.02%