SI=F vs. RGLD

Last updated Jun 4, 2026

SI=F (Silver) is an asset, while RGLD (Royal Gold, Inc.) is a stock. Over the past 10 years, SI=F returned 16.53%/yr vs 14.74%/yr for RGLD. At a 0.36 correlation, their price movements are largely independent.

Performance

SI=F vs. RGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Silver (SI=F) and Royal Gold, Inc. (RGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SI=F achieves a 7.02% return, which is significantly higher than RGLD's -2.09% return. Over the past 10 years, SI=F has outperformed RGLD with an annualized return of 16.53%, while RGLD has yielded a comparatively lower 14.74% annualized return.

SI=F

• 1D: 0.40%
• 1M: 2.77%
• YTD: 7.02%
• 6M: 28.89%
• 1Y: 118.16%
• 3Y*: 46.86%
• 5Y*: 22.41%
• 10Y*: 16.53%

RGLD

• 1D: -1.27%
• 1M: -5.09%
• YTD: -2.09%
• 6M: 8.48%
• 1Y: 17.97%
• 3Y*: 22.02%
• 5Y*: 13.49%
• 10Y*: 14.74%

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

SI=F vs. RGLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SI=F Silver	7.02%	141.44%	21.41%	0.19%	2.95%	-11.59%	47.38%	15.32%	-9.36%	7.23%
RGLD Royal Gold, Inc.	-2.09%	70.43%	10.39%	8.70%	8.51%	0.04%	-12.13%	44.27%	5.53%	31.32%

Correlation

The correlation between SI=F and RGLD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 27, 1990	0.36

The correlation between SI=F and RGLD shifts across timeframes, from 0.36 (all time) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SI=F vs. RGLD — Risk / Return Rank

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

SI=F

SI=F Risk / Return Rank: 68
SI=F Sharpe Ratio Rank: 67
SI=F Sortino Ratio Rank: 67
SI=F Omega Ratio Rank: 70
SI=F Calmar Ratio Rank: 72
SI=F Martin Ratio Rank: 67

RGLD

RGLD Risk / Return Rank: 53
RGLD Sharpe Ratio Rank: 56
RGLD Sortino Ratio Rank: 50
RGLD Omega Ratio Rank: 50
RGLD Calmar Ratio Rank: 54
RGLD Martin Ratio Rank: 55

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.

SI=F vs. RGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Silver (SI=F) and Royal Gold, Inc. (RGLD). 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.

	SI=F	RGLD	Difference
Sharpe ratio Return per unit of total volatility	1.53	0.47	+1.06
Sortino ratio Return per unit of downside risk	1.92	0.85	+1.06
Omega ratio Gain probability vs. loss probability	1.32	1.11	+0.21
Calmar ratio Return relative to maximum drawdown	2.22	0.62	+1.60
Martin ratio Return relative to average drawdown	4.79	1.46	+3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SI=F vs. RGLD - Sharpe Ratio Comparison

The current SI=F Sharpe Ratio is 1.53, which is higher than the RGLD Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of SI=F and RGLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SI=F	RGLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	0.47	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.43	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.44	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.18	+0.04

Drawdowns

SI=F vs. RGLD - Drawdown Comparison

The maximum SI=F drawdown since its inception was -91.54%, smaller than the maximum RGLD drawdown of -98.29%. Use the drawdown chart below to compare losses from any high point for SI=F and RGLD.

Drawdown Indicators

	SI=F	RGLD	Difference
Max Drawdown Largest peak-to-trough decline	-91.54%	-98.29%	+6.75%
Max Drawdown (1Y) Largest decline over 1 year	-41.21%	-29.27%	-11.94%
Max Drawdown (3Y) Largest decline over 3 years	-41.21%	-29.27%	-11.94%
Max Drawdown (5Y) Largest decline over 5 years	-41.21%	-40.73%	-0.48%
Max Drawdown (10Y) Largest decline over 10 years	-43.13%	-49.55%	+6.42%
Current Drawdown Current decline from peak	-34.38%	-28.63%	-5.75%
Average Drawdown Average peak-to-trough decline	-61.04%	-29.82%	-31.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.84%	12.41%	+8.43%

Volatility

SI=F vs. RGLD - Volatility Comparison

Silver (SI=F) has a higher volatility of 14.62% compared to Royal Gold, Inc. (RGLD) at 11.22%. This indicates that SI=F's price experiences larger fluctuations and is considered to be riskier than RGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SI=F	RGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.62%	11.22%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	60.87%	31.31%	+29.56%
Volatility (1Y) Calculated over the trailing 1-year period	60.06%	38.69%	+21.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.96%	31.41%	+6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.58%	33.59%	-0.01%

Frequently Asked Questions

Can I hold both SI=F and RGLD in my portfolio?

SI=F and RGLD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SI=F or RGLD?

SI=F has higher volatility (14.62%) compared to RGLD (11.22%). In terms of maximum drawdown, SI=F dropped -91.54% vs RGLD's -98.29%.

Which has better risk-adjusted returns?

SI=F currently has the higher Sharpe Ratio (1.53 vs 0.47), 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.