SIL vs. XAGUSD=X
SIL (Global X Silver Miners ETF) is Silver fund tracking the Solactive Global Silver Miners Total Return Index, while XAGUSD=X (Silver Spot Price US Dollar) is a currency. Over the past 10 years, SIL returned 5.01%/yr vs 11.01%/yr for XAGUSD=X. Their 0.73 correlation means they have sometimes moved together and sometimes differently.
Performance
SIL vs. XAGUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, SIL achieves a -11.58% return, which is significantly higher than XAGUSD=X's -19.52% return. Over the past 10 years, SIL has underperformed XAGUSD=X with an annualized return of 5.01%, while XAGUSD=X has yielded a comparatively higher 11.01% annualized return.
SIL
- 1D
- -3.20%
- 1M
- -8.04%
- 6M
- -21.68%
- YTD
- -11.58%
- 1Y
- 56.89%
- 3Y*
- 42.08%
- 5Y*
- 13.15%
- 10Y*
- 5.01%
- ALL TIME*
- 4.29%
XAGUSD=X
- 1D
- 0.16%
- 1M
- -7.36%
- 6M
- -26.63%
- YTD
- -19.52%
- 1Y
- 55.98%
- 3Y*
- 34.81%
- 5Y*
- 17.76%
- 10Y*
- 11.01%
- ALL TIME*
- 8.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.23M | $68.26M | $119.44M | |
XAGUSD=X Silver Spot Price US Dollar | $32.83M | $35.47M | $59.31M |
SIL vs. XAGUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | -11.58% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
XAGUSD=X Silver Spot Price US Dollar | -19.52% | 148.50% | 21.59% | -0.79% | 2.85% | -11.48% | 47.14% | 15.71% | -8.76% | 6.61% |
Correlation
The correlation between SIL and XAGUSD=X is 0.71, 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. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.73 |
The correlation between SIL and XAGUSD=X has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.
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Return for Risk
SIL vs. XAGUSD=X — Risk / Return Rank
SIL
XAGUSD=X
SIL vs. XAGUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and Silver Spot Price US Dollar (XAGUSD=X). 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.
| SIL | XAGUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 0.82 | +0.65 |
| Martin ratioReturn relative to average drawdown | 3.10 | 1.56 | +1.54 |
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Drawdowns
SIL vs. XAGUSD=X - Drawdown Comparison
The maximum SIL drawdown since its inception was -82.99%, which is greater than XAGUSD=X's maximum drawdown of -75.36%. Use the drawdown chart below to compare losses from any high point for SIL and XAGUSD=X.
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Drawdown Indicators
| SIL | XAGUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.99% | -75.36% | -7.63% |
Max Drawdown (1Y)Largest decline over 1 year | -39.41% | -52.52% | +13.11% |
Max Drawdown (3Y)Largest decline over 3 years | -39.41% | -52.52% | +13.11% |
Max Drawdown (5Y)Largest decline over 5 years | -47.91% | -52.52% | +4.61% |
Max Drawdown (10Y)Largest decline over 10 years | -63.04% | -52.52% | -10.52% |
Current DrawdownCurrent decline from peak | -37.43% | -50.48% | +13.05% |
Average DrawdownAverage peak-to-trough decline | -51.27% | -45.06% | -6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.68% | 30.72% | -12.04% |
Volatility
SIL vs. XAGUSD=X - Volatility Comparison
Global X Silver Miners ETF (SIL) has a higher volatility of 13.26% compared to Silver Spot Price US Dollar (XAGUSD=X) at 10.11%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than XAGUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SIL | XAGUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.26% | 10.11% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 43.94% | 33.42% | +10.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.41% | 55.99% | -2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.12% | 35.41% | +4.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.80% | 31.41% | +8.39% |
Frequently Asked Questions
SIL and XAGUSD=X have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIL has higher volatility (13.26%) compared to XAGUSD=X (10.11%). In terms of maximum drawdown, SIL dropped -82.99% vs XAGUSD=X's -75.36%.
SIL currently has the higher Sharpe Ratio (1.09 vs 0.77), 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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