SLV vs. AG
SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price, while AG (First Majestic Silver Corp.) is a stock. Over the past 10 years, SLV returned 10.58%/yr vs -0.08%/yr for AG. A 0.69 correlation means they provide meaningful diversification when combined.
Performance
SLV vs. AG - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -19.03% return, which is significantly lower than AG's -1.44% return. Over the past 10 years, SLV has outperformed AG with an annualized return of 10.58%, while AG has yielded a comparatively lower -0.08% annualized return.
SLV
- 1D
- -3.32%
- 1M
- -14.90%
- 6M
- -32.46%
- YTD
- -19.03%
- 1Y
- 48.90%
- 3Y*
- 31.65%
- 5Y*
- 16.48%
- 10Y*
- 10.58%
AG
- 1D
- -3.24%
- 1M
- -7.08%
- 6M
- -18.80%
- YTD
- -1.44%
- 1Y
- 77.29%
- 3Y*
- 36.33%
- 5Y*
- 3.39%
- 10Y*
- -0.08%
SLV vs. AG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -19.03% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
AG First Majestic Silver Corp. | -1.44% | 204.32% | -10.47% | -25.99% | -24.73% | -17.24% | 9.62% | 108.15% | -12.61% | -11.66% |
Correlation
The correlation between SLV and AG is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
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 SLV and AG has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
SLV vs. AG — Risk / Return Rank
SLV
AG
SLV vs. AG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) and First Majestic Silver Corp. (AG). 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.
| SLV | AG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.53 | -0.56 |
| Martin ratioReturn relative to average drawdown | 1.99 | 3.20 | -1.21 |
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Drawdowns
SLV vs. AG - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum AG drawdown of -90.20%. Use the drawdown chart below to compare losses from any high point for SLV and AG.
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Drawdown Indicators
| SLV | AG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -90.20% | +13.92% |
Max Drawdown (1Y)Largest decline over 1 year | -50.97% | -50.88% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -50.97% | -50.88% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -50.97% | -70.28% | +19.31% |
Max Drawdown (10Y)Largest decline over 10 years | -50.97% | -80.82% | +29.85% |
Current DrawdownCurrent decline from peak | -50.61% | -48.72% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -44.67% | -59.11% | +14.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.60% | 24.27% | +0.33% |
Volatility
SLV vs. AG - Volatility Comparison
The current volatility for iShares Silver Trust (SLV) is 14.50%, while First Majestic Silver Corp. (AG) has a volatility of 20.03%. This indicates that SLV experiences smaller price fluctuations and is considered to be less risky than AG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLV | AG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.50% | 20.03% | -5.53% |
Volatility (6M)Calculated over the trailing 6-month period | 57.45% | 58.34% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.10% | 74.57% | -13.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.85% | 62.11% | -25.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.17% | 61.95% | -29.78% |
Dividends
SLV vs. AG - Dividend Comparison
SLV has not paid dividends to shareholders, while AG's dividend yield for the trailing twelve months is around 0.22%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | 0.22% | 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
SLV and AG have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AG has higher volatility (20.03%) compared to SLV (14.50%). In terms of maximum drawdown, SLV dropped -76.28% vs AG's -90.20%.
AG currently has the higher Sharpe Ratio (1.04 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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