SLV vs. AG

Last updated Jun 4, 2026

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 15.55%/yr vs 5.48%/yr for AG. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

SLV vs. AG - Performance Comparison

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

Returns By Period

In the year-to-date period, SLV achieves a 2.78% return, which is significantly lower than AG's 18.81% return. Over the past 10 years, SLV has outperformed AG with an annualized return of 15.55%, while AG has yielded a comparatively lower 5.48% annualized return.

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

AG

• 1D: -5.81%
• 1M: 2.11%
• YTD: 18.81%
• 6M: 26.15%
• 1Y: 181.03%
• 3Y*: 49.83%
• 5Y*: 2.67%
• 10Y*: 5.48%

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

SLV vs. AG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
AG First Majestic Silver Corp.	18.81%	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 0.73, 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	0.73
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 16, 2010	0.68

The correlation between SLV and AG has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

SLV vs. AG — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

AG

AG Risk / Return Rank: 87
AG Sharpe Ratio Rank: 91
AG Sortino Ratio Rank: 86
AG Omega Ratio Rank: 84
AG Calmar Ratio Rank: 88
AG Martin Ratio Rank: 86

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.

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.

	SLV	AG	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.49	-0.60
Sortino ratio Return per unit of downside risk	2.07	2.82	-0.75
Omega ratio Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio Return relative to maximum drawdown	2.62	4.24	-1.62
Martin ratio Return relative to average drawdown	5.64	9.46	-3.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLV vs. AG - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.89, which is comparable to the AG Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SLV and AG, 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

	SLV	AG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.49	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.04	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.09	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.05	+0.20

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.

Drawdown Indicators

	SLV	AG	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-90.20%	+13.92%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-42.92%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-42.92%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-76.89%	+34.44%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-80.82%	+38.01%
Current Drawdown Current decline from peak	-37.30%	-38.18%	+0.88%
Average Drawdown Average peak-to-trough decline	-44.67%	-59.21%	+14.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.67%	19.23%	+0.44%

Volatility

SLV vs. AG - Volatility Comparison

The current volatility for iShares Silver Trust (SLV) is 16.30%, while First Majestic Silver Corp. (AG) has a volatility of 22.62%. 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.

Volatility by Period

	SLV	AG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	22.62%	-6.32%
Volatility (6M) Calculated over the trailing 6-month period	58.31%	56.05%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	58.90%	73.23%	-14.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	61.33%	-25.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	61.84%	-30.00%

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 0.18%.

Position	TTM	2025	2024	2023	2022	2021
AG First Majestic Silver Corp.	0.18%	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

Can I hold both SLV and AG in my portfolio?

SLV and AG have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLV or AG?

AG has higher volatility (22.62%) compared to SLV (16.30%). In terms of maximum drawdown, SLV dropped -76.28% vs AG's -90.20%.

Which has better risk-adjusted returns?

AG currently has the higher Sharpe Ratio (2.49 vs 1.89), 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.