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 12.68%/yr vs 2.51%/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 -13.49% return, which is significantly lower than AG's -0.84% return. Over the past 10 years, SLV has outperformed AG with an annualized return of 12.68%, while AG has yielded a comparatively lower 2.51% annualized return.
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
AG
- 1D
- -6.88%
- 1M
- -15.17%
- YTD
- -0.84%
- 6M
- -4.95%
- 1Y
- 104.39%
- 3Y*
- 46.17%
- 5Y*
- 1.04%
- 10Y*
- 2.51%
SLV vs. AG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
AG First Majestic Silver Corp. | -0.84% | 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 0.75, 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 | 0.75 |
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 15, 2010 | 0.69 |
The correlation between SLV and AG has been stable across timeframes, ranging from 0.69 to 0.75 - 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 | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 2.06 | -0.59 |
| Martin ratioReturn relative to average drawdown | 3.16 | 4.82 | -1.65 |
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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 | -47.23% | -50.88% | +3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -47.23% | -50.88% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -47.23% | -73.18% | +25.95% |
Max Drawdown (10Y)Largest decline over 10 years | -47.23% | -80.82% | +33.59% |
Current DrawdownCurrent decline from peak | -47.23% | -48.41% | +1.18% |
Average DrawdownAverage peak-to-trough decline | -44.65% | -59.15% | +14.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.91% | 21.74% | +0.17% |
Volatility
SLV vs. AG - Volatility Comparison
The current volatility for iShares Silver Trust (SLV) is 14.34%, while First Majestic Silver Corp. (AG) has a volatility of 24.27%. 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 | 14.34% | 24.27% | -9.93% |
Volatility (6M)Calculated over the trailing 6-month period | 59.27% | 58.70% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.33% | 74.54% | -14.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.59% | 61.91% | -25.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.09% | 62.08% | -29.99% |
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 0.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | 0.21% | 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 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AG has higher volatility (24.27%) compared to SLV (14.34%). In terms of maximum drawdown, SLV dropped -76.28% vs AG's -90.20%.
AG currently has the higher Sharpe Ratio (1.41 vs 1.15), 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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