SLV vs. XAGUSD=X
SLV (iShares Silver Trust) is Silver fund tracking the LBMA Silver Price, while XAGUSD=X (Silver Spot Price US Dollar) is a currency. Over the past 10 years, SLV returned 10.86%/yr vs 11.38%/yr for XAGUSD=X. Their 0.95 correlation means they have historically moved very closely together.
Performance
SLV vs. XAGUSD=X - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SLV having a -18.57% return and XAGUSD=X slightly lower at -19.30%. Both investments have delivered pretty close results over the past 10 years, with SLV having a 10.86% annualized return and XAGUSD=X not far ahead at 11.38%.
SLV
- 1D
- 0.19%
- 1M
- -4.65%
- 6M
- -27.58%
- YTD
- -18.57%
- 1Y
- 56.18%
- 3Y*
- 34.29%
- 5Y*
- 17.38%
- 10Y*
- 10.86%
- ALL TIME*
- 7.17%
XAGUSD=X
- 1D
- -0.28%
- 1M
- -7.11%
- 6M
- -26.79%
- YTD
- -19.30%
- 1Y
- 56.08%
- 3Y*
- 34.84%
- 5Y*
- 17.96%
- 10Y*
- 11.38%
- ALL TIME*
- 8.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $713.72M | $758.23M | $1.25B | |
XAGUSD=X Silver Spot Price US Dollar | $33.41M | $35.79M | $59.32M |
SLV vs. XAGUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -18.57% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
XAGUSD=X Silver Spot Price US Dollar | -19.30% | 148.50% | 21.59% | -0.79% | 2.85% | -11.48% | 47.14% | 15.71% | -8.76% | 6.61% |
Correlation
The correlation between SLV and XAGUSD=X is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | 0.95 |
The correlation between SLV and XAGUSD=X shifts across timeframes, from 0.83 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. XAGUSD=X — Risk / Return Rank
SLV
XAGUSD=X
SLV vs. XAGUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.
| SLV | XAGUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.82 | +0.26 |
| Martin ratioReturn relative to average drawdown | 2.05 | 1.56 | +0.49 |
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Drawdowns
SLV vs. XAGUSD=X - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, roughly equal to the maximum XAGUSD=X drawdown of -75.36%. Use the drawdown chart below to compare losses from any high point for SLV and XAGUSD=X.
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Drawdown Indicators
| SLV | XAGUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -75.36% | -0.92% |
Max Drawdown (1Y)Largest decline over 1 year | -52.28% | -52.52% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -52.28% | -52.52% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -52.28% | -52.52% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -52.28% | -52.52% | +0.24% |
Current DrawdownCurrent decline from peak | -50.32% | -50.35% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -44.68% | -45.07% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.49% | 30.88% | -3.39% |
Volatility
SLV vs. XAGUSD=X - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 10.86% compared to Silver Spot Price US Dollar (XAGUSD=X) at 9.64%. This indicates that SLV'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
| SLV | XAGUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 9.64% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 44.32% | 33.08% | +11.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.47% | 55.90% | +5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.98% | 35.41% | +1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.23% | 31.41% | +0.82% |
Frequently Asked Questions
SLV and XAGUSD=X have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (10.86%) compared to XAGUSD=X (9.64%). In terms of maximum drawdown, SLV dropped -76.28% vs XAGUSD=X's -75.36%.
SLV currently has the higher Sharpe Ratio (0.92 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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