XAGUSD=X vs. XAUUSD=X

Last updated Jul 16, 2026

XAGUSD=X (Silver Spot Price US Dollar) and XAUUSD=X (Gold Spot Price US Dollar) are both currencies. Over the past 10 years, XAGUSD=X returned 10.99%/yr vs 11.71%/yr for XAUUSD=X. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

XAGUSD=X vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Silver Spot Price US Dollar (XAGUSD=X) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAGUSD=X achieves a -20.13% return, which is significantly lower than XAUUSD=X's -6.37% return. Over the past 10 years, XAGUSD=X has underperformed XAUUSD=X with an annualized return of 10.99%, while XAUUSD=X has yielded a comparatively higher 11.71% annualized return.

XAGUSD=X

• 1D: -2.17%
• 1M: -17.94%
• 6M: -38.55%
• YTD: -20.13%
• 1Y: 51.98%
• 3Y*: 32.01%
• 5Y*: 17.43%
• 10Y*: 10.99%

XAUUSD=X

• 1D: -0.14%
• 1M: -6.08%
• 6M: -12.53%
• YTD: -6.37%
• 1Y: 21.74%
• 3Y*: 27.45%
• 5Y*: 17.44%
• 10Y*: 11.71%

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

XAGUSD=X vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAGUSD=X Silver Spot Price US Dollar	-20.13%	148.50%	21.59%	-0.79%	2.85%	-11.48%	47.14%	15.71%	-8.76%	6.61%
XAUUSD=X Gold Spot Price US Dollar	-6.37%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%

Correlation

The correlation between XAGUSD=X and XAUUSD=X is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 17, 2007	0.78

The correlation between XAGUSD=X and XAUUSD=X has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

Return for Risk

XAGUSD=X vs. XAUUSD=X — Risk / Return Rank

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

XAGUSD=X

XAGUSD=X Risk / Return Rank: 81
XAGUSD=X Sharpe Ratio Rank: 79
XAGUSD=X Sortino Ratio Rank: 84
XAGUSD=X Omega Ratio Rank: 87
XAGUSD=X Calmar Ratio Rank: 80
XAGUSD=X Martin Ratio Rank: 77

XAUUSD=X

XAUUSD=X Risk / Return Rank: 80
XAUUSD=X Sharpe Ratio Rank: 80
XAUUSD=X Sortino Ratio Rank: 80
XAUUSD=X Omega Ratio Rank: 84
XAUUSD=X Calmar Ratio Rank: 78
XAUUSD=X Martin Ratio Rank: 77

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.

XAGUSD=X vs. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Silver Spot Price US Dollar (XAGUSD=X) and Gold Spot Price US Dollar (XAUUSD=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.

	XAGUSD=X	XAUUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.72	0.00
Sortino ratio: Return per unit of downside risk	1.16	1.06	+0.10
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	0.79	0.66	+0.13
Martin ratio: Return relative to average drawdown	1.59	1.55	+0.04

XAGUSD=X vs. XAUUSD=X - Sharpe Ratio Comparison

The current XAGUSD=X Sharpe Ratio is 0.72, which is comparable to the XAUUSD=X Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of XAGUSD=X and XAUUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XAGUSD=X vs. XAUUSD=X - Drawdown Comparison

The maximum XAGUSD=X drawdown since its inception was -75.36%, which is greater than XAUUSD=X's maximum drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for XAGUSD=X and XAUUSD=X.

Drawdown Indicators

	XAGUSD=X	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-75.36%	-44.69%	-30.67%
Max Drawdown (1Y) Largest decline over 1 year	-50.91%	-26.19%	-24.72%
Max Drawdown (3Y) Largest decline over 3 years	-50.91%	-26.19%	-24.72%
Max Drawdown (5Y) Largest decline over 5 years	-50.91%	-26.19%	-24.72%
Max Drawdown (10Y) Largest decline over 10 years	-50.91%	-26.19%	-24.72%
Current Drawdown Current decline from peak	-50.86%	-25.31%	-25.55%
Average Drawdown Average peak-to-trough decline	-44.91%	-16.56%	-28.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.12%	12.32%	+15.80%

Volatility

XAGUSD=X vs. XAUUSD=X - Volatility Comparison

Silver Spot Price US Dollar (XAGUSD=X) has a higher volatility of 12.16% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.85%. This indicates that XAGUSD=X's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAGUSD=X	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.16%	5.85%	+6.31%
Volatility (6M) Calculated over the trailing 6-month period	35.64%	17.21%	+18.43%
Volatility (1Y) Calculated over the trailing 1-year period	55.55%	23.97%	+31.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.33%	16.89%	+18.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.35%	15.21%	+16.14%

Frequently Asked Questions

Can I hold both XAGUSD=X and XAUUSD=X in my portfolio?

XAGUSD=X and XAUUSD=X have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAGUSD=X or XAUUSD=X?

XAGUSD=X has higher volatility (12.16%) compared to XAUUSD=X (5.85%). In terms of maximum drawdown, XAGUSD=X dropped -75.36% vs XAUUSD=X's -44.69%.

Which has better risk-adjusted returns?

XAGUSD=X currently has the higher Sharpe Ratio (0.72 vs 0.72), 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.