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XAGUSD=X vs. XAUUSD=X
Performance
Return for Risk
Drawdowns
Volatility

XAGUSD=X vs. XAUUSD=X

Last updated Jun 26, 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 12.43%/yr vs 11.77%/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.

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Returns By Period

In the year-to-date period, XAGUSD=X achieves a -20.25% return, which is significantly lower than XAUUSD=X's -6.92% return. Over the past 10 years, XAGUSD=X has outperformed XAUUSD=X with an annualized return of 12.43%, while XAUUSD=X has yielded a comparatively lower 11.77% annualized return.

XAGUSD=X

1D
-0.05%
1M
-25.55%
YTD
-20.25%
6M
-21.81%
1Y
57.77%
3Y*
35.93%
5Y*
17.00%
10Y*
12.43%

XAUUSD=X

1D
0.60%
1M
-10.74%
YTD
-6.92%
6M
-10.77%
1Y
20.75%
3Y*
27.90%
5Y*
17.70%
10Y*
11.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XAGUSD=X
Silver Spot Price US Dollar		-20.25%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		-6.92%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 0.78, 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

0.78

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

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 Jul 25, 2007

0.78

The correlation between XAGUSD=X and XAUUSD=X has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

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Silver Spot Price US Dollar

Gold Spot Price US Dollar

Often compared with XAGUSD=X:
XAGUSD=X vs. SLVXAGUSD=X vs. XAUT-USDXAGUSD=X vs. SILXAGUSD=X vs. 3SLV.DEXAGUSD=X vs. PSLVXAGUSD=X vs. ISLN.LXAGUSD=X vs. SLVO
Often compared with XAUUSD=X:
XAUUSD=X vs. GLDXAUUSD=X vs. GC=FXAUUSD=X vs. GDXXAUUSD=X vs. SPYXAUUSD=X vs. GDXUXAUUSD=X vs. EGLN.LXAUUSD=X vs. AEM.TO

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: 8282
Overall Rank
XAGUSD=X Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
XAGUSD=X Sortino Ratio Rank: 8484
Sortino Ratio Rank
XAGUSD=X Omega Ratio Rank: 8686
Omega Ratio Rank
XAGUSD=X Calmar Ratio Rank: 8080
Calmar Ratio Rank
XAGUSD=X Martin Ratio Rank: 8080
Martin Ratio Rank
XAUUSD=X
XAUUSD=X Risk / Return Rank: 7979
Overall Rank
XAUUSD=X Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XAUUSD=X Sortino Ratio Rank: 8080
Sortino Ratio Rank
XAUUSD=X Omega Ratio Rank: 8181
Omega Ratio Rank
XAUUSD=X Calmar Ratio Rank: 7575
Calmar Ratio Rank
XAUUSD=X Martin Ratio Rank: 7777
Martin Ratio Rank
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=XXAUUSD=XDifference
Sharpe ratioReturn per unit of total volatility
0.80
0.69

+0.11

Sortino ratioReturn per unit of downside risk
1.23
1.02

+0.21

Omega ratioGain probability vs. loss probability

1.21

1.15

+0.06

Calmar ratioReturn relative to maximum drawdown

0.87

0.63

+0.24

Martin ratioReturn relative to average drawdown

1.97

1.73

+0.24

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

The current XAGUSD=X Sharpe Ratio is 0.80, which is comparable to the XAUUSD=X Sharpe Ratio of 0.69. 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.

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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.

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Drawdown Indicators

XAGUSD=XXAUUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-75.36%

-44.69%

-30.67%

Max Drawdown (1Y)

Largest decline over 1 year

-50.93%

-26.19%

-24.74%

Max Drawdown (3Y)

Largest decline over 3 years

-50.93%

-26.19%

-24.74%

Max Drawdown (5Y)

Largest decline over 5 years

-50.93%

-26.19%

-24.74%

Max Drawdown (10Y)

Largest decline over 10 years

-50.93%

-26.19%

-24.74%

Current Drawdown

Current decline from peak

-50.93%

-25.74%

-25.19%

Average Drawdown

Average peak-to-trough decline

-44.79%

-16.49%

-28.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.06%

10.53%

+14.53%

Volatility

XAGUSD=X vs. XAUUSD=X - Volatility Comparison

Silver Spot Price US Dollar (XAGUSD=X) has a higher volatility of 15.94% compared to Gold Spot Price US Dollar (XAUUSD=X) at 8.40%. 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.

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Volatility by Period

XAGUSD=XXAUUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.94%

8.40%

+7.54%

Volatility (6M)

Calculated over the trailing 6-month period

55.54%

21.67%

+33.87%

Volatility (1Y)

Calculated over the trailing 1-year period

55.26%

23.76%

+31.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.23%

16.81%

+18.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.36%

15.18%

+16.18%

Frequently Asked Questions

XAGUSD=X and XAUUSD=X have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XAGUSD=X has higher volatility (15.94%) compared to XAUUSD=X (8.40%). In terms of maximum drawdown, XAGUSD=X dropped -75.36% vs XAUUSD=X's -44.69%.

XAGUSD=X currently has the higher Sharpe Ratio (0.80 vs 0.69), 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.

Portfolio Optimizer

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