XAGUSD=X vs. XAUUSD=X

Last updated Jun 6, 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 15.26%/yr vs 13.28%/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 -5.75% return, which is significantly lower than XAUUSD=X's 0.12% return. Over the past 10 years, XAGUSD=X has outperformed XAUUSD=X with an annualized return of 15.26%, while XAUUSD=X has yielded a comparatively lower 13.28% annualized return.

XAGUSD=X

• 1D: -8.28%
• 1M: -12.41%
• YTD: -5.75%
• 6M: 16.23%
• 1Y: 89.67%
• 3Y*: 42.06%
• 5Y*: 19.47%
• 10Y*: 15.26%

XAUUSD=X

• 1D: -3.29%
• 1M: -7.74%
• YTD: 0.12%
• 6M: 3.08%
• 1Y: 29.08%
• 3Y*: 30.14%
• 5Y*: 18.01%
• 10Y*: 13.28%

*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	-5.75%	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	0.12%	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 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 3, 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.

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: 86
XAGUSD=X Sharpe Ratio Rank: 91
XAGUSD=X Sortino Ratio Rank: 86
XAGUSD=X Omega Ratio Rank: 93
XAGUSD=X Calmar Ratio Rank: 82
XAGUSD=X Martin Ratio Rank: 79

XAUUSD=X

XAUUSD=X Risk / Return Rank: 78
XAUUSD=X Sharpe Ratio Rank: 81
XAUUSD=X Sortino Ratio Rank: 77
XAUUSD=X Omega Ratio Rank: 82
XAUUSD=X Calmar Ratio Rank: 75
XAUUSD=X Martin Ratio Rank: 74

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.

	XAGUSD=X	XAUUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.00	+0.25
Sortino ratio: Return per unit of downside risk	1.60	1.37	+0.23
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	1.53	1.14	+0.39
Martin ratio: Return relative to average drawdown	3.36	2.87	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XAGUSD=X Sharpe Ratio is 1.25, which is comparable to the XAUUSD=X Sharpe Ratio of 1.00. 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.

Sharpe Ratios by Period

	XAGUSD=X	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.00	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.97	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.82	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.58	-0.31

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	-44.14%	-20.13%	-24.01%
Max Drawdown (3Y) Largest decline over 3 years	-44.14%	-20.13%	-24.01%
Max Drawdown (5Y) Largest decline over 5 years	-44.14%	-20.81%	-23.33%
Max Drawdown (10Y) Largest decline over 10 years	-44.14%	-21.35%	-22.79%
Current Drawdown Current decline from peak	-42.01%	-20.13%	-21.88%
Average Drawdown Average peak-to-trough decline	-44.65%	-16.42%	-28.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.31%	8.77%	+13.54%

Volatility

XAGUSD=X vs. XAUUSD=X - Volatility Comparison

Silver Spot Price US Dollar (XAGUSD=X) has a higher volatility of 16.05% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.61%. 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	16.05%	5.61%	+10.44%
Volatility (6M) Calculated over the trailing 6-month period	56.64%	21.67%	+34.97%
Volatility (1Y) Calculated over the trailing 1-year period	54.03%	22.90%	+31.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.84%	16.58%	+18.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.15%	15.11%	+16.04%

Frequently Asked Questions

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

XAGUSD=X and XAUUSD=X have a correlation of 0.74, 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 (16.05%) compared to XAUUSD=X (5.61%). 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 (1.25 vs 1.00), 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.