XAUUSD=X vs. XAGUSD=X

Last updated Jun 3, 2026

XAUUSD=X (Gold Spot Price US Dollar) and XAGUSD=X (Silver Spot Price US Dollar) are both currencies. Over the past 10 years, XAUUSD=X returned 13.68%/yr vs 16.37%/yr for XAGUSD=X. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

XAUUSD=X vs. XAGUSD=X - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with XAUUSD=X at 3.72% and XAGUSD=X at 3.72%. Over the past 10 years, XAUUSD=X has underperformed XAGUSD=X with an annualized return of 13.68%, while XAGUSD=X has yielded a comparatively higher 16.37% annualized return.

XAUUSD=X

• 1D: -0.03%
• 1M: -2.75%
• YTD: 3.72%
• 6M: 6.60%
• 1Y: 32.58%
• 3Y*: 32.03%
• 5Y*: 19.11%
• 10Y*: 13.68%

XAGUSD=X

• 1D: -0.38%
• 1M: -1.54%
• YTD: 3.72%
• 6M: 27.45%
• 1Y: 114.12%
• 3Y*: 46.61%
• 5Y*: 22.12%
• 10Y*: 16.37%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAUUSD=X Gold Spot Price US Dollar	3.72%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%
XAGUSD=X Silver Spot Price US Dollar	3.72%	148.50%	21.59%	-0.79%	2.85%	-11.48%	47.14%	15.71%	-8.76%	6.61%

Correlation

The correlation between XAUUSD=X and XAGUSD=X is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
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 Jun 28, 2007	0.78

The correlation between XAUUSD=X and XAGUSD=X has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

Return for Risk

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

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

XAUUSD=X

XAUUSD=X Risk / Return Rank: 81
XAUUSD=X Sharpe Ratio Rank: 83
XAUUSD=X Sortino Ratio Rank: 79
XAUUSD=X Omega Ratio Rank: 86
XAUUSD=X Calmar Ratio Rank: 82
XAUUSD=X Martin Ratio Rank: 77

XAGUSD=X

XAGUSD=X Risk / Return Rank: 90
XAGUSD=X Sharpe Ratio Rank: 94
XAGUSD=X Sortino Ratio Rank: 92
XAGUSD=X Omega Ratio Rank: 94
XAGUSD=X Calmar Ratio Rank: 90
XAGUSD=X Martin Ratio Rank: 78

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.

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

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

	XAUUSD=X	XAGUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.58	-0.46
Sortino ratio Return per unit of downside risk	1.52	1.86	-0.34
Omega ratio Gain probability vs. loss probability	1.23	1.34	-0.11
Calmar ratio Return relative to maximum drawdown	1.73	2.18	-0.45
Martin ratio Return relative to average drawdown	4.00	4.40	-0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XAUUSD=X Sharpe Ratio is 1.13, which is comparable to the XAGUSD=X Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of XAUUSD=X and XAGUSD=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

	XAUUSD=X	XAGUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.58	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.57	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.49	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.29	+0.30

Drawdowns

XAUUSD=X vs. XAGUSD=X - Drawdown Comparison

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

Drawdown Indicators

	XAUUSD=X	XAGUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-44.69%	-75.36%	+30.67%
Max Drawdown (1Y) Largest decline over 1 year	-19.70%	-44.14%	+24.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-44.14%	+24.44%
Max Drawdown (5Y) Largest decline over 5 years	-20.81%	-44.14%	+23.33%
Max Drawdown (10Y) Largest decline over 10 years	-21.35%	-44.14%	+22.79%
Current Drawdown Current decline from peak	-17.26%	-36.19%	+18.93%
Average Drawdown Average peak-to-trough decline	-16.41%	-44.63%	+28.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.53%	21.90%	-13.37%

Volatility

XAUUSD=X vs. XAGUSD=X - Volatility Comparison

The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 4.67%, while Silver Spot Price US Dollar (XAGUSD=X) has a volatility of 15.38%. This indicates that XAUUSD=X experiences smaller price fluctuations and is considered to be less risky than XAGUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAUUSD=X	XAGUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	15.38%	-10.71%
Volatility (6M) Calculated over the trailing 6-month period	21.41%	56.15%	-34.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	53.56%	-30.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	34.66%	-18.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	31.04%	-15.97%

Frequently Asked Questions

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

XAUUSD=X and XAGUSD=X have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XAGUSD=X has higher volatility (15.38%) compared to XAUUSD=X (4.67%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs XAGUSD=X's -75.36%.

Which has better risk-adjusted returns?

XAGUSD=X currently has the higher Sharpe Ratio (1.58 vs 1.13), 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.