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

XAUUSD=X vs. XAGUSD=X

Last updated Jul 14, 2026
Documentation

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 11.59%/yr vs 10.92%/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.

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Returns By Period

In the year-to-date period, XAUUSD=X achieves a -7.37% return, which is significantly higher than XAGUSD=X's -20.68% return. Over the past 10 years, XAUUSD=X has outperformed XAGUSD=X with an annualized return of 11.59%, while XAGUSD=X has yielded a comparatively lower 10.92% annualized return.

XAUUSD=X

1D
-1.39%
1M
-5.08%
6M
-12.91%
YTD
-7.37%
1Y
19.29%
3Y*
27.00%
5Y*
16.99%
10Y*
11.59%

XAGUSD=X

1D
-1.92%
1M
-16.14%
6M
-33.08%
YTD
-20.68%
1Y
47.13%
3Y*
31.71%
5Y*
16.77%
10Y*
10.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XAUUSD=X
Gold Spot Price US Dollar		-7.37%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		-20.68%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 0.80, 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 15, 2007

0.78

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

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Gold Spot Price US Dollar

Silver Spot Price US Dollar

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
Often compared with XAGUSD=X:
XAGUSD=X vs. SLVXAGUSD=X vs. XAUT-USDXAGUSD=X vs. SILXAGUSD=X vs. PSLVXAGUSD=X vs. 3SLV.DEXAGUSD=X vs. ISLN.LXAGUSD=X vs. SLVO

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: 7676
Overall Rank
XAUUSD=X Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
XAUUSD=X Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAUUSD=X Omega Ratio Rank: 7979
Omega Ratio Rank
XAUUSD=X Calmar Ratio Rank: 7373
Calmar Ratio Rank
XAUUSD=X Martin Ratio Rank: 7474
Martin Ratio Rank
XAGUSD=X
XAGUSD=X Risk / Return Rank: 7979
Overall Rank
XAGUSD=X Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XAGUSD=X Sortino Ratio Rank: 7878
Sortino Ratio Rank
XAGUSD=X Omega Ratio Rank: 8686
Omega Ratio Rank
XAGUSD=X Calmar Ratio Rank: 7676
Calmar Ratio Rank
XAGUSD=X Martin Ratio Rank: 7676
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.

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.

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.

XAUUSD=XXAGUSD=XDifference
Sharpe ratioReturn per unit of total volatility
0.64
0.66

-0.02

Sortino ratioReturn per unit of downside risk
0.96
1.10

-0.14

Omega ratioGain probability vs. loss probability

1.14

1.18

-0.04

Calmar ratioReturn relative to maximum drawdown

0.58

0.71

-0.13

Martin ratioReturn relative to average drawdown

1.40

1.46

-0.06

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

The current XAUUSD=X Sharpe Ratio is 0.64, which is comparable to the XAGUSD=X Sharpe Ratio of 0.66. 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.

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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.

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Drawdown Indicators

XAUUSD=XXAGUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-44.69%

-75.36%

+30.67%

Max Drawdown (1Y)

Largest decline over 1 year

-26.19%

-51.20%

+25.01%

Max Drawdown (3Y)

Largest decline over 3 years

-26.19%

-51.20%

+25.01%

Max Drawdown (5Y)

Largest decline over 5 years

-26.19%

-51.20%

+25.01%

Max Drawdown (10Y)

Largest decline over 10 years

-26.19%

-51.20%

+25.01%

Current Drawdown

Current decline from peak

-26.10%

-51.20%

+25.10%

Average Drawdown

Average peak-to-trough decline

-16.55%

-44.91%

+28.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.12%

27.77%

-15.65%

Volatility

XAUUSD=X vs. XAGUSD=X - Volatility Comparison

The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 5.79%, while Silver Spot Price US Dollar (XAGUSD=X) has a volatility of 12.01%. 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.

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Volatility by Period

XAUUSD=XXAGUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.79%

12.01%

-6.22%

Volatility (6M)

Calculated over the trailing 6-month period

17.28%

36.13%

-18.85%

Volatility (1Y)

Calculated over the trailing 1-year period

23.94%

55.53%

-31.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.88%

35.32%

-18.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.21%

31.35%

-16.14%

Frequently Asked Questions

XAUUSD=X and XAGUSD=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.

XAGUSD=X has higher volatility (12.01%) compared to XAUUSD=X (5.79%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs XAGUSD=X's -75.36%.

XAGUSD=X currently has the higher Sharpe Ratio (0.66 vs 0.64), 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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