XAUUSD=X vs. XAGUSD=X
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 11.72%/yr vs 11.38%/yr for XAGUSD=X. Their 0.78 correlation means they have sometimes moved together and sometimes differently.
Performance
XAUUSD=X vs. XAGUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, XAUUSD=X achieves a -6.34% return, which is significantly higher than XAGUSD=X's -19.30% return. Both investments have delivered pretty close results over the past 10 years, with XAUUSD=X having a 11.72% annualized return and XAGUSD=X not far behind at 11.38%.
XAUUSD=X
- 1D
- -0.33%
- 1M
- -3.05%
- 6M
- -13.14%
- YTD
- -6.34%
- 1Y
- 20.53%
- 3Y*
- 27.74%
- 5Y*
- 17.45%
- 10Y*
- 11.72%
- ALL TIME*
- 9.88%
XAGUSD=X
- 1D
- -0.28%
- 1M
- -7.11%
- 6M
- -26.79%
- YTD
- -19.30%
- 1Y
- 56.08%
- 3Y*
- 34.84%
- 5Y*
- 17.96%
- 10Y*
- 11.38%
- ALL TIME*
- 8.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
XAGUSD=X Silver Spot Price US Dollar | $33.41M | $35.79M | $59.32M |
XAUUSD=X Gold Spot Price US Dollar | $2.28B | $2.41B | $2.74B |
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 | -6.34% | 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 | -19.30% | 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 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | 0.78 |
The correlation between XAUUSD=X and XAGUSD=X has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.
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Return for Risk
XAUUSD=X vs. XAGUSD=X — Risk / Return Rank
XAUUSD=X
XAGUSD=X
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=X | XAGUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.20 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 0.82 | -0.21 |
| Martin ratioReturn relative to average drawdown | 1.31 | 1.56 | -0.25 |
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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=X | XAGUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.69% | -75.36% | +30.67% |
Max Drawdown (1Y)Largest decline over 1 year | -26.61% | -52.52% | +25.91% |
Max Drawdown (3Y)Largest decline over 3 years | -26.61% | -52.52% | +25.91% |
Max Drawdown (5Y)Largest decline over 5 years | -26.61% | -52.52% | +25.91% |
Max Drawdown (10Y)Largest decline over 10 years | -26.61% | -52.52% | +25.91% |
Current DrawdownCurrent decline from peak | -25.29% | -50.35% | +25.06% |
Average DrawdownAverage peak-to-trough decline | -16.64% | -45.07% | +28.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.86% | 30.88% | -17.02% |
Volatility
XAUUSD=X vs. XAGUSD=X - Volatility Comparison
The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 5.25%, while Silver Spot Price US Dollar (XAGUSD=X) has a volatility of 9.64%. 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=X | XAGUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 9.64% | -4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 16.33% | 33.08% | -16.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.06% | 55.90% | -31.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 35.41% | -18.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.25% | 31.41% | -16.16% |
Frequently Asked Questions
XAUUSD=X and XAGUSD=X have a correlation of 0.81, 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 (9.64%) compared to XAUUSD=X (5.25%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs XAGUSD=X's -75.36%.
XAGUSD=X currently has the higher Sharpe Ratio (0.77 vs 0.68), 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.
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