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

XAUUSD=X vs. XAGUSD=X

Last updated Jun 24, 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 12.04%/yr vs 13.19%/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 -5.24% return, which is significantly higher than XAGUSD=X's -14.66% return. Over the past 10 years, XAUUSD=X has underperformed XAGUSD=X with an annualized return of 12.04%, while XAGUSD=X has yielded a comparatively higher 13.19% annualized return.

XAUUSD=X

1D
-2.28%
1M
-10.14%
YTD
-5.24%
6M
-8.66%
1Y
21.60%
3Y*
28.75%
5Y*
18.21%
10Y*
12.04%

XAGUSD=X

1D
-5.70%
1M
-20.95%
YTD
-14.66%
6M
-14.18%
1Y
69.64%
3Y*
39.83%
5Y*
18.78%
10Y*
13.19%
*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		-5.24%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		-14.66%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 0.78, 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 23, 2007

0.78

The correlation between XAUUSD=X and XAGUSD=X has been stable across timeframes, ranging from 0.74 to 0.78 - 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. 3SLV.DEXAGUSD=X vs. PSLVXAGUSD=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: 7878
Overall Rank
XAUUSD=X Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
XAUUSD=X Sortino Ratio Rank: 7979
Sortino Ratio Rank
XAUUSD=X Omega Ratio Rank: 8080
Omega Ratio Rank
XAUUSD=X Calmar Ratio Rank: 7777
Calmar Ratio Rank
XAUUSD=X Martin Ratio Rank: 7676
Martin Ratio Rank
XAGUSD=X
XAGUSD=X Risk / Return Rank: 8484
Overall Rank
XAGUSD=X Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XAGUSD=X Sortino Ratio Rank: 8585
Sortino Ratio Rank
XAGUSD=X Omega Ratio Rank: 9090
Omega Ratio Rank
XAGUSD=X Calmar Ratio Rank: 8181
Calmar Ratio Rank
XAGUSD=X Martin Ratio Rank: 8080
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
0.72
0.97

-0.24

Sortino ratioReturn per unit of downside risk
1.06
1.38

-0.32

Omega ratioGain probability vs. loss probability

1.15

1.23

-0.08

Calmar ratioReturn relative to maximum drawdown

0.69

1.12

-0.43

Martin ratioReturn relative to average drawdown

1.85

2.39

-0.55

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

The current XAUUSD=X Sharpe Ratio is 0.72, which is comparable to the XAGUSD=X Sharpe Ratio of 0.97. 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

-24.85%

-47.49%

+22.64%

Max Drawdown (3Y)

Largest decline over 3 years

-24.85%

-47.49%

+22.64%

Max Drawdown (5Y)

Largest decline over 5 years

-24.85%

-47.49%

+22.64%

Max Drawdown (10Y)

Largest decline over 10 years

-24.85%

-47.49%

+22.64%

Current Drawdown

Current decline from peak

-24.41%

-47.49%

+23.08%

Average Drawdown

Average peak-to-trough decline

-16.48%

-44.77%

+28.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.28%

24.65%

-14.37%

Volatility

XAUUSD=X vs. XAGUSD=X - Volatility Comparison

The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 8.08%, while Silver Spot Price US Dollar (XAGUSD=X) has a volatility of 14.84%. 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

8.08%

14.84%

-6.76%

Volatility (6M)

Calculated over the trailing 6-month period

22.34%

55.38%

-33.04%

Volatility (1Y)

Calculated over the trailing 1-year period

23.69%

54.93%

-31.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.77%

35.11%

-18.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.17%

31.31%

-16.14%

Frequently Asked Questions

XAUUSD=X and XAGUSD=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 (14.84%) compared to XAUUSD=X (8.08%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs XAGUSD=X's -75.36%.

XAGUSD=X currently has the higher Sharpe Ratio (0.97 vs 0.72), 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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