AEM vs SLV: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and iShares Silver Trust (SLV) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and SLV?
Over the past 3 years, AEM and SLV moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 1132.3 %².
Within AEM's tracked universe of 36 assets, SLV comes in at #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SLV outperformed by 23.5 percentage points (+55.9% for AEM against +79.4% for SLV).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEM vs SLV: side by side
| AEM (Agnico Eagle Mines Limited) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +55.9% | +79.4% |
| 5-year return | +323.8% | +182.0% |
| Volatility (ann.) | 40.9% | 38.6% |
| Beta vs S&P 500 | 0.70 | 0.80 |
| Max drawdown (3Y) | -45.8% | -52.3% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | US Listed | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | AEM | SLV |
|---|---|---|
| 2022 | +1.1% | +2.4% |
| 2023 | +9.0% | -1.1% |
| 2024 | +46.0% | +20.9% |
| 2025 | +119.5% | +144.7% |
| 2026 | +27.6% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and SLV good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AEM and SLV?
As of 2026-08-27, the correlation of weekly returns between AEM and SLV is 0.72 over 3 years, 0.76 over 1 year and 0.70 over 5 years.
Is SLV a good diversifier for AEM?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
A reading of 0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aem-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEM correlations · SLV correlations
