AG vs SLV: Correlation
First Majestic Silver Corp. (AG) and iShares Silver Trust (SLV) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and SLV?
Over the past 3 years, AG and SLV moved with a correlation of 0.76, which is strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.76 over 3. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 2061.5 %².
Within AG's tracked universe of 27 assets, SLV comes in at #7 by 3-year correlation. The last year tells two different stories: AG led by 60.5 percentage points, +139.9% for AG against +79.4% for SLV. One caveat on sizing: AG is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AG vs SLV: side by side
| AG (First Majestic Silver Corp.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +139.9% | +79.4% |
| 5-year return | +74.1% | +182.0% |
| Volatility (ann.) | 70.1% | 38.6% |
| Beta vs S&P 500 | 1.45 | 0.80 |
| Max drawdown (3Y) | -53.0% | -52.3% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 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 | AG | SLV |
|---|---|---|
| 2022 | -24.7% | +2.4% |
| 2023 | -26.0% | -1.1% |
| 2024 | -10.5% | +20.9% |
| 2025 | +204.1% | +144.7% |
| 2026 | +30.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and SLV good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AG and SLV?
The AG/SLV correlation stands at 0.76 on a 3-year window (1 year: 0.81, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is SLV a good diversifier for AG?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AG correlations · SLV correlations
