AG vs SVM: Correlation
First Majestic Silver Corp. (AG) and Silvercorp Metals Inc. (SVM) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and SVM?
Over the past 3 years, AG and SVM moved with a correlation of 0.79, which is strong. Recent behaviour matches the longer record: 0.86 over 1 year against 0.79 over 3. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 3279.2 %².
Among the 27 assets we track against AG, SVM ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SVM outperformed by 48.0 percentage points (+139.9% for AG against +187.9% for SVM).
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 SVM: side by side
| AG (First Majestic Silver Corp.) | SVM (Silvercorp Metals Inc.) | |
|---|---|---|
| 1-year return | +139.9% | +187.9% |
| 5-year return | +74.1% | +222.0% |
| Volatility (ann.) | 70.1% | 59.2% |
| Beta vs S&P 500 | 1.45 | 1.33 |
| Max drawdown (3Y) | -53.0% | -43.8% |
| Market cap | $10.7B | $3.0B |
| P/E (trailing) | 30.2 | 122.4 |
| Dividend yield | 0.22% | 0.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | SVM |
|---|---|---|
| 2022 | -24.7% | -20.6% |
| 2023 | -26.0% | -10.3% |
| 2024 | -10.5% | +14.9% |
| 2025 | +204.1% | +178.8% |
| 2026 | +30.7% | +61.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and SVM good diversifiers for each other?
To a limited degree. At 0.79 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 AG and SVM?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.86 over the last year and 0.80 over 5 years.
Is SVM a good diversifier for AG?
To a limited degree. At 0.79 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 0.79 mean?
A reading of 0.79 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/ag-vs-svm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ag-vs-svm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AG correlations · SVM correlations
