ASA vs SLV: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and iShares Silver Trust (SLV) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and SLV?
Over the past 3 years, ASA and SLV moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 1315.0 %².
Within ASA's tracked universe of 59 assets, SLV comes in at #13 by 3-year correlation. Twelve-month performance is nearly a tie, at +77.0% for ASA and +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.
ASA vs SLV: side by side
| ASA (ASA Gold and Precious Metals Limited) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +77.0% | +79.4% |
| 5-year return | +218.5% | +182.0% |
| Volatility (ann.) | 42.5% | 38.6% |
| Beta vs S&P 500 | 0.92 | 0.80 |
| Max drawdown (3Y) | -40.8% | -52.3% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 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 | ASA | SLV |
|---|---|---|
| 2022 | -32.1% | +2.4% |
| 2023 | +5.4% | -1.1% |
| 2024 | +34.5% | +20.9% |
| 2025 | +195.6% | +144.7% |
| 2026 | +9.5% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and SLV good diversifiers for each other?
No: a correlation of 0.80 means ASA and SLV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ASA and SLV?
The ASA/SLV correlation stands at 0.80 on a 3-year window (1 year: 0.83, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is SLV a good diversifier for ASA?
No: a correlation of 0.80 means ASA and SLV tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asa-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · SLV correlations
