BAR vs SLV: Correlation
GraniteShares Gold Trust Shares of Beneficial Interest (BAR) and iShares Silver Trust (SLV) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAR and SLV?
On 3 years of weekly data the BAR/SLV correlation comes out at 0.77, strong. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 550.4 %².
By 3-year correlation, SLV places #6 of the 14 assets tracked against BAR. Their recent paths diverged sharply: over the last 12 months SLV outperformed by 43.9 percentage points (+35.5% for BAR against +79.4% for SLV). Risk is not evenly split, since SLV carries 2.1 times the volatility of the other side.
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.
BAR vs SLV: side by side
| BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +35.5% | +79.4% |
| 5-year return | +152.4% | +182.0% |
| Volatility (ann.) | 18.6% | 38.6% |
| Beta vs S&P 500 | 0.17 | 0.80 |
| Max drawdown (3Y) | -26.3% | -52.3% |
| Dividend yield | – | 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 | BAR | SLV |
|---|---|---|
| 2022 | -0.6% | +2.4% |
| 2023 | +13.0% | -1.1% |
| 2024 | +27.0% | +20.9% |
| 2025 | +64.1% | +144.7% |
| 2026 | +6.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAR and SLV good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BAR and SLV?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.81 over the last year and 0.77 over 5 years.
Is SLV a good diversifier for BAR?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bar-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bar-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAR correlations · SLV correlations
