BATL vs SLV: Correlation
How closely do Battalion Oil Corporation (BATL) and iShares Silver Trust (SLV) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and SLV?
Over the past 3 years, BATL and SLV moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.31 versus -0.19 over 3 years. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -1832.0 %².
By 3-year correlation, SLV places #25 of the 44 assets tracked against BATL. The last year tells two different stories: SLV led by 66.7 percentage points, +12.7% for BATL against +79.4% for SLV. Note the risk asymmetry: BATL runs 6.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BATL vs SLV: side by side
| BATL (Battalion Oil Corporation) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +12.7% | +79.4% |
| 5-year return | -87.1% | +182.0% |
| Volatility (ann.) | 252.0% | 38.6% |
| Beta vs S&P 500 | -0.19 | 0.80 |
| Max drawdown (3Y) | -95.8% | -52.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | BATL | SLV |
|---|---|---|
| 2022 | -0.9% | +2.4% |
| 2023 | -1.0% | -1.1% |
| 2024 | -82.1% | +20.9% |
| 2025 | -34.3% | +144.7% |
| 2026 | +17.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and SLV good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between BATL and SLV?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.31 over the last year and -0.12 over 5 years.
Is SLV a good diversifier for BATL?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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/batl-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/batl-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BATL correlations · SLV correlations
