FSM vs SLV: Correlation
How closely do Fortuna Mining Corp. (FSM) and iShares Silver Trust (SLV) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSM and SLV?
On 3 years of weekly data the FSM/SLV correlation comes out at 0.72, strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. The 5-year figure is 0.69, and annualized covariance runs at 1644.9 %².
Among the 12 assets we track against FSM, SLV ranks #6 by 3-year correlation. On 12-month performance SLV holds a 10.4-point edge, +69.0% against +79.4%. One caveat on sizing: FSM is 1.5 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.
FSM vs SLV: side by side
| FSM (Fortuna Mining Corp.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +69.0% | +79.4% |
| 5-year return | +196.5% | +182.0% |
| Volatility (ann.) | 59.4% | 38.6% |
| Beta vs S&P 500 | 1.22 | 0.80 |
| Max drawdown (3Y) | -41.2% | -52.3% |
| Market cap | $3.8B | – |
| P/E (trailing) | 10.8 | – |
| 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 | FSM | SLV |
|---|---|---|
| 2022 | -3.8% | +2.4% |
| 2023 | +2.9% | -1.1% |
| 2024 | +11.1% | +20.9% |
| 2025 | +128.7% | +144.7% |
| 2026 | +30.6% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSM and SLV good diversifiers for each other?
Only partially. A correlation of 0.72 means FSM and SLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FSM and SLV?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.77 over the last year and 0.69 over 5 years.
Is SLV a good diversifier for FSM?
Only partially. A correlation of 0.72 means FSM and SLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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/fsm-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fsm-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSM correlations · SLV correlations
