GLD vs SLV: Correlation
SPDR Gold Shares (GLD) 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 GLD and SLV?
Across a 3-year window, the weekly returns of GLD and SLV correlate at 0.77, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.77, with an annualized covariance of 551.3 %².
Within GLD's tracked universe of 30 assets, SLV comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SLV outperformed by 44.3 percentage points (+35.1% for GLD against +79.4% for SLV). The rolling one-year correlation stayed in a tight band between 0.63 and 0.81 over the past three years, which points to a structural rather than episodic relationship. 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.
GLD vs SLV: side by side
| GLD (SPDR Gold Shares) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +35.1% | +79.4% |
| 5-year return | +149.5% | +182.0% |
| Volatility (ann.) | 18.7% | 38.6% |
| Beta vs S&P 500 | 0.18 | 0.80 |
| Max drawdown (3Y) | -26.4% | -52.3% |
| Dividend yield | – | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | ETF · Commodities | 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 | GLD | SLV |
|---|---|---|
| 2022 | -0.8% | +2.4% |
| 2023 | +12.7% | -1.1% |
| 2024 | +26.7% | +20.9% |
| 2025 | +63.7% | +144.7% |
| 2026 | +6.6% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and SLV good diversifiers for each other?
To a limited degree. At 0.77 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 GLD and SLV?
As of 2026-08-27, the correlation of weekly returns between GLD and SLV is 0.77 over 3 years, 0.81 over 1 year and 0.77 over 5 years.
Is SLV a good diversifier for GLD?
To a limited degree. At 0.77 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 0.77 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/gld-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gld-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLD correlations · SLV correlations
