HL vs SLV: Correlation
Measured on weekly returns over the past three years, Hecla Mining Company (HL) and iShares Silver Trust (SLV) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and SLV?
Across a 3-year window, the weekly returns of HL and SLV correlate at 0.75, strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 1933.8 %².
Among the 16 assets we track against HL, SLV ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HL outperformed by 87.7 percentage points (+167.1% for HL against +79.4% for SLV). Note the risk asymmetry: HL runs 1.7 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.
HL vs SLV: side by side
| HL (Hecla Mining Company) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +167.1% | +79.4% |
| 5-year return | +265.0% | +182.0% |
| Volatility (ann.) | 66.9% | 38.6% |
| Beta vs S&P 500 | 1.50 | 0.80 |
| Max drawdown (3Y) | -55.8% | -52.3% |
| Market cap | $14.4B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.07% | 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 | HL | SLV |
|---|---|---|
| 2022 | +7.0% | +2.4% |
| 2023 | -13.0% | -1.1% |
| 2024 | +2.8% | +20.9% |
| 2025 | +291.8% | +144.7% |
| 2026 | +11.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and SLV good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HL and SLV?
As of 2026-08-27, the correlation of weekly returns between HL and SLV is 0.75 over 3 years, 0.80 over 1 year and 0.75 over 5 years.
Is SLV a good diversifier for HL?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hl-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hl-vs-slv/)
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Related comparisons
Hubs: HL correlations · SLV correlations
