IE vs SLV: Correlation
How closely do Ivanhoe Electric Inc. (IE) and iShares Silver Trust (SLV) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IE and SLV?
Across a 3-year window, the weekly returns of IE and SLV correlate at 0.58, moderate. The past 12 months show a tighter link (0.70) than the 3-year average (0.58). Stretching to 5 years gives 0.50, with an annualized covariance of 1556.1 %².
By 3-year correlation, SLV places #4 of the 14 assets tracked against IE. The last year tells two different stories: SLV led by 48.3 percentage points, +31.1% for IE against +79.4% for SLV. Note the risk asymmetry: IE runs 1.8 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.
IE vs SLV: side by side
| IE (Ivanhoe Electric Inc.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +31.1% | +79.4% |
| 5-year return | +8.2% | +182.0% |
| Volatility (ann.) | 69.5% | 38.6% |
| Beta vs S&P 500 | 2.00 | 0.80 |
| Max drawdown (3Y) | -70.7% | -52.3% |
| Market cap | $1.9B | – |
| 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 | IE | SLV |
|---|---|---|
| 2022 | – | +2.4% |
| 2023 | -17.0% | -1.1% |
| 2024 | -25.1% | +20.9% |
| 2025 | +111.7% | +144.7% |
| 2026 | -26.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IE and SLV good diversifiers for each other?
To a limited degree. At 0.58 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 IE and SLV?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.70 over the last year and 0.50 over 5 years.
Is SLV a good diversifier for IE?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/ie-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ie-vs-slv/)
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Related comparisons
Hubs: IE correlations · SLV correlations
