NEXA vs SLV: Correlation
Measured on weekly returns over the past three years, Nexa Resources S.A. (NEXA) and iShares Silver Trust (SLV) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXA and SLV?
On 3 years of weekly data the NEXA/SLV correlation comes out at 0.49, moderate. The link has tightened recently: the 1-year correlation (0.66) runs above the 3-year figure (0.49). The 5-year figure is 0.44, and annualized covariance runs at 999.0 %².
SLV is one of the assets that tracks NEXA most closely: it ranks #1 out of the 10 assets we track against NEXA. Their recent paths diverged sharply: over the last 12 months NEXA outperformed by 115.6 percentage points (+195.0% for NEXA against +79.4% for SLV).
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.
NEXA vs SLV: side by side
| NEXA (Nexa Resources S.A.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +195.0% | +79.4% |
| 5-year return | +88.5% | +182.0% |
| Volatility (ann.) | 52.5% | 38.6% |
| Beta vs S&P 500 | 1.09 | 0.80 |
| Max drawdown (3Y) | -47.0% | -52.3% |
| Market cap | $1.8B | – |
| P/E (trailing) | 6.7 | – |
| 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 | NEXA | SLV |
|---|---|---|
| 2022 | -20.1% | +2.4% |
| 2023 | +22.1% | -1.1% |
| 2024 | +23.2% | +20.9% |
| 2025 | +2.7% | +144.7% |
| 2026 | +58.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXA and SLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NEXA and SLV?
The NEXA/SLV correlation stands at 0.49 on a 3-year window (1 year: 0.66, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SLV a good diversifier for NEXA?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: NEXA correlations · SLV correlations
