SCZM vs SLV: Correlation
Santacruz Silver Mining Ltd. (SCZM) and iShares Silver Trust (SLV) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCZM and SLV?
Across a 3-year window, the weekly returns of SCZM and SLV correlate at 0.69, strong. The link has tightened recently: the 1-year correlation (0.82) runs above the 3-year figure (0.69). Stretching to 5 years gives 0.62, with an annualized covariance of 2571.0 %².
In SCZM's tracked universe of 12 assets, SLV sits right near the top at #3. Correlation aside, the last 12 months split them widely, with SCZM ahead by 29.4 points (+108.8% versus +79.4%). Risk is not evenly split, since SCZM carries 2.5 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.
SCZM vs SLV: side by side
| SCZM (Santacruz Silver Mining Ltd.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +108.8% | +79.4% |
| 5-year return | +818.6% | +182.0% |
| Volatility (ann.) | 96.4% | 38.6% |
| Beta vs S&P 500 | 1.72 | 0.80 |
| Max drawdown (3Y) | -63.2% | -52.3% |
| Market cap | $0.9B | – |
| P/E (trailing) | 21.3 | – |
| 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 | SCZM | SLV |
|---|---|---|
| 2022 | +25.0% | +2.4% |
| 2023 | -38.3% | -1.1% |
| 2024 | +5.5% | +20.9% |
| 2025 | +1137.2% | +144.7% |
| 2026 | +3.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCZM and SLV good diversifiers for each other?
To a limited degree. At 0.69 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 SCZM and SLV?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.82 over the last year and 0.62 over 5 years.
Is SLV a good diversifier for SCZM?
To a limited degree. At 0.69 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 0.69 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/sczm-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sczm-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SCZM correlations · SLV correlations
