SLV vs SVM: Correlation
How closely do iShares Silver Trust (SLV) and Silvercorp Metals Inc. (SVM) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLV and SVM?
Over the past 3 years, SLV and SVM moved with a correlation of 0.75, which is strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 1704.1 %².
Within SLV's tracked universe of 34 assets, SVM comes in at #9 by 3-year correlation. The last year tells two different stories: SVM led by 108.5 percentage points, +79.4% for SLV against +187.9% for SVM. One caveat on sizing: SVM is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SLV vs SVM: side by side
| SLV (iShares Silver Trust) | SVM (Silvercorp Metals Inc.) | |
|---|---|---|
| 1-year return | +79.4% | +187.9% |
| 5-year return | +182.0% | +222.0% |
| Volatility (ann.) | 38.6% | 59.2% |
| Beta vs S&P 500 | 0.80 | 1.33 |
| Max drawdown (3Y) | -52.3% | -43.8% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 122.4 |
| Dividend yield | 0.00% | 0.19% |
| Expense ratio | 0.50% | – |
| Assets under management | $28.1B | – |
| Sector / category | ETF · Commodities | US Listed |
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 | SLV | SVM |
|---|---|---|
| 2022 | +2.4% | -20.6% |
| 2023 | -1.1% | -10.3% |
| 2024 | +20.9% | +14.9% |
| 2025 | +144.7% | +178.8% |
| 2026 | -2.6% | +61.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLV and SVM good diversifiers for each other?
To a limited degree. At 0.75 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 SLV and SVM?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.80 over the last year and 0.75 over 5 years.
Is SVM a good diversifier for SLV?
To a limited degree. At 0.75 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 0.75 mean?
On the −1 to +1 scale, 0.75 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/slv-vs-svm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/slv-vs-svm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLV correlations · SVM correlations
