SLV vs USAS: Correlation
How closely do iShares Silver Trust (SLV) and Americas Gold and Silver Corporation (USAS) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLV and USAS?
Over the past 3 years, SLV and USAS moved with a correlation of 0.70, which is strong. The past 12 months show a tighter link (0.84) than the 3-year average (0.70). Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 2226.4 %².
Among the 34 assets we track against SLV, USAS ranks #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USAS outperformed by 59.8 percentage points (+79.4% for SLV against +139.2% for USAS). One caveat on sizing: USAS is 2.1 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 USAS: side by side
| SLV (iShares Silver Trust) | USAS (Americas Gold and Silver Corporation) | |
|---|---|---|
| 1-year return | +79.4% | +139.2% |
| 5-year return | +182.0% | +122.9% |
| Volatility (ann.) | 38.6% | 82.6% |
| Beta vs S&P 500 | 0.80 | 1.41 |
| Max drawdown (3Y) | -52.3% | -63.5% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Expense ratio | 0.50% | – |
| Assets under management | $28.1B | – |
| Sector / category | ETF · Commodities | US Listed |
SLV is a Commodities Focused fund from iShares: $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | SLV | USAS |
|---|---|---|
| 2022 | +2.4% | -29.6% |
| 2023 | -1.1% | -56.1% |
| 2024 | +20.9% | +52.0% |
| 2025 | +144.7% | +437.9% |
| 2026 | -2.6% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLV and USAS good diversifiers for each other?
To a limited degree. At 0.70 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 USAS?
As of 2026-08-27, the correlation of weekly returns between SLV and USAS is 0.70 over 3 years, 0.84 over 1 year and 0.65 over 5 years.
Is USAS a good diversifier for SLV?
To a limited degree. At 0.70 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 0.70 mean?
On the −1 to +1 scale, 0.70 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-usas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/slv-vs-usas/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SLV correlations · USAS correlations
