SLV vs WPM: Correlation
How closely do iShares Silver Trust (SLV) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLV and WPM?
Over the past 3 years, SLV and WPM moved with a correlation of 0.73, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 1150.8 %².
Among the 34 assets we track against SLV, WPM ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SLV outperformed by 15.1 percentage points (+79.4% for SLV against +64.3% for WPM).
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 WPM: side by side
| SLV (iShares Silver Trust) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +79.4% | +64.3% |
| 5-year return | +182.0% | +275.2% |
| Volatility (ann.) | 38.6% | 41.1% |
| Beta vs S&P 500 | 0.80 | 0.82 |
| Max drawdown (3Y) | -52.3% | -37.4% |
| Market cap | – | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.46% |
| Expense ratio | 0.50% | – |
| Assets under management | $28.1B | – |
| Sector / category | ETF · Commodities | US Listed |
On the fund side, SLV sits in the Commodities Focused category at iShares, with $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | SLV | WPM |
|---|---|---|
| 2022 | +2.4% | -7.5% |
| 2023 | -1.1% | +27.9% |
| 2024 | +20.9% | +15.2% |
| 2025 | +144.7% | +109.8% |
| 2026 | -2.6% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLV and WPM good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SLV and WPM?
As of 2026-08-27, the correlation of weekly returns between SLV and WPM is 0.73 over 3 years, 0.76 over 1 year and 0.72 over 5 years.
Is WPM a good diversifier for SLV?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 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
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Related comparisons
Hubs: SLV correlations · WPM correlations
