Silver (XAG) and Copper (XCU) compared side by side. Over the past 90 days, XCU is ahead by 22.5 percentage points (XAG -18.2% against XCU +4.3%). Their daily returns move closely together (correlation 0.66 across 279 shared trading days). XAG has been the more volatile of the two, at 77% annualised against XCU's 33%.
XAGXCU
0.66over 279 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | XAG | XCU |
|---|---|---|
| Max drawdown (400d) | -57.3% | -13.5% |
| Risk-adjusted return (90d) | -0.41 | 0.17 |
Relative strength over 90 days: XCU outperformed XAG by 21.6% — measured on the XAG/XCU ratio, so it holds regardless of market direction.