Gold vs Silver: Returns, Correlation and the Gold/Silver Ratio

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The Gold Field Guide

74.2

How many ounces of silver one ounce of gold buys.

Last shared daily close: 26 Oct 2026. Source: Baroq data.

The gold/silver ratio

A year ago	84.7
52-week high	84.9 27 Oct 2025
52-week low	46.3 27 Jan 2026
Where it sits in that range	72 out of 100
Average of the last 12 months	65.6
Average of the last 5 years	81.1

Its daily values over the last 12 months, from 46 to 85.

Both over the last 12 months

Each market's daily close, started at 100 a year ago.

Gold
Silver

Returns side by side

Period	Gold	Silver	Difference
1 week	-3.0%	-5.2%	+2.2 points
1 month	-6.3%	-15.8%	+9.5 points
3 months	-0.9%	-7.0%	+6.1 points
6 months	-14.7%	-28.5%	+13.8 points
This year	-7.0%	-24.3%	+17.3 points
1 year	-2.3%	+11.5%	-13.8 points
3 years	+102.4%	+137.5%	-35.2 points
5 years	+124.0%	+124.1%	-0.1 points

How much each moves

Measure	Gold	Silver
Volatility, last 20 days	17.3% a year	38.3% a year
Volatility, last 60 days	24.1% a year	40.4% a year

How closely they move together

The correlation of both markets' daily changes, from −1 (always opposite) to +1 (always together), on 2,000 shared trading days since Jan 2019.

Period	Correlation	Same direction	In words
Last 60 days	+0.89	87%	Closely together
Last year	+0.84	86%	Closely together
Last 3 years	+0.79	80%	Closely together

Year by year

The value at the end of each year with its high and low, both markets' change in the year, and the year's correlation. * this year so far.

Year	End	High	Low	Gold	Silver	Correlation
2026*	74.2	74.2	46.3	-7.0%	-24.3%	+0.85
2025	60.4	104.9	56.9	+64.6%	+147.5%	+0.63
2024	90.8	91.6	73.2	+27.2%	+21.5%	+0.80
2023	86.7	91.3	76.7	+13.1%	-0.7%	+0.76
2022	76.1	95.3	75.2	-0.3%	+2.8%	+0.81
2021	78.4	80.9	64.1	-3.5%	-11.4%	+0.75
2020	72.0	123.9	69.6	+24.6%	+47.2%	+0.79
2019	85.1	93.2	79.3	no data	no data	+0.79

Each market on its own

Descriptive, not a forecast: how two markets moved together in the past says nothing certain about how they move next.

How to read it

The ratio is worked out from both markets' daily closes, on the days both have one. It shows which of the two did better: it rises when the market on top of the ratio does better than the other.
Returns compare each market's last close with its close on the start date (or the trading day just before it). Difference is the first market's return minus the second's, in percentage points.
Volatility is how much the daily changes swing, scaled to a year, over the last 20 and 60 trading days.
Correlation measures how closely the two markets' daily changes move together: +1 means always together, 0 means no link, −1 means always opposite. Same direction is the share of days both rose or both fell.
A correlation changes over time: two markets that moved together for a year can drift apart in the next. It describes the past and forecasts nothing.

The correlation in words

+0.7 to +1.0	Closely together
+0.4 to +0.7	Often together
+0.1 to +0.4	Loosely together
-0.1 to +0.1	Hardly linked
-0.4 to -0.1	Loosely opposite
-1.0 to -0.4	Often opposite