Silver vs Platinum (XAG vs XPT) 2026: Commodity Returns, Risk & Volatility

Q: Which is a better investment: XAG or XPT?

Over the past year, XAG looks like the better investment: it had higher total return (XAG +128.4% vs XPT +106.6%) and a higher Sharpe ratio (XAG 1.66 vs XPT 1.62). On risk, XPT was less volatile (XPT 49.3% vs XAG 56.9%), XPT had a smaller max drawdown (XPT -34.3% vs XAG -41.9%), and XPT had less severe losses on the worst 5% of days (Expected Shortfall of XPT -8.61% vs XAG -9.75%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: XAG or XPT?

Over the past year, XAG outperformed XPT. XAG returned +128.4% compared with XPT’s +106.6%. XAG had the better risk-adjusted return, with a Sharpe ratio of 1.66 versus XPT’s 1.62. XPT was less volatile than XAG, and XPT had a smaller max drawdown than XAG.

Total Return

XAG +128.4%

XPT +106.6%

Sharpe Ratio

XAG 1.66

XPT 1.62

Annualized Volatility

XAG 56.9%

XPT 49.3%

Max Drawdown

XAG -41.9%

XPT -34.3%

Metric winners: Total Return: XAG; Sharpe Ratio: XAG; Annualized Volatility: XPT (less volatile); Max Drawdown: XPT (smaller drawdown).

XAG Total Return

↑ +128.4%

XPT Total Return

↑ +106.6%

Relative Performance of XAG vs XPT (Normalized to 100)

XAG XPT

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: XAG delivered a +128.4% total return, while XPT returned +106.6% over the same period. XAG outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): XAG had a higher Sharpe (1.66 vs 1.62), indicating better risk-adjusted performance.
Volatility (Annualized): XAG was more volatile, with 56.9% annualized volatility, versus 49.3% for XPT.
Maximum Drawdown: XPT's maximum drawdown was -34.3%, while XAG experienced a deeper drawdown of -41.9%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), XAG's VaR was -4.23% and its Expected Shortfall (CVaR) was -9.75%; XPT's were -5.61% and -8.61%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: XAG -3.40 vs XPT -1.75. Excess kurtosis: XAG 26.41 vs XPT 8.36. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): XAG 7/2, XPT 9/4. Worst day: XAG -28.03% (2026-01-30) vs XPT -18.36% (2026-01-30). Best day: XAG +9.19% (2026-02-06) vs XPT +7.88% (2025-12-22).
Risk ratios: Sortino - XAG: 2.17 vs. XPT: 2.18 , Calmar - XAG: 3.09 vs. XPT: 3.14 , Sterling - XAG: 4.54 vs. XPT: 5.69 , Treynor - XAG: 0.94 vs. XPT: 0.94 , Ulcer Index - XAG: 16.20% vs. XPT: 13.08%

Investment Comparison

If you invested $10,000 in each asset on April 25, 2025:

XAG $22,835.31 +128.4%

XPT $20,655.22 +106.6%

Difference: $2,180.09 (XAG ahead)

Silver vs Platinum Performance Over Time

Metric	XAG	XPT
30 Days	5.9%	4.3%
90 Days	-26.4%	-27.7%
180 Days	55.5%	24.8%
1 Year	128.4%	106.6%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Silver vs Platinum Correlation

Average Correlation

strongly correlated

0.69

Current (30-day) 0.66

30-day rolling range +0.42 to +0.95

Silver and Platinum are strongly correlated over the past year. With a correlation of 0.69, these assets tend to move together, limiting diversification benefits.

For portfolio construction, this strong correlation means holding both XAG and XPT provides limited risk reduction — they're likely to decline together in downturns.

Metric	Value
Current (30-day)	0.66
Average (full period)	0.69
Minimum (30-day rolling)	0.42
Maximum (30-day rolling)	0.95

Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

XAG

-41.9%

XPT

-34.3%

Silver experienced its maximum drawdown of -41.9% from 2026-01-28 to 2026-03-20. It has not yet recovered to its previous peak.

Platinum experienced its maximum drawdown of -34.3% from 2026-01-23 to 2026-03-26. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Silver vs Platinum Volatility (XAG vs XPT)

XAG Volatility

56.9%

±3.59% 1-day vol

XPT Volatility

49.3%

±3.11% 1-day vol

1-day volatility (1σ)

XAG

±3.59%

XPT

±3.11%

Silver's 56.9% annualized volatility translates to about ±3.59% one-standard-deviation daily volatility.

Platinum's 49.3% annualized volatility translates to about ±3.11% one-standard-deviation daily volatility.

XAG had the wider volatility profile over this window. That means its day-to-day return distribution was broader; XPT was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of XAG and XPT

Sharpe Ratio: XAG vs. XPT

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. XAG had a higher Sharpe (1.66 vs 1.62), indicating better risk-adjusted performance.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of XAG and XPT

Sortino Ratio: XAG vs. XPT

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). XPT had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: XAG 43.4% vs XPT 36.6%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of XAG and XPT

Calmar Ratio: XAG vs. XPT

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. XPT posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of XAG and XPT

Sterling Ratio: XAG vs. XPT

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). XPT posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of XAG and XPT

Treynor Ratio: XAG vs. XPT

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. XPT posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of XAG and XPT

Ulcer Index: XAG vs. XPT

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. XPT had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Silver vs. Platinum

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: XAG vs. XPT (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	XAG	XPT
5% VaR (daily log return)	-4.23%	-5.61%
5% Expected Shortfall (CVaR)	-9.75% (worst 13 days)	-8.61% (worst 13 days)
Skew	-3.40	-1.75
Excess kurtosis	26.41	8.36
2σ tail days (down / up)	7 / 2	9 / 4
Worst day	-28.03% (2026-01-30)	-18.36% (2026-01-30)
Best day	+9.19% (2026-02-06)	+7.88% (2025-12-22)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=256). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

Downside co-move map: XAG vs. XPT (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both XAG and XPT crossed their own 2σ downside threshold.

2σ

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both XAG and XPT had a big down day (2σ)

Date (interval)	XAG	XPT
2025-12-26 → 2025-12-29	-8.02%	-12.97%
2026-01-30	-28.03%	-18.36%
2026-02-05	-19.55%	-11.08%
2026-02-12	-10.66%	-6.13%
2026-03-03	-8.17%	-9.58%

Days when XAG had a big down day

Date (interval)	XAG	XPT
2025-10-21	-7.10%	-5.26%
2025-12-26 → 2025-12-29	-8.02%	-12.97%
2026-01-30	-28.03%	-18.36%
2026-02-05	-19.55%	-11.08%
2026-02-12	-10.66%	-6.13%
2026-03-03	-8.17%	-9.58%
2026-03-20	-7.09%	-2.32%

Days when XPT had a big down day

Date (interval)	XAG	XPT
2025-10-17	-4.40%	-6.01%
2025-12-26 → 2025-12-29	-8.02%	-12.97%
2025-12-31	-6.05%	-6.06%
2026-01-07	-3.78%	-6.17%
2026-01-23 → 2026-01-26	+1.18%	-7.14%
2026-01-30	-28.03%	-18.36%
2026-02-05	-19.55%	-11.08%
2026-02-12	-10.66%	-6.13%
2026-03-03	-8.17%	-9.58%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Full Comparison of Silver vs. Platinum (1-Year)

Metric	XAG	XPT
Total Return	+128.4%	+106.6%
Annualized Volatility	56.9%	49.3%
Sharpe Ratio	1.66	1.62
Sortino Ratio	2.17	2.18
Calmar Ratio	3.09	3.14
Sterling Ratio	4.54	5.69
Treynor Ratio	0.94	0.94
Ulcer Index	16.20%	13.08%
Max Drawdown	-41.9%	-34.3%
Avg Correlation to S&P 500	0.16	0.17
5% VaR (daily log return)	-4.23%	-5.61%
5% Expected Shortfall (CVaR)	-9.75%	-8.61%
Skew	-3.40	-1.75
Excess kurtosis	26.41	8.36
2σ tail days (down / up)	7 / 2	9 / 4

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-04-25 → 2026-04-23 (last shared close).
Rolling correlation sample (shared closes): 227 rolling 30-day values (from 256 shared daily returns).
Annualization (days/year): XAG: 252 days/year; XPT: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

XAG: 4.17% over 2025-04-25 → 2026-04-23.

XPT: 4.17% over 2025-04-25 → 2026-04-23.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

XAG: ≈ -16.2%/yr

XPT: ≈ -12.2%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Silver vs Platinum: Frequently Asked Questions

Which has higher volatility: XAG or XPT?

XAG showed higher volatility at 56.9% annualized, compared to 49.3% for XPT Over the past year. Higher volatility means larger price swings in both directions.

Does XAG provide diversification when held with XPT?

XAG and XPT are strongly correlated over the past year, with an average correlation of 0.69. This strong correlation limits diversification benefits.

How bad are the worst 5% days for XAG vs XPT?

Over the past year, XAG's 5% VaR was -4.23% and its 5% Expected Shortfall was -9.75% (worst 13 days). XPT's were -5.61% and -8.61% (worst 13 days).

Do XAG and XPT crash together on bad days?

On shared dates (n=256), when XPT has a 2σ down day, XAG also does 55.6% (5/9 days). In the other direction, when XAG has one, XPT also does 71.4% (5/7 days).

Which has better risk-adjusted returns: XAG or XPT?

XAG showed better risk-adjusted performance with a Sharpe ratio of 1.66 versus XPT's 1.62 Over the past year.

Can XAG and XPT be combined in a portfolio?

Yes, though allocation sizing matters. Their strong correlation provides limited risk reduction since they tend to move together. XAG's higher volatility (56.9%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: XAG or XPT?

Share This Comparison of XAG vs XPT

Relative Performance of XAG vs XPT (Normalized to 100)

Trade XAG or XPT

Key Takeaways

Investment Comparison

Silver vs Platinum Performance Over Time

Silver vs Platinum Correlation

Drawdown

Silver vs Platinum Volatility (XAG vs XPT)

Risk-adjusted ratios

Sharpe Ratio of XAG and XPT

Sharpe Ratio: XAG vs. XPT

Sortino Ratio of XAG and XPT

Sortino Ratio: XAG vs. XPT

Calmar Ratio of XAG and XPT

Calmar Ratio: XAG vs. XPT

Sterling Ratio of XAG and XPT

Sterling Ratio: XAG vs. XPT

Treynor Ratio of XAG and XPT

Treynor Ratio: XAG vs. XPT

Ulcer Index of XAG and XPT

Ulcer Index: XAG vs. XPT

Tail Risk & Distribution Shape (1-Year): Silver vs. Platinum

Tail Risk & Distribution Shape: XAG vs. XPT (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: XAG vs. XPT (2σ)

Days when both XAG and XPT had a big down day (2σ)

Days when XAG had a big down day

Days when XPT had a big down day

Full Comparison of Silver vs. Platinum (1-Year)

Inputs & conventions

Formulas

Silver vs Platinum: Frequently Asked Questions

Which has higher volatility: XAG or XPT?

Does XAG provide diversification when held with XPT?

How bad are the worst 5% days for XAG vs XPT?

Do XAG and XPT crash together on bad days?

Which has better risk-adjusted returns: XAG or XPT?

Can XAG and XPT be combined in a portfolio?