Silver vs the S&P 500 (SLV): is it outperforming?
Over the past month, SLV has outperformed the S&P 500 by 14.3 points. Here is where that puts it in the market rotation — updated daily.
Where SLV sits on the rotation map
Silver highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
SLV vs SPY: head-to-head returns
SLV (silver) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means SLV won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Silver (SLV) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 20.8 points, but over the past month it has moved decisively ahead of the market — a 14.3-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #11 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, SLV's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. SLV's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
Silver vs the market — common questions
Is silver outperforming the S&P 500?
Right now, yes: over the past month SLV has outperformed the S&P 500 by 14.3 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is SLV?
SLV is iShares Silver Trust, the fund Zensei uses to measure the silver group against the S&P 500 benchmark (SPY).
What quadrant is silver in right now?
As of the latest daily data, silver is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track silver against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.