Silver vs Copper: performance comparison
Over the 12 months to Oct 5, 2026, silver returned +26.6% and copper +33.3%. This page puts the two side by side on the same dates — current prices, performance charts rebased to 100, returns from one month to five years, volatility, the deepest falls and how closely the two move together — recalculated daily from closing prices.
Performance, rebased to 100
Both lines start at 100 on the first shared date: a value of 150 means +50% since then.
- Silver+26.6%
- Copper+33.3%
- Silver+169.0%
- Copper+55.0%
Returns
| Period | Silver | Copper | Better |
|---|---|---|---|
| 1 month | -7.8% | +0.7% | Copper |
| 3 months | -1.7% | +7.6% | Copper |
| 6 months | -16.2% | +19.0% | Copper |
| Year to date | -13.2% | +18.0% | Copper |
| 1 year | +26.6% | +33.3% | Copper |
| 3 years | +183.2% | +83.2% | Silver |
| 5 years | +169.0% | +55.0% | Silver |
Price returns between closing prices on the same dates for both assets; dividends and interest are not included. All prices are in US dollars. Data to Oct 5, 2026.
Risk
| Measure | Silver | Copper |
|---|---|---|
| Volatility, 1 year (annualized) | 69.3% | 28.1% |
| Volatility, 5 years (annualized, weekly) | 36.1% | 27.1% |
| Deepest fall, 5 years | -44.5%Jan 2026 – Jul 2026 | -34.4%Feb 2022 – Jul 2022 |
| Correlation, 1 year (daily returns) | 0.66 | |
| Correlation, 5 years (weekly returns) | 0.54 | |
Volatility is the annualized standard deviation of returns — higher means bigger swings. The deepest fall is the largest drop from a previous high. Correlation runs from −1 (opposite moves) through 0 (unrelated) to +1 (in lockstep).
What the numbers say
Over five years (Oct 2021 to Oct 2026), silver returned +169.0% and copper +55.0%. Copper led over the past year, while silver led over five years.
Annualized volatility over the past year: Silver 69.3%, Copper 28.1% — silver was about 2.5× as volatile. Deepest fall over the period: Silver -44.5% (Jan 2026 – Jul 2026), Copper -34.4% (Feb 2022 – Jul 2022).
The correlation of their daily returns over the past year was 0.66. That is a moderate positive link: they have often moved in the same direction. Over five years of weekly returns it was 0.54.
Past performance does not predict future returns.
Key differences
- Silver is a precious metal with heavy industrial use (electronics, solar panels); copper is a purely industrial metal used in wiring, construction, power grids and electric vehicles.
- Drivers: copper's price is closely tied to global growth and especially to Chinese demand; silver also responds to investment demand and often moves with gold.
- Units: silver is quoted per troy ounce and copper per pound; the comparison uses percentage changes, so the units don't matter.
The two assets
Silver
Silver is both a precious and an industrial metal: roughly half of annual demand comes from industry, including electronics and solar panels. That ties it more closely to the economic cycle than gold, and its price has historically swung harder in both directions.
Silver chart and analysis →Copper
Copper is an industrial metal used in construction, power grids, electronics and electric vehicles, quoted in US dollars per pound. China consumes around half of the world's refined copper, so Chinese demand and global growth expectations drive much of its price.
Copper chart and analysis →Frequently asked questions
Which performed better over the past year, silver or copper?
Copper. In the 12 months to Oct 5, 2026, silver returned +26.6% and copper +33.3%, a difference of 6.7 percentage points. Past performance does not predict future returns.
Which performed better over the past five years, silver or copper?
Silver. From Oct 2021 to Oct 2026, silver returned +169.0% and copper +55.0%. Past performance does not predict future returns.
Which is more volatile, silver or copper?
Silver — about 2.5 times as volatile as copper. Annualized volatility over the past year: Silver 69.3%, Copper 28.1%. Deepest fall over five years: Silver -44.5%, Copper -34.4%.
Do silver and copper move together?
A moderate positive link: they have often moved in the same direction. The correlation of their daily returns over the past year was 0.66, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.54.
How we calculate
Both series are aligned on the trading days (or weeks) they share, so every return covers the same dates for both assets. Periods up to one year use daily closes; three and five years use weekly closes. Volatility is the annualized standard deviation of log returns, the deepest fall is measured on weekly closes, and correlation is the Pearson coefficient of returns over identical intervals. Data: Yahoo Finance and OKX, refreshed daily. All prices are in US dollars.