Silver vs the S&P 500 (SLV): is it outperforming?
As of 12 October 2026, Silver (SLV) is losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. SLV trails the S&P 500 by 8.5 points over one month and ranks #96 of 115 groups Zensei tracks.
Where silver stands now
As of 12 October 2026, Silver (SLV) ranks #96 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 9.4-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 8.5 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, SLV's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SLV's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
SLV vs SPY: head-to-head returns
Over the week to 12 October 2026, SLV fell 1.4% while the S&P 500 rose 0.4%. SLV and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means SLV won that window.
Prices as of · computed from daily adjusted closes · how we measure
Silver on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Silver vs the market — common questions
Is silver outperforming the S&P 500?
No. As of 12 October 2026, SLV trails the S&P 500 by 8.5 points over the past month.
Is it a good time to invest in silver?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, silver is ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is SLV?
SLV is iShares Silver Trust. Zensei uses it to measure silver against the S&P 500 (SPY).
What quadrant is silver in right now?
As of 12 October 2026, silver is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
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.