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%. The table compares 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.
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.
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