Silver ETF Calculator
Convert Silver ↔ SLV ↔ SIVR instantly using live market ratios.
$64.325
Gold/Silver Ratio
66.9 oz of silver buys 1 oz of gold
66.9
XAG → ETF
XAG/USD Silver Price
Enter a value
SLV → XAG
SLV Price
Enter a value
SIVR → XAG
SIVR Price
Enter a value
Scenario Table
XAG price scenarios around the current level
| XAG | SLV | SIVR |
|---|---|---|
| $45 | $40.67 | $42.77 |
| $50 | $45.19 | $47.52 |
| $55 | $49.71 | $52.28 |
| $60 | $54.23 | $57.03 |
| $65 | $58.75 | $61.78 |
| $70 | $63.27 | $66.53 |
| $75 | $67.79 | $71.29 |
| $80 | $72.31 | $76.04 |
Calculation Formula
Each ETF tracks a fixed fraction of the reference asset. The ratio drifts slowly over time as fund fees are deducted, so it is recalculated from the latest prices.
SLV = XAG × 0.90385
XAG = SLV ÷ 0.90385
SIVR = XAG × 0.95049
XAG = SIVR ÷ 0.95049
How to Use This Calculator
This calculator converts between the silver spot price and the share price of the two largest physically-backed silver ETFs. There are three rows, and each one works in a single direction:
- Silver → ETF— enter a silver price to see what SLV and SIVR would be worth at that level. This answers “if silver reaches $100, what will my SLV shares be worth?”
- SLV → Silver — enter an SLV share price to reverse-calculate the implied silver spot price.
- SIVR → Silver — the same conversion using SIVR as the input.
Every calculation uses the live ratio derived from the reference prices at the top of the page, so results always reflect current market conditions.
The Gold/Silver Ratio
Most silver investors track one number above all others: the gold/silver ratio, which is how many ounces of silver buy a single ounce of gold. It currently stands at 66.9, meaning one ounce of gold is worth about 66.9 ounces of silver.
The ratio matters because it expresses silver’s price relative to gold rather than in dollars, which filters out the effect of inflation and currency moves. Over the past century it has ranged from roughly 15 to over 100. A high ratio is generally read as silver being cheap relative to gold; a low ratio as silver being expensive.
Because silver is far more volatile than gold, the ratio moves around a great deal. That is also why this calculator derives the SLV and SIVR ratios from live prices rather than assuming a fixed number of ounces per share.
What are SLV and SIVR?
SLV (iShares Silver Trust) and SIVR (abrdn Physical Silver Shares ETF) are the two largest ETFs backed by physical silver. Each share represents a fractional interest in silver bullion held in a vault, so they let you hold silver inside an ordinary brokerage account.
SLV is the larger and considerably more liquid of the two, which makes it the better choice for anything involving options. SIVR is cheaper to hold, charging 0.30% a year against SLV’s 0.50%.
A third trust, Sprott Physical Silver (PSLV), is often compared with these two. It is not included here because it is a closed-end trust rather than an ETF — it has no creation and redemption mechanism, so its shares can trade a long way from the value of the silver it holds.
Frequently Asked Questions
How do I convert the silver price to SLV?▼
Multiply the silver spot price by the SLV ratio shown in the Calculation Formula section. For example, if silver is $60.00 and the SLV ratio is 0.904, then SLV = 60.00 × 0.904 = $54.24. The calculator applies the current ratio automatically as you type.
What is the gold/silver ratio?▼
It is the number of ounces of silver that buy one ounce of gold — the gold price divided by the silver price. It is shown at the top of this page. Investors watch it because it summarises how expensive silver is relative to gold: a high ratio means silver is cheap by historical standards, a low ratio means it is expensive.
What is the difference between SLV and SIVR?▼
Both hold physical silver bullion in a vault and track the London silver price. SLV is the larger and far more liquid of the two, with an expense ratio of 0.50%. SIVR is smaller but charges 0.30%. They represent slightly different amounts of silver per share, which is why their prices differ — the calculator derives each ratio separately.
Why is physical silver so much more volatile than gold?▼
Roughly half of all silver demand is industrial — solar panels, electronics, electric vehicles — rather than investment. That makes the price sensitive to the manufacturing cycle as well as to monetary conditions, so it moves several times as much as gold does. This is why the gold/silver ratio swings so widely over time.
Why does the calculator only update during US market hours?▼
Silver trades nearly around the clock, but SLV and SIVR only trade on US exchanges from 9:30 to 16:00 ET. Outside those hours the ETF price is frozen at the last close while the silver price keeps moving, so the ratio between them would drift. We only sample when both markets are trading, which keeps the ratio accurate.
How accurate are the calculations?▼
Ratios are calculated from live reference prices and carry high internal precision, while displayed values are rounded to two decimals. Keep in mind that ETF shares can trade at a small premium or discount to the silver they hold, so the calculated value is a theoretical fair value rather than a quoted price.