Silver drawdown: 50.5% below the all-time high
Silver is 50.5% below its all-time high, set Jan 28, 2026 (as of market close, Jul 23, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown.
- Below all-time high
- −50.5%
- 49.5% of ATH
- All-time high
- $105.6
- Jan 28, 2026
- Time below the high
- 6 mo
- since Jan 28, 2026
- Worst-ever drawdown
- −76.3%
- Mar 18, 2020
- Longest underwater
- 14.5 yrs
- between all-time highs
- Today's level first reached
- Dec 1, 2025
- 8 mo ago
- Last time this deep
- Apr 1, 2024
- in a previous episode
% of all-time high since 2006#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of Silver, including years before the visible window. Silver pays no dividends, so price and total return coincide.
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Apr 28, 2011 | Mar 18, 2020 | −76.3% | 8.9 yrs | Oct 13, 2025 | 14.5 yrs |
| Mar 5, 2008 | Oct 27, 2008 | −57.1% | 8 mo | Sep 22, 2010 | 2.5 yrs |
| Jan 28, 2026 | Jul 16, 2026 | −52.3% | 6 mo | not yet | 6 mo+ |
| May 11, 2006 | Jun 13, 2006 | −35.2% | 33 days | Nov 6, 2007 | 18 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2006: how far Silver stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: a single asset's history is one surviving sample, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is Silver from its all-time high?
- Silver is currently 50.5% below its all-time high, set Jan 28, 2026 (as of market close, Jul 23, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest Silver drawdown ever?
- The deepest decline on record in our data (since 2006) took Silver 76.3% below its prior high, bottoming Mar 18, 2020. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily data since 2006 from SLV, Silver's tracking fund; no free deep history exists for Silver — for a 150-year drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.