With AUMN trading at 38% of SLV's share price, I note the following:

The 50 week moving average of the AUMN:SLV ratio is .68. At this ratio, AUMN would be trading at $26.52 per share. Dividing this $26.52 share price by 20 results in a theoretical price for ECUXF of $1.326.

ECUXF last traded at $1.326 on January 12, 2011, a day which saw SLV hit an intraday high of $29.015, almost exactly $10 below today's SLV price.

AUMN's intraday high on January 12, 2011 was $25.25. Interestingly, $25.25 divided by 20 gives you a price of $1.2625. Hence, ECUXF and AUMN have underperformed Silver in a very similar fashion since January 12, 2011.