Editor’s Note
This article compares two popular precious metals ETFs—the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX)—highlighting their distinct strategies, performance, and risk profiles to help investors determine which may suit their objectives.
The iShares Silver Trust (NYSEMKT:SLV) and VanEck Gold Miners ETF (NYSEMKT:GDX) both appeal to investors interested in precious metals, but their strategies set them apart. SLV offers a pure-play on silver prices, while GDX provides equity exposure to gold miners, which can behave quite differently from the underlying metals. This analysis compares their recent returns, cost, risk, and portfolio makeup to help clarify which may better align with specific investment goals.
Metric | SLV | GDX
Issuer | iShares | VanEck
Expense ratio | 0.50% | 0.51%
1-yr return (as of Feb. 7, 2026) | 139.15% | 137.31%
Beta | 0.41 | 0.65
AUM | $47.32 billion | $30.77 billion
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
Both ETFs have nearly identical expense ratios, and there is no meaningful difference in annual fees for most investors. However, only GDX offers dividends between the two.
Metric | SLV | GDX
Max drawdown (5 y) | -37.65% | -46.52%
Growth of $1,000 over 5 years | $3,174 | $2,852
GDX focuses exclusively on gold mining equities, holding 55 companies worldwide. Its largest positions include Agnico Eagle Mines Ltd. (NYSE:AEM), Newmont Corp. (NYSE:NEM), and Barrick Mining Corp. (NYSE:B), which together account for nearly a quarter of the portfolio. The fund sits entirely in the basic materials sector, reflecting its gold mining theme, and has a long track record of almost 20 years.
SLV, in contrast, provides direct exposure to silver’s price and does not hold individual companies. This makes SLV a pure commodity play, with performance tightly linked to silver price movements and no dividend income. Both funds share a 100% basic materials tilt, but SLV’s approach is more straightforward, while GDX layers on equity market and company-specific risks.
When it comes to SLV, investors should be aware that investing in an ETF closely tied to one of the most volatile precious metals can entail significant risks. While silver has performed well over the years, prices can drop sharply and unexpectedly at any time. The metal is estimated to be three times more volatile than gold.
GDX may be less volatile than SLV, but there’s still some volatility that can occur within the precious metal market in general. As long as investors are comfortable with accepting the volatility risk associated with both funds, then both make a great option for gaining exposure to the market, and are performing at peak levels due to precious metals often rising in price when the U.S. dollar weakens and/or there is international economic instability or geopolitical tension.