GDX vs. SLV
GDX (VanEck Gold Miners ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, GDX returned 10.07%/yr vs 10.33%/yr for SLV. Their 0.73 correlation means they have sometimes moved together and sometimes differently. GDX charges 0.51%/yr vs 0.50%/yr for SLV.
Performance
GDX vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -13.61% return, which is significantly higher than SLV's -18.72% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 10.07% annualized return and SLV not far ahead at 10.33%.
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
SLV
- 1D
- -2.13%
- 1M
- -4.83%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 55.88%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $716.70M | $772.79M | $1.26B |
GDX vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between GDX and SLV is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.73 |
The correlation between GDX and SLV has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
GDX vs. SLV — Risk / Return Rank
GDX
SLV
GDX vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares Silver Trust (SLV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GDX | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.10 | +0.05 |
| Martin ratioReturn relative to average drawdown | 2.48 | 2.10 | +0.39 |
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Drawdowns
GDX vs. SLV - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for GDX and SLV.
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Drawdown Indicators
| GDX | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -76.28% | -4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -52.28% | +13.35% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -52.28% | +13.35% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -52.28% | +5.77% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -52.28% | +2.49% |
Current DrawdownCurrent decline from peak | -36.03% | -50.42% | +14.39% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -44.68% | +4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 27.31% | -9.34% |
Volatility
GDX vs. SLV - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 12.73% compared to iShares Silver Trust (SLV) at 11.23%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 11.23% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 55.44% | -15.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 61.35% | -12.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 36.97% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 32.22% | +5.12% |
GDX vs. SLV - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
GDX vs. SLV - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.85%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDX and SLV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (12.73%) compared to SLV (11.23%). In terms of maximum drawdown, GDX dropped -80.34% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.33% vs 10.07% for GDX. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 11.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 10.33% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.85%, compared with 0.00% for SLV.
GDX is categorized as Gold, while SLV is Silver. GDX tracks NYSE MarketVector Global Gold Miners Index, while SLV tracks LBMA Silver Price. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (0.94 vs 0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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