GDX vs. SLV
Compare and contrast key facts about VanEck Gold Miners ETF (GDX) and iShares Silver Trust (SLV).
GDX and SLV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. SLV is a passively managed fund by iShares that tracks the performance of the LBMA Silver Price. It was launched on Apr 21, 2006. Both GDX and SLV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GDX vs. SLV - Performance Comparison
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GDX vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 7.00% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
SLV iShares Silver Trust | 5.77% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Returns By Period
In the year-to-date period, GDX achieves a 7.00% return, which is significantly higher than SLV's 5.77% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 17.53% annualized return and SLV not far behind at 16.87%.
GDX
- 1D
- 6.97%
- 1M
- -20.78%
- YTD
- 7.00%
- 6M
- 20.99%
- 1Y
- 101.08%
- 3Y*
- 43.23%
- 5Y*
- 23.96%
- 10Y*
- 17.53%
SLV
- 1D
- 7.27%
- 1M
- -19.83%
- YTD
- 5.77%
- 6M
- 60.82%
- 1Y
- 119.88%
- 3Y*
- 45.50%
- 5Y*
- 24.10%
- 10Y*
- 16.87%
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GDX vs. SLV - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than SLV's 0.50% expense ratio.
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.
| GDX | SLV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.21 | 2.11 | +0.10 |
Sortino ratioReturn per unit of downside risk | 2.45 | 2.20 | +0.25 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 3.34 | 2.82 | +0.51 |
Martin ratioReturn relative to average drawdown | 12.07 | 8.79 | +3.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDX | SLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 2.11 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.69 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.54 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.25 | -0.12 |
Correlation
The correlation between GDX and SLV is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
GDX vs. SLV - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.69%, while SLV has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.69% | 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% |
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 | -30.84% | -42.45% | +11.61% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -42.45% | -4.06% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -42.81% | -6.98% |
Current DrawdownCurrent decline from peak | -20.78% | -35.47% | +14.69% |
Average DrawdownAverage peak-to-trough decline | -40.61% | -44.76% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.52% | 13.63% | -5.11% |
Volatility
GDX vs. SLV - Volatility Comparison
VanEck Gold Miners ETF (GDX) and iShares Silver Trust (SLV) have volatilities of 18.51% and 18.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 18.51% | 18.91% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 38.19% | 57.27% | -19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.00% | 57.07% | -11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.73% | 35.28% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.44% | 31.36% | +6.08% |