GDXJ vs. SIL

Last updated Jun 6, 2026

GDXJ (VanEck Junior Gold Miners ETF) and SIL (Global X Silver Miners ETF) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past 10 years, GDXJ returned 11.93%/yr vs 9.56%/yr for SIL. Their correlation of 0.92 suggests significant overlap in exposure. GDXJ charges 0.52%/yr vs 0.65%/yr for SIL.

Performance

GDXJ vs. SIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Junior Gold Miners ETF (GDXJ) and Global X Silver Miners ETF (SIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXJ achieves a -11.59% return, which is significantly lower than SIL's -5.08% return. Over the past 10 years, GDXJ has outperformed SIL with an annualized return of 11.93%, while SIL has yielded a comparatively lower 9.56% annualized return.

GDXJ

• 1D: -10.11%
• 1M: -18.05%
• YTD: -11.59%
• 6M: -3.54%
• 1Y: 45.51%
• 3Y*: 40.69%
• 5Y*: 15.20%
• 10Y*: 11.93%

SIL

• 1D: -10.44%
• 1M: -16.27%
• YTD: -5.08%
• 6M: 5.34%
• 1Y: 64.31%
• 3Y*: 44.00%
• 5Y*: 11.74%
• 10Y*: 9.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDXJ vs. SIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXJ VanEck Junior Gold Miners ETF	-11.59%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%
SIL Global X Silver Miners ETF	-5.08%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%

Correlation

The correlation between GDXJ and SIL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.92

The correlation between GDXJ and SIL has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

GDXJ vs. SIL - Sectors Allocation Comparison

Sectors	GDXJ	SIL
Basic Materials	100.0%	99.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXJ vs. SIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDXJ

GDXJ Risk / Return Rank: 26
GDXJ Sharpe Ratio Rank: 26
GDXJ Sortino Ratio Rank: 25
GDXJ Omega Ratio Rank: 28
GDXJ Calmar Ratio Rank: 27
GDXJ Martin Ratio Rank: 25

SIL

SIL Risk / Return Rank: 36
SIL Sharpe Ratio Rank: 36
SIL Sortino Ratio Rank: 32
SIL Omega Ratio Rank: 36
SIL Calmar Ratio Rank: 41
SIL Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDXJ vs. SIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) and Global X Silver Miners ETF (SIL). 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.

	GDXJ	SIL	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.27	-0.37
Sortino ratio: Return per unit of downside risk	1.35	1.69	-0.34
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	1.28	1.96	-0.68
Martin ratio: Return relative to average drawdown	3.38	4.93	-1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXJ vs. SIL - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 0.90, which is comparable to the SIL Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of GDXJ and SIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDXJ	SIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	1.27	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.30	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.24	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.12	-0.07

Drawdowns

GDXJ vs. SIL - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, which is greater than SIL's maximum drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for GDXJ and SIL.

Drawdown Indicators

	GDXJ	SIL	Difference
Max Drawdown Largest peak-to-trough decline	-88.66%	-82.99%	-5.67%
Max Drawdown (1Y) Largest decline over 1 year	-35.60%	-32.91%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	-35.60%	-32.91%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-50.99%	-55.08%	+4.09%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	-63.04%	+5.27%
Current Drawdown Current decline from peak	-35.60%	-32.83%	-2.77%
Average Drawdown Average peak-to-trough decline	-60.49%	-51.44%	-9.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.49%	13.08%	+0.41%

Volatility

GDXJ vs. SIL - Volatility Comparison

VanEck Junior Gold Miners ETF (GDXJ) and Global X Silver Miners ETF (SIL) have volatilities of 17.56% and 18.34%, 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.

Volatility by Period

	GDXJ	SIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.56%	18.34%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	42.70%	43.02%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	50.84%	51.15%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.33%	39.48%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.16%	39.74%	+4.42%

GDXJ vs. SIL - Expense Ratio Comparison

GDXJ has a 0.52% expense ratio, which is lower than SIL's 0.65% expense ratio.

Dividends

GDXJ vs. SIL - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.63%, more than SIL's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.63%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
SIL Global X Silver Miners ETF	1.25%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%

Frequently Asked Questions

Can I hold both GDXJ and SIL in my portfolio?

With a correlation of 0.96, GDXJ and SIL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDXJ or SIL?

SIL has higher volatility (18.34%) compared to GDXJ (17.56%). In terms of maximum drawdown, GDXJ dropped -88.66% vs SIL's -82.99%.

Which ETF is better, GDXJ or SIL?

On 10-year performance, GDXJ leads with 11.93% vs 9.56% for SIL. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 17.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXJ or SIL?

Over the 10-year period, GDXJ has performed better with a 11.93% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXJ or SIL?

GDXJ is cheaper with a 0.52% expense ratio, compared with 0.65% for SIL.

Which ETF pays a higher dividend yield, GDXJ or SIL?

GDXJ has the higher dividend yield at 2.63%, compared with 1.25% for SIL.

What is the main difference between GDXJ and SIL?

GDXJ is categorized as Gold, while SIL is Silver. GDXJ tracks MVIS Global Junior Gold Miners Index, while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.52% for GDXJ and 0.65% for SIL.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.27 vs 0.90), 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.