GLDI vs. SIL
GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) and SIL (Global X Silver Miners ETF) are both exchange-traded funds - GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 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, GLDI returned 8.99%/yr vs 10.69%/yr for SIL. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.
Performance
GLDI vs. SIL - Performance Comparison
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Returns By Period
In the year-to-date period, GLDI achieves a 2.06% return, which is significantly lower than SIL's 4.75% return. Over the past 10 years, GLDI has underperformed SIL with an annualized return of 8.99%, while SIL has yielded a comparatively higher 10.69% annualized return.
GLDI
- 1D
- -0.81%
- 1M
- 0.90%
- YTD
- 2.06%
- 6M
- 4.42%
- 1Y
- 21.23%
- 3Y*
- 19.54%
- 5Y*
- 11.15%
- 10Y*
- 8.99%
SIL
- 1D
- -4.96%
- 1M
- 0.68%
- YTD
- 4.75%
- 6M
- 15.66%
- 1Y
- 91.23%
- 3Y*
- 49.15%
- 5Y*
- 13.96%
- 10Y*
- 10.69%
GLDI vs. SIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 2.06% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
SIL Global X Silver Miners ETF | 4.75% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
Correlation
The correlation between GLDI and SIL is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2013 | 0.65 |
The correlation between GLDI and SIL has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
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Return for Risk
GLDI vs. SIL — Risk / Return Rank
GLDI
SIL
GLDI vs. SIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) 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.
| GLDI | SIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.30 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.79 | -1.23 |
| Martin ratioReturn relative to average drawdown | 6.07 | 7.14 | -1.07 |
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
| GLDI | SIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.83 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.36 | +0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.27 | +0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.14 | +0.23 |
Drawdowns
GLDI vs. SIL - Drawdown Comparison
The maximum GLDI drawdown since its inception was -32.26%, smaller than the maximum SIL drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for GLDI and SIL.
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Drawdown Indicators
| GLDI | SIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.26% | -82.99% | +50.73% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -32.91% | +19.18% |
Max Drawdown (3Y)Largest decline over 3 years | -13.73% | -32.91% | +19.18% |
Max Drawdown (5Y)Largest decline over 5 years | -14.07% | -55.08% | +41.01% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | -63.04% | +48.10% |
Current DrawdownCurrent decline from peak | -7.37% | -25.87% | +18.50% |
Average DrawdownAverage peak-to-trough decline | -14.00% | -51.45% | +37.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 12.82% | -9.32% |
Volatility
GLDI vs. SIL - Volatility Comparison
The current volatility for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) is 3.88%, while Global X Silver Miners ETF (SIL) has a volatility of 17.66%. This indicates that GLDI experiences smaller price fluctuations and is considered to be less risky than SIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDI | SIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 17.66% | -13.78% |
Volatility (6M)Calculated over the trailing 6-month period | 12.87% | 41.57% | -28.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.57% | 50.01% | -35.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 39.21% | -27.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 39.60% | -28.25% |
GLDI vs. SIL - Expense Ratio Comparison
Both GLDI and SIL have an expense ratio of 0.65%.
Dividends
GLDI vs. SIL - Dividend Comparison
GLDI's dividend yield for the trailing twelve months is around 22.37%, more than SIL's 1.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 22.37% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
SIL Global X Silver Miners ETF | 1.13% | 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
GLDI and SIL have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIL has higher volatility (17.66%) compared to GLDI (3.88%). In terms of maximum drawdown, GLDI dropped -32.26% vs SIL's -82.99%.
On 10-year performance, SIL leads with 10.69% vs 8.99% for GLDI. Both ETFs have the same 0.65% expense ratio. On volatility, GLDI has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIL has performed better with a 10.69% return vs 8.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI and SIL have the same expense ratio: 0.65% per year.
GLDI has the higher dividend yield at 22.37%, compared with 1.13% for SIL.
GLDI is categorized as Precious Metals, while SIL is Silver. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: Credit Suisse and Global X.
SIL currently has the higher Sharpe Ratio (1.83 vs 1.46), 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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