GOEX vs. SIL

Last updated Jun 23, 2026

GOEX (Global X Gold Explorers ETF) and SIL (Global X Silver Miners ETF) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, while SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past 10 years, GOEX returned 12.52%/yr vs 9.25%/yr for SIL. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

GOEX vs. SIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) 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, GOEX achieves a -6.42% return, which is significantly lower than SIL's -0.54% return. Over the past 10 years, GOEX has outperformed SIL with an annualized return of 12.52%, while SIL has yielded a comparatively lower 9.25% annualized return.

GOEX

• 1D: -0.12%
• 1M: -2.47%
• YTD: -6.42%
• 6M: -11.26%
• 1Y: 67.83%
• 3Y*: 49.11%
• 5Y*: 20.81%
• 10Y*: 12.52%

SIL

• 1D: -0.79%
• 1M: -5.72%
• YTD: -0.54%
• 6M: -4.65%
• 1Y: 76.80%
• 3Y*: 50.15%
• 5Y*: 15.21%
• 10Y*: 9.25%

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

GOEX vs. SIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOEX Global X Gold Explorers ETF	-6.42%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%
SIL Global X Silver Miners ETF	-0.54%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%

Correlation

The correlation between GOEX and SIL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.89

The correlation between GOEX and SIL has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

GOEX vs. SIL - Sectors Allocation Comparison

Sectors	GOEX	SIL
Basic Materials	100.0%	99.8%
Industrials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GOEX vs. SIL — Risk / Return Rank

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

GOEX

GOEX Risk / Return Rank: 35
GOEX Sharpe Ratio Rank: 38
GOEX Sortino Ratio Rank: 34
GOEX Omega Ratio Rank: 37
GOEX Calmar Ratio Rank: 35
GOEX Martin Ratio Rank: 32

SIL

SIL Risk / Return Rank: 40
SIL Sharpe Ratio Rank: 43
SIL Sortino Ratio Rank: 37
SIL Omega Ratio Rank: 40
SIL Calmar Ratio Rank: 43
SIL Martin Ratio Rank: 36

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.

GOEX vs. SIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.

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.

	GOEX	SIL	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.48	-0.15
Sortino ratio: Return per unit of downside risk	1.76	1.88	-0.12
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	1.72	2.08	-0.36
Martin ratio: Return relative to average drawdown	4.61	5.34	-0.73

GOEX vs. SIL - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.33, which is comparable to the SIL Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of GOEX 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.

Drawdowns

GOEX vs. SIL - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than SIL's maximum drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for GOEX and SIL.

Drawdown Indicators

	GOEX	SIL	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-82.99%	-5.84%
Max Drawdown (1Y) Largest decline over 1 year	-39.64%	-37.08%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-39.64%	-37.08%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-49.83%	+2.67%
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	-63.04%	+9.38%
Current Drawdown Current decline from peak	-30.93%	-29.62%	-1.31%
Average Drawdown Average peak-to-trough decline	-63.48%	-51.38%	-12.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.77%	14.42%	+0.35%

Volatility

GOEX vs. SIL - Volatility Comparison

Global X Gold Explorers ETF (GOEX) and Global X Silver Miners ETF (SIL) have volatilities of 17.87% and 18.75%, 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

	GOEX	SIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	18.75%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	42.43%	44.09%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	51.38%	52.38%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.52%	39.76%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.19%	39.87%	+0.32%

GOEX vs. SIL - Expense Ratio Comparison

Both GOEX and SIL have an expense ratio of 0.65%.

Dividends

GOEX vs. SIL - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.22%, more than SIL's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOEX Global X Gold Explorers ETF	2.22%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%
SIL Global X Silver Miners ETF	1.19%	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 GOEX and SIL in my portfolio?

With a correlation of 0.94, GOEX 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, GOEX or SIL?

SIL has higher volatility (18.75%) compared to GOEX (17.87%). In terms of maximum drawdown, GOEX dropped -88.83% vs SIL's -82.99%.

Which ETF is better, GOEX or SIL?

On 10-year performance, GOEX leads with 12.52% vs 9.25% for SIL. Both ETFs have the same 0.65% expense ratio. On volatility, GOEX has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or SIL?

Over the 10-year period, GOEX has performed better with a 12.52% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or SIL?

GOEX and SIL have the same expense ratio: 0.65% per year.

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

GOEX has the higher dividend yield at 2.22%, compared with 1.19% for SIL.

What is the main difference between GOEX and SIL?

GOEX is categorized as Gold, while SIL is Silver. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while SIL tracks Solactive Global Silver Miners Total Return Index.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.48 vs 1.33), 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.