RING vs. SIL

Last updated Jun 13, 2026

RING (iShares MSCI Global Gold Miners ETF) and SIL (Global X Silver Miners ETF) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market 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, RING returned 13.85%/yr vs 9.80%/yr for SIL. Their correlation of 0.90 suggests significant overlap in exposure. RING charges 0.39%/yr vs 0.65%/yr for SIL.

Performance

RING vs. SIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Gold Miners ETF (RING) 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, RING achieves a -5.54% return, which is significantly lower than SIL's -2.20% return. Over the past 10 years, RING has outperformed SIL with an annualized return of 13.85%, while SIL has yielded a comparatively lower 9.80% annualized return.

RING

• 1D: 3.20%
• 1M: -16.79%
• YTD: -5.54%
• 6M: -4.18%
• 1Y: 56.55%
• 3Y*: 44.87%
• 5Y*: 18.76%
• 10Y*: 13.85%

SIL

• 1D: 3.27%
• 1M: -20.41%
• YTD: -2.20%
• 6M: 0.10%
• 1Y: 70.58%
• 3Y*: 46.50%
• 5Y*: 12.56%
• 10Y*: 9.80%

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

RING vs. SIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RING iShares MSCI Global Gold Miners ETF	-5.54%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-13.14%	10.24%
SIL Global X Silver Miners ETF	-2.20%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%

Correlation

The correlation between RING 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.90

The correlation between RING and SIL has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

RING vs. SIL - Sectors Allocation Comparison

Sectors	RING	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

RING vs. SIL — Risk / Return Rank

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

RING

RING Risk / Return Rank: 36
RING Sharpe Ratio Rank: 38
RING Sortino Ratio Rank: 34
RING Omega Ratio Rank: 39
RING Calmar Ratio Rank: 36
RING Martin Ratio Rank: 33

SIL

SIL Risk / Return Rank: 41
SIL Sharpe Ratio Rank: 44
SIL Sortino Ratio Rank: 39
SIL Omega Ratio Rank: 43
SIL Calmar Ratio Rank: 44
SIL Martin Ratio Rank: 37

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.

RING vs. SIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) 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.

	RING	SIL	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.37	-0.17
Sortino ratio: Return per unit of downside risk	1.62	1.79	-0.17
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.59	1.91	-0.32
Martin ratio: Return relative to average drawdown	4.45	5.09	-0.64

RING vs. SIL - Sharpe Ratio Comparison

The current RING Sharpe Ratio is 1.20, which is comparable to the SIL Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of RING 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

RING vs. SIL - Drawdown Comparison

The maximum RING drawdown since its inception was -79.47%, roughly equal to the maximum SIL drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for RING and SIL.

Drawdown Indicators

	RING	SIL	Difference
Max Drawdown Largest peak-to-trough decline	-79.47%	-82.99%	+3.52%
Max Drawdown (1Y) Largest decline over 1 year	-35.72%	-37.08%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-35.72%	-37.08%	+1.36%
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	-54.29%	+6.35%
Max Drawdown (10Y) Largest decline over 10 years	-52.04%	-63.04%	+11.00%
Current Drawdown Current decline from peak	-30.03%	-30.80%	+0.77%
Average Drawdown Average peak-to-trough decline	-47.36%	-51.40%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.74%	13.90%	-1.16%

Volatility

RING vs. SIL - Volatility Comparison

The current volatility for iShares MSCI Global Gold Miners ETF (RING) is 16.83%, while Global X Silver Miners ETF (SIL) has a volatility of 19.29%. This indicates that RING 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.

Volatility by Period

	RING	SIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.83%	19.29%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	39.11%	43.57%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	47.31%	51.69%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.81%	39.64%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.70%	39.81%	-3.11%

RING vs. SIL - Expense Ratio Comparison

RING has a 0.39% expense ratio, which is lower than SIL's 0.65% expense ratio.

Dividends

RING vs. SIL - Dividend Comparison

RING's dividend yield for the trailing twelve months is around 0.89%, less than SIL's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RING iShares MSCI Global Gold Miners ETF	0.89%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%
SIL Global X Silver Miners ETF	1.21%	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 RING and SIL in my portfolio?

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

SIL has higher volatility (19.29%) compared to RING (16.83%). In terms of maximum drawdown, RING dropped -79.47% vs SIL's -82.99%.

Which ETF is better, RING or SIL?

On 10-year performance, RING leads with 13.85% vs 9.80% for SIL. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 16.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RING or SIL?

Over the 10-year period, RING has performed better with a 13.85% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RING or SIL?

RING is cheaper with a 0.39% expense ratio, compared with 0.65% for SIL.

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

SIL has the higher dividend yield at 1.21%, compared with 0.89% for RING.

What is the main difference between RING and SIL?

RING is categorized as Gold, while SIL is Silver. RING tracks MSCI ACWI Select Gold Miners Investable Market Index, while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.39% for RING and 0.65% for SIL.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.37 vs 1.20), 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.