SIL vs. GFI

Last updated Jun 13, 2026

SIL (Global X Silver Miners ETF) is Silver fund tracking the Solactive Global Silver Miners Total Return Index, while GFI (Gold Fields Limited) is a stock. Over the past 10 years, SIL returned 9.80%/yr vs 27.45%/yr for GFI. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

SIL vs. GFI - Performance Comparison

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

Returns By Period

In the year-to-date period, SIL achieves a -2.20% return, which is significantly higher than GFI's -13.96% return. Over the past 10 years, SIL has underperformed GFI with an annualized return of 9.80%, while GFI has yielded a comparatively higher 27.45% annualized return.

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%

GFI

• 1D: 1.67%
• 1M: -18.49%
• YTD: -13.96%
• 6M: -13.63%
• 1Y: 50.40%
• 3Y*: 39.19%
• 5Y*: 32.03%
• 10Y*: 27.45%

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

SIL vs. GFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GFI Gold Fields Limited	-13.96%	240.42%	-6.27%	44.90%	-2.61%	23.33%	43.02%	89.47%	-16.75%	45.29%

Correlation

The correlation between SIL and GFI is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010	0.72

The correlation between SIL and GFI shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SIL vs. GFI — Risk / Return Rank

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

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

GFI

GFI Risk / Return Rank: 67
GFI Sharpe Ratio Rank: 70
GFI Sortino Ratio Rank: 66
GFI Omega Ratio Rank: 66
GFI Calmar Ratio Rank: 66
GFI Martin Ratio Rank: 68

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.

SIL vs. GFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and Gold Fields Limited (GFI). 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.

	SIL	GFI	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.85	+0.53
Sortino ratio: Return per unit of downside risk	1.79	1.41	+0.38
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.06
Calmar ratio: Return relative to maximum drawdown	1.91	1.15	+0.76
Martin ratio: Return relative to average drawdown	5.09	3.06	+2.03

SIL vs. GFI - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 1.37, which is higher than the GFI Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SIL and GFI, 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

SIL vs. GFI - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, smaller than the maximum GFI drawdown of -88.05%. Use the drawdown chart below to compare losses from any high point for SIL and GFI.

Drawdown Indicators

	SIL	GFI	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-88.05%	+5.06%
Max Drawdown (1Y) Largest decline over 1 year	-37.08%	-43.90%	+6.82%
Max Drawdown (3Y) Largest decline over 3 years	-37.08%	-43.90%	+6.82%
Max Drawdown (5Y) Largest decline over 5 years	-54.29%	-56.22%	+1.93%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-63.09%	+0.05%
Current Drawdown Current decline from peak	-30.80%	-38.93%	+8.13%
Average Drawdown Average peak-to-trough decline	-51.40%	-44.25%	-7.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.90%	16.51%	-2.61%

Volatility

SIL vs. GFI - Volatility Comparison

Global X Silver Miners ETF (SIL) has a higher volatility of 19.29% compared to Gold Fields Limited (GFI) at 17.70%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than GFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIL	GFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.29%	17.70%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	43.57%	46.40%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	51.69%	59.94%	-8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	52.37%	-12.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.81%	54.90%	-15.09%

Dividends

SIL vs. GFI - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.21%, less than GFI's 5.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GFI Gold Fields Limited	5.04%	1.77%	2.94%	2.87%	3.40%	3.24%	1.72%	0.81%	1.61%	1.41%	1.35%	0.60%
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 SIL and GFI in my portfolio?

SIL and GFI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIL or GFI?

SIL has higher volatility (19.29%) compared to GFI (17.70%). In terms of maximum drawdown, SIL dropped -82.99% vs GFI's -88.05%.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.37 vs 0.85), 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.