SIL vs. GLD

Last updated Jun 3, 2026

SIL (Global X Silver Miners ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SIL returned 11.26%/yr vs 13.23%/yr for GLD. A 0.72 correlation means they provide meaningful diversification when combined. SIL charges 0.65%/yr vs 0.40%/yr for GLD.

Performance

SIL vs. GLD - Performance Comparison

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

Returns By Period

In the year-to-date period, SIL achieves a 10.23% return, which is significantly higher than GLD's 3.95% return. Over the past 10 years, SIL has underperformed GLD with an annualized return of 11.26%, while GLD has yielded a comparatively higher 13.23% annualized return.

SIL

• 1D: 0.62%
• 1M: 3.82%
• YTD: 10.23%
• 6M: 20.67%
• 1Y: 102.71%
• 3Y*: 51.70%
• 5Y*: 15.57%
• 10Y*: 11.26%

GLD

• 1D: 0.17%
• 1M: -2.65%
• YTD: 3.95%
• 6M: 6.38%
• 1Y: 32.18%
• 3Y*: 31.53%
• 5Y*: 18.64%
• 10Y*: 13.23%

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

SIL vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIL Global X Silver Miners ETF	10.23%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%
GLD SPDR Gold Shares	3.95%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between SIL and GLD is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.72

The correlation between SIL and GLD has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

SIL vs. GLD - Sectors Allocation Comparison

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

Return for Risk

SIL vs. GLD — Risk / Return Rank

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

SIL

SIL Risk / Return Rank: 57
SIL Sharpe Ratio Rank: 61
SIL Sortino Ratio Rank: 47
SIL Omega Ratio Rank: 52
SIL Calmar Ratio Rank: 70
SIL Martin Ratio Rank: 53

GLD

GLD Risk / Return Rank: 34
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 30
GLD Omega Ratio Rank: 37
GLD Calmar Ratio Rank: 37
GLD Martin Ratio Rank: 31

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and SPDR Gold Shares (GLD). 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.

	SIL	GLD	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.22	+0.86
Sortino ratio Return per unit of downside risk	2.36	1.61	+0.75
Omega ratio Gain probability vs. loss probability	1.33	1.24	+0.08
Calmar ratio Return relative to maximum drawdown	3.53	1.86	+1.67
Martin ratio Return relative to average drawdown	9.13	4.66	+4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIL vs. GLD - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 2.08, which is higher than the GLD Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of SIL and GLD, 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

	SIL	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.22	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	1.04	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.83	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.60	-0.46

Drawdowns

SIL vs. GLD - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SIL and GLD.

Drawdown Indicators

	SIL	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-45.56%	-37.43%
Max Drawdown (1Y) Largest decline over 1 year	-32.91%	-19.21%	-13.70%
Max Drawdown (3Y) Largest decline over 3 years	-32.91%	-19.21%	-13.70%
Max Drawdown (5Y) Largest decline over 5 years	-55.08%	-21.03%	-34.05%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-22.00%	-41.04%
Current Drawdown Current decline from peak	-22.00%	-16.93%	-5.07%
Average Drawdown Average peak-to-trough decline	-51.46%	-16.16%	-35.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.71%	7.65%	+5.06%

Volatility

SIL vs. GLD - Volatility Comparison

Global X Silver Miners ETF (SIL) has a higher volatility of 16.97% compared to SPDR Gold Shares (GLD) at 5.78%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIL	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.97%	5.78%	+11.19%
Volatility (6M) Calculated over the trailing 6-month period	41.24%	23.14%	+18.10%
Volatility (1Y) Calculated over the trailing 1-year period	50.12%	26.71%	+23.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.19%	18.02%	+21.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.58%	15.95%	+23.63%

SIL vs. GLD - Expense Ratio Comparison

SIL has a 0.65% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

SIL vs. GLD - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.07%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIL Global X Silver Miners ETF	1.07%	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 GLD in my portfolio?

SIL and GLD have a correlation of 0.75, 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 GLD?

SIL has higher volatility (16.97%) compared to GLD (5.78%). In terms of maximum drawdown, SIL dropped -82.99% vs GLD's -45.56%.

Which ETF is better, SIL or GLD?

On 10-year performance, GLD leads with 13.23% vs 11.26% for SIL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIL or GLD?

Over the 10-year period, GLD has performed better with a 13.23% return vs 11.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIL or GLD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.65% for SIL.

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

SIL has the higher dividend yield at 1.07%, compared with 0.00% for GLD.

What is the main difference between SIL and GLD?

SIL is categorized as Silver, while GLD is Gold. SIL tracks Solactive Global Silver Miners Total Return Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Global X and State Street. Their fees differ too: 0.65% for SIL and 0.40% for GLD.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (2.08 vs 1.22), 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.