SIL vs. GOEX

Last updated Jun 4, 2026

SIL (Global X Silver Miners ETF) and GOEX (Global X Gold Explorers ETF) are both exchange-traded funds - SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index, while GOEX is a Materials fund tracking the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 10 years, SIL returned 10.69%/yr vs 13.99%/yr for GOEX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

SIL vs. GOEX - Performance Comparison

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

Returns By Period

In the year-to-date period, SIL achieves a 4.75% return, which is significantly higher than GOEX's -5.02% return. Over the past 10 years, SIL has underperformed GOEX with an annualized return of 10.69%, while GOEX has yielded a comparatively higher 13.99% annualized return.

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%

GOEX

• 1D: -4.11%
• 1M: -3.45%
• YTD: -5.02%
• 6M: 2.89%
• 1Y: 64.25%
• 3Y*: 46.31%
• 5Y*: 18.83%
• 10Y*: 13.99%

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

SIL vs. GOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GOEX Global X Gold Explorers ETF	-5.02%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%

Correlation

The correlation between SIL and GOEX is 0.93, 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	0.93
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 5, 2010	0.88

The correlation between SIL and GOEX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

SIL vs. GOEX - Sectors Allocation Comparison

Sectors	SIL	GOEX
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. GOEX — Risk / Return Rank

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

SIL

SIL Risk / Return Rank: 48
SIL Sharpe Ratio Rank: 52
SIL Sortino Ratio Rank: 43
SIL Omega Ratio Rank: 46
SIL Calmar Ratio Rank: 55
SIL Martin Ratio Rank: 43

GOEX

GOEX Risk / Return Rank: 35
GOEX Sharpe Ratio Rank: 36
GOEX Sortino Ratio Rank: 32
GOEX Omega Ratio Rank: 35
GOEX Calmar Ratio Rank: 39
GOEX Martin Ratio Rank: 32

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. GOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and Global X Gold Explorers ETF (GOEX). 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	GOEX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.31	+0.52
Sortino ratio: Return per unit of downside risk	2.17	1.74	+0.43
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.79	1.97	+0.82
Martin ratio: Return relative to average drawdown	7.14	4.94	+2.20
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. GOEX - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 1.83, which is higher than the GOEX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of SIL and GOEX, 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	GOEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.31	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.49	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.35	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.02	+0.12

Drawdowns

SIL vs. GOEX - Drawdown Comparison

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

Drawdown Indicators

	SIL	GOEX	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-88.83%	+5.84%
Max Drawdown (1Y) Largest decline over 1 year	-32.91%	-32.78%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-32.91%	-32.78%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-55.08%	-47.16%	-7.92%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-53.66%	-9.38%
Current Drawdown Current decline from peak	-25.87%	-29.90%	+4.03%
Average Drawdown Average peak-to-trough decline	-51.45%	-63.59%	+12.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.82%	13.04%	-0.22%

Volatility

SIL vs. GOEX - Volatility Comparison

Global X Silver Miners ETF (SIL) has a higher volatility of 17.66% compared to Global X Gold Explorers ETF (GOEX) at 14.62%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIL	GOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.66%	14.62%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	41.57%	39.87%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	50.01%	49.13%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.21%	39.00%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.60%	39.97%	-0.37%

SIL vs. GOEX - Expense Ratio Comparison

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

Dividends

SIL vs. GOEX - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.13%, less than GOEX's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOEX Global X Gold Explorers ETF	2.19%	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	1.13%	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

Can I hold both SIL and GOEX in my portfolio?

With a correlation of 0.93, SIL and GOEX 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, SIL or GOEX?

SIL has higher volatility (17.66%) compared to GOEX (14.62%). In terms of maximum drawdown, SIL dropped -82.99% vs GOEX's -88.83%.

Which ETF is better, SIL or GOEX?

On 10-year performance, GOEX leads with 13.99% vs 10.69% for SIL. Both ETFs have the same 0.65% expense ratio. On volatility, GOEX has been the lower-risk option at 14.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIL or GOEX?

Over the 10-year period, GOEX has performed better with a 13.99% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIL or GOEX?

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

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

GOEX has the higher dividend yield at 2.19%, compared with 1.13% for SIL.

What is the main difference between SIL and GOEX?

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

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.83 vs 1.31), 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.