SIL vs. SLVP

Last updated Jun 23, 2026

SIL (Global X Silver Miners ETF) and SLVP (iShares MSCI Global Silver and Metals Miners ETF) are both Silver funds - SIL tracks the Solactive Global Silver Miners Total Return Index while SLVP tracks the MSCI ACWI Select Silver Miners Investable Market Index. Both are passively managed. Over the past 10 years, SIL returned 9.25%/yr vs 12.10%/yr for SLVP. Their correlation of 0.92 suggests significant overlap in exposure. SIL charges 0.65%/yr vs 0.39%/yr for SLVP.

Performance

SIL vs. SLVP - Performance Comparison

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

Returns By Period

In the year-to-date period, SIL achieves a -0.54% return, which is significantly higher than SLVP's -4.09% return. Over the past 10 years, SIL has underperformed SLVP with an annualized return of 9.25%, while SLVP has yielded a comparatively higher 12.10% annualized return.

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%

SLVP

• 1D: -0.97%
• 1M: -5.98%
• YTD: -4.09%
• 6M: -7.77%
• 1Y: 89.99%
• 3Y*: 53.03%
• 5Y*: 17.18%
• 10Y*: 12.10%

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

SIL vs. SLVP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SLVP iShares MSCI Global Silver and Metals Miners ETF	-4.09%	202.84%	14.47%	-2.31%	-18.06%	-23.53%	56.45%	37.71%	-22.10%	4.53%

Correlation

The correlation between SIL and SLVP is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.92

The correlation between SIL and SLVP has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

SIL vs. SLVP - Sectors Allocation Comparison

Sectors	SIL	SLVP
Basic Materials	99.8%	99.7%
Consumer Defensive	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SIL vs. SLVP — Risk / Return Rank

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

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

SLVP

SLVP Risk / Return Rank: 44
SLVP Sharpe Ratio Rank: 49
SLVP Sortino Ratio Rank: 41
SLVP Omega Ratio Rank: 43
SLVP Calmar Ratio Rank: 49
SLVP Martin Ratio Rank: 40

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. SLVP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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	SLVP	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.64	-0.17
Sortino ratio: Return per unit of downside risk	1.88	2.03	-0.15
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	2.08	2.38	-0.30
Martin ratio: Return relative to average drawdown	5.34	6.08	-0.74

SIL vs. SLVP - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 1.48, which is comparable to the SLVP Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SIL and SLVP, 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. SLVP - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, roughly equal to the maximum SLVP drawdown of -80.47%. Use the drawdown chart below to compare losses from any high point for SIL and SLVP.

Drawdown Indicators

	SIL	SLVP	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-80.47%	-2.52%
Max Drawdown (1Y) Largest decline over 1 year	-37.08%	-38.06%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-37.08%	-38.06%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-49.83%	-48.41%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-62.03%	-1.01%
Current Drawdown Current decline from peak	-29.62%	-30.82%	+1.20%
Average Drawdown Average peak-to-trough decline	-51.38%	-46.75%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.42%	14.84%	-0.42%

Volatility

SIL vs. SLVP - Volatility Comparison

Global X Silver Miners ETF (SIL) and iShares MSCI Global Silver and Metals Miners ETF (SLVP) have volatilities of 18.75% and 18.72%, 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

	SIL	SLVP	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.75%	18.72%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	44.09%	45.60%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	55.19%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.76%	43.23%	-3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.87%	42.52%	-2.65%

SIL vs. SLVP - Expense Ratio Comparison

SIL has a 0.65% expense ratio, which is higher than SLVP's 0.39% expense ratio.

Dividends

SIL vs. SLVP - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.19%, less than SLVP's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.15%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%

Frequently Asked Questions

Can I hold both SIL and SLVP in my portfolio?

With a correlation of 0.98, SIL and SLVP 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 SLVP?

SIL has higher volatility (18.75%) compared to SLVP (18.72%). In terms of maximum drawdown, SIL dropped -82.99% vs SLVP's -80.47%.

Which ETF is better, SIL or SLVP?

On 10-year performance, SLVP leads with 12.10% vs 9.25% for SIL. On fees, SLVP is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIL or SLVP?

Over the 10-year period, SLVP has performed better with a 12.10% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIL or SLVP?

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

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

SLVP has the higher dividend yield at 2.15%, compared with 1.19% for SIL.

What is the main difference between SIL and SLVP?

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

Which has better risk-adjusted returns?

SLVP currently has the higher Sharpe Ratio (1.64 vs 1.48), 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.