SIL vs. XAGUSD=X

Last updated Apr 2, 2026

Compare and contrast key facts about Global X Silver Miners ETF (SIL) and Silver Spot Price US Dollar (XAGUSD=X).

SIL is a passively managed fund by Global X that tracks the performance of the Solactive Global Silver Miners Total Return Index. It was launched on Apr 19, 2010.

Performance

SIL vs. XAGUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Silver Miners ETF (SIL) and Silver Spot Price US Dollar (XAGUSD=X). The values are adjusted to include any dividend payments, if applicable.

SIL vs. XAGUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIL Global X Silver Miners ETF	11.66%	166.16%	14.62%	1.31%	-22.83%	-18.35%	40.30%	34.78%	-22.42%	1.67%
XAGUSD=X Silver Spot Price US Dollar	1.68%	148.50%	21.59%	-0.79%	2.85%	-11.48%	47.14%	15.71%	-8.76%	6.61%

Returns By Period

In the year-to-date period, SIL achieves a 11.66% return, which is significantly higher than XAGUSD=X's 1.68% return. Over the past 10 years, SIL has underperformed XAGUSD=X with an annualized return of 15.05%, while XAGUSD=X has yielded a comparatively higher 17.11% annualized return.

SIL

• 1D: 3.53%
• 1M: -20.28%
• YTD: 11.66%
• 6M: 31.12%
• 1Y: 141.36%
• 3Y*: 46.82%
• 5Y*: 19.16%
• 10Y*: 15.05%

XAGUSD=X

• 1D: -2.72%
• 1M: -18.19%
• YTD: 1.68%
• 6M: 54.19%
• 1Y: 116.51%
• 3Y*: 44.69%
• 5Y*: 24.27%
• 10Y*: 17.11%

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

Return for Risk

SIL vs. XAGUSD=X — Risk / Return Rank

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

SIL

SIL Risk / Return Rank: 94
SIL Sharpe Ratio Rank: 97
SIL Sortino Ratio Rank: 93
SIL Omega Ratio Rank: 92
SIL Calmar Ratio Rank: 95
SIL Martin Ratio Rank: 94

XAGUSD=X

XAGUSD=X Risk / Return Rank: 90
XAGUSD=X Sharpe Ratio Rank: 94
XAGUSD=X Sortino Ratio Rank: 88
XAGUSD=X Omega Ratio Rank: 96
XAGUSD=X Calmar Ratio Rank: 88
XAGUSD=X Martin Ratio Rank: 86

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. XAGUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) and Silver Spot Price US Dollar (XAGUSD=X). 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	XAGUSD=X	Difference
Sharpe ratio Return per unit of total volatility	2.86	1.66	+1.19
Sortino ratio Return per unit of downside risk	2.86	1.92	+0.94
Omega ratio Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio Return relative to maximum drawdown	4.23	2.29	+1.94
Martin ratio Return relative to average drawdown	14.49	6.65	+7.83
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. XAGUSD=X - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 2.86, which is higher than the XAGUSD=X Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SIL and XAGUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SIL	XAGUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	1.66	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.64	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.52	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.27	-0.12

Correlation

The correlation between SIL and XAGUSD=X is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SIL vs. XAGUSD=X - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, which is greater than XAGUSD=X's maximum drawdown of -75.36%. Use the drawdown chart below to compare losses from any high point for SIL and XAGUSD=X.

Drawdown Indicators

	SIL	XAGUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-75.36%	-7.63%
Max Drawdown (1Y) Largest decline over 1 year	-32.91%	-44.14%	+11.23%
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	-44.14%	-11.49%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-44.14%	-18.90%
Current Drawdown Current decline from peak	-20.99%	-37.44%	+16.45%
Average Drawdown Average peak-to-trough decline	-51.78%	-44.41%	-7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.62%	15.22%	-5.60%

Volatility

SIL vs. XAGUSD=X - Volatility Comparison

Global X Silver Miners ETF (SIL) has a higher volatility of 18.02% compared to Silver Spot Price US Dollar (XAGUSD=X) at 17.12%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than XAGUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIL	XAGUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.02%	17.12%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	42.64%	56.72%	-14.08%
Volatility (1Y) Calculated over the trailing 1-year period	49.82%	52.10%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.63%	33.89%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.75%	30.60%	+9.15%