SILV.L vs. GBSS.L
SILV.L (Global X Silver Miners UCITS ETF USD (Acc)) and GBSS.L (Gold Bullion Securities) are both exchange-traded funds - SILV.L is a Precious Metals fund tracking the Solactive Global Silver Miners Total Return v2 Index, while GBSS.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 3 years, SILV.L returned 37.77%/yr vs 26.05%/yr for GBSS.L. A 0.65 correlation means they provide meaningful diversification when combined. SILV.L charges 0.65%/yr vs 0.40%/yr for GBSS.L.
Performance
SILV.L vs. GBSS.L - Performance Comparison
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Different Trading Currencies
SILV.L is traded in USD, while GBSS.L is traded in GBp. To make them comparable, the GBSS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SILV.L achieves a -14.54% return, which is significantly lower than GBSS.L's -7.17% return.
SILV.L
- 1D
- -1.10%
- 1M
- -21.48%
- 6M
- -26.71%
- YTD
- -14.54%
- 1Y
- 52.36%
- 3Y*
- 37.77%
- 5Y*
- —
- 10Y*
- —
GBSS.L
- 1D
- -0.15%
- 1M
- -7.30%
- 6M
- -12.87%
- YTD
- -7.17%
- 1Y
- 19.57%
- 3Y*
- 26.05%
- 5Y*
- 16.79%
- 10Y*
- 11.22%
SILV.L vs. GBSS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SILV.L Global X Silver Miners UCITS ETF USD (Acc) | -14.54% | 172.49% | 11.77% | -0.99% | -4.08% |
GBSS.L Gold Bullion Securities | -7.17% | 64.69% | 25.69% | 12.61% | -3.49% |
Correlation
The correlation between SILV.L and GBSS.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | 0.65 |
The correlation between SILV.L and GBSS.L shifts across timeframes, from 0.65 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SILV.L vs. GBSS.L — Risk / Return Rank
SILV.L
GBSS.L
SILV.L vs. GBSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners UCITS ETF USD (Acc) (SILV.L) and Gold Bullion Securities (GBSS.L). 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.
| SILV.L | GBSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.15 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 0.79 | +0.53 |
| Martin ratioReturn relative to average drawdown | 2.94 | 1.88 | +1.06 |
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Drawdowns
SILV.L vs. GBSS.L - Drawdown Comparison
The maximum SILV.L drawdown since its inception was -39.57%, smaller than the maximum GBSS.L drawdown of -59.83%. Use the drawdown chart below to compare losses from any high point for SILV.L and GBSS.L.
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Drawdown Indicators
| SILV.L | GBSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.57% | -59.83% | +20.26% |
Max Drawdown (1Y)Largest decline over 1 year | -39.57% | -24.68% | -14.89% |
Max Drawdown (3Y)Largest decline over 3 years | -39.57% | -24.68% | -14.89% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.68% | — |
Current DrawdownCurrent decline from peak | -39.57% | -24.68% | -14.89% |
Average DrawdownAverage peak-to-trough decline | -14.14% | -26.69% | +12.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.76% | 10.37% | +7.39% |
Volatility
SILV.L vs. GBSS.L - Volatility Comparison
Global X Silver Miners UCITS ETF USD (Acc) (SILV.L) has a higher volatility of 14.68% compared to Gold Bullion Securities (GBSS.L) at 6.68%. This indicates that SILV.L's price experiences larger fluctuations and is considered to be riskier than GBSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SILV.L | GBSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.68% | 6.68% | +8.00% |
Volatility (6M)Calculated over the trailing 6-month period | 45.64% | 21.96% | +23.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.89% | 25.50% | +30.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.19% | 22.78% | +21.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.19% | 18.83% | +25.36% |
SILV.L vs. GBSS.L - Expense Ratio Comparison
SILV.L has a 0.65% expense ratio, which is higher than GBSS.L's 0.40% expense ratio.
Dividends
SILV.L vs. GBSS.L - Dividend Comparison
Neither SILV.L nor GBSS.L has paid dividends to shareholders.
Frequently Asked Questions
SILV.L and GBSS.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSS.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSS.L is cheaper with a 0.40% expense ratio, compared with 0.65% for SILV.L.
SILV.L is categorized as Precious Metals, while GBSS.L is Gold. SILV.L tracks Solactive Global Silver Miners Total Return v2 Index, while GBSS.L tracks Gold. They also come from different issuers: Global X and WisdomTree. Their fees differ too: 0.65% for SILV.L and 0.40% for GBSS.L.
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