SILV.L vs. GOLB.L

Last updated Jul 18, 2026

SILV.L (Global X Silver Miners UCITS ETF USD (Acc)) and GOLB.L (Market Access NYSE Arca Gold Bugs UCITS ETF) are both exchange-traded funds - SILV.L is a Precious Metals fund tracking the Solactive Global Silver Miners Total Return v2 Index, while GOLB.L is a Gold fund tracking the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 3 years, SILV.L returned 37.77%/yr vs 33.18%/yr for GOLB.L. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

SILV.L vs. GOLB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Silver Miners UCITS ETF USD (Acc) (SILV.L) and Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SILV.L is traded in USD, while GOLB.L is traded in GBP. To make them comparable, the GOLB.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 higher than GOLB.L's -15.35% return.

SILV.L

• 1D: -1.10%
• 1M: -21.48%
• 6M: -26.71%
• YTD: -14.54%
• 1Y: 52.36%
• 3Y*: 37.77%
• 5Y*: —
• 10Y*: —

GOLB.L

• 1D: -0.73%
• 1M: -21.52%
• 6M: -25.79%
• YTD: -15.35%
• 1Y: 41.80%
• 3Y*: 33.18%
• 5Y*: 17.69%
• 10Y*: —

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

SILV.L vs. GOLB.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%
GOLB.L Market Access NYSE Arca Gold Bugs UCITS ETF	-15.35%	156.43%	12.16%	5.63%	-15.41%

Correlation

The correlation between SILV.L and GOLB.L is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 9, 2022	0.87

The correlation between SILV.L and GOLB.L has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

Return for Risk

SILV.L vs. GOLB.L — Risk / Return Rank

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

SILV.L

SILV.L Risk / Return Rank: 33
SILV.L Sharpe Ratio Rank: 34
SILV.L Sortino Ratio Rank: 35
SILV.L Omega Ratio Rank: 34
SILV.L Calmar Ratio Rank: 34
SILV.L Martin Ratio Rank: 28

GOLB.L

GOLB.L Risk / Return Rank: 29
GOLB.L Sharpe Ratio Rank: 31
GOLB.L Sortino Ratio Rank: 32
GOLB.L Omega Ratio Rank: 31
GOLB.L Calmar Ratio Rank: 28
GOLB.L Martin Ratio Rank: 26

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.

SILV.L vs. GOLB.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 Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.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	GOLB.L	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.88	+0.05
Sortino ratio: Return per unit of downside risk	1.49	1.38	+0.10
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.32	1.07	+0.25
Martin ratio: Return relative to average drawdown	2.94	2.59	+0.35

SILV.L vs. GOLB.L - Sharpe Ratio Comparison

The current SILV.L Sharpe Ratio is 0.93, which is comparable to the GOLB.L Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of SILV.L and GOLB.L, 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

SILV.L vs. GOLB.L - Drawdown Comparison

The maximum SILV.L drawdown since its inception was -39.57%, smaller than the maximum GOLB.L drawdown of -52.09%. Use the drawdown chart below to compare losses from any high point for SILV.L and GOLB.L.

Drawdown Indicators

	SILV.L	GOLB.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.57%	-52.09%	+12.52%
Max Drawdown (1Y) Largest decline over 1 year	-39.57%	-39.00%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-39.57%	-39.00%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.56%	—
Current Drawdown Current decline from peak	-39.57%	-39.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-14.14%	-22.51%	+8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.76%	16.12%	+1.64%

Volatility

SILV.L vs. GOLB.L - Volatility Comparison

Global X Silver Miners UCITS ETF USD (Acc) (SILV.L) has a higher volatility of 14.68% compared to Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.L) at 13.39%. This indicates that SILV.L's price experiences larger fluctuations and is considered to be riskier than GOLB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SILV.L	GOLB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	13.39%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	45.64%	37.88%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	55.89%	47.11%	+8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.19%	37.40%	+6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.19%	45.46%	-1.27%

SILV.L vs. GOLB.L - Expense Ratio Comparison

Both SILV.L and GOLB.L have an expense ratio of 0.65%.

Dividends

SILV.L vs. GOLB.L - Dividend Comparison

Neither SILV.L nor GOLB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SILV.L and GOLB.L in my portfolio?

With a correlation of 0.95, SILV.L and GOLB.L 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 ETF is better, SILV.L or GOLB.L?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SILV.L or GOLB.L?

SILV.L and GOLB.L have the same expense ratio: 0.65% per year.

What is the main difference between SILV.L and GOLB.L?

SILV.L is categorized as Precious Metals, while GOLB.L is Gold. SILV.L tracks Solactive Global Silver Miners Total Return v2 Index, while GOLB.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: Global X and China Post Global.