SILV.L vs. SPGP.L
SILV.L (Global X Silver Miners UCITS ETF USD (Acc)) and SPGP.L (iShares Gold Producers 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 SPGP.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 31.96%/yr for SPGP.L. Their correlation of 0.86 suggests significant overlap in exposure. SILV.L charges 0.65%/yr vs 0.55%/yr for SPGP.L.
Performance
SILV.L vs. SPGP.L - Performance Comparison
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Different Trading Currencies
SILV.L is traded in USD, while SPGP.L is traded in GBp. To make them comparable, the SPGP.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 SPGP.L's -16.25% return.
SILV.L
- 1D
- -1.10%
- 1M
- -21.48%
- 6M
- -26.71%
- YTD
- -14.54%
- 1Y
- 52.36%
- 3Y*
- 37.77%
- 5Y*
- —
- 10Y*
- —
SPGP.L
- 1D
- -1.36%
- 1M
- -19.53%
- 6M
- -25.22%
- YTD
- -16.25%
- 1Y
- 41.15%
- 3Y*
- 31.96%
- 5Y*
- 17.06%
- 10Y*
- 10.35%
SILV.L vs. SPGP.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% |
SPGP.L iShares Gold Producers UCITS ETF | -16.25% | 155.33% | 10.93% | 9.19% | -13.00% |
Correlation
The correlation between SILV.L and SPGP.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | 0.86 |
The correlation between SILV.L and SPGP.L has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
SILV.L vs. SPGP.L — Risk / Return Rank
SILV.L
SPGP.L
SILV.L vs. SPGP.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 iShares Gold Producers UCITS ETF (SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.10 | +0.22 |
| Martin ratioReturn relative to average drawdown | 2.94 | 2.60 | +0.34 |
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Drawdowns
SILV.L vs. SPGP.L - Drawdown Comparison
The maximum SILV.L drawdown since its inception was -39.57%, smaller than the maximum SPGP.L drawdown of -86.87%. Use the drawdown chart below to compare losses from any high point for SILV.L and SPGP.L.
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Drawdown Indicators
| SILV.L | SPGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.57% | -86.87% | +47.30% |
Max Drawdown (1Y)Largest decline over 1 year | -39.57% | -37.40% | -2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -39.57% | -37.40% | -2.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.86% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.86% | — |
Current DrawdownCurrent decline from peak | -39.57% | -37.40% | -2.17% |
Average DrawdownAverage peak-to-trough decline | -14.14% | -64.84% | +50.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.76% | 15.78% | +1.98% |
Volatility
SILV.L vs. SPGP.L - Volatility Comparison
Global X Silver Miners UCITS ETF USD (Acc) (SILV.L) has a higher volatility of 14.68% compared to iShares Gold Producers UCITS ETF (SPGP.L) at 12.86%. This indicates that SILV.L's price experiences larger fluctuations and is considered to be riskier than SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.68% | 12.86% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 45.64% | 36.60% | +9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.89% | 45.43% | +10.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.19% | 38.11% | +6.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.19% | 35.80% | +8.39% |
SILV.L vs. SPGP.L - Expense Ratio Comparison
SILV.L has a 0.65% expense ratio, which is higher than SPGP.L's 0.55% expense ratio.
Dividends
SILV.L vs. SPGP.L - Dividend Comparison
Neither SILV.L nor SPGP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, SILV.L and SPGP.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.
On fees, SPGP.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPGP.L is cheaper with a 0.55% expense ratio, compared with 0.65% for SILV.L.
SILV.L is categorized as Precious Metals, while SPGP.L is Gold. SILV.L tracks Solactive Global Silver Miners Total Return v2 Index, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for SILV.L and 0.55% for SPGP.L.
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