SIVR vs. GDX
SIVR (abrdn Physical Silver Shares ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SIVR returned 11.01%/yr vs 10.71%/yr for GDX. A 0.73 correlation means they provide meaningful diversification when combined. SIVR charges 0.30%/yr vs 0.51%/yr for GDX.
Performance
SIVR vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SIVR achieves a -17.37% return, which is significantly lower than GDX's -12.70% return. Both investments have delivered pretty close results over the past 10 years, with SIVR having a 11.01% annualized return and GDX not far behind at 10.71%.
SIVR
- 1D
- 1.93%
- 1M
- -13.25%
- 6M
- -32.30%
- YTD
- -17.37%
- 1Y
- 53.76%
- 3Y*
- 32.77%
- 5Y*
- 17.10%
- 10Y*
- 11.01%
GDX
- 1D
- 2.06%
- 1M
- -6.44%
- 6M
- -22.38%
- YTD
- -12.70%
- 1Y
- 43.80%
- 3Y*
- 34.38%
- 5Y*
- 18.07%
- 10Y*
- 10.71%
SIVR vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIVR abrdn Physical Silver Shares ETF | -17.37% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
GDX VanEck Gold Miners ETF | -12.70% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SIVR and GDX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2009 | 0.73 |
The correlation between SIVR and GDX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
SIVR vs. GDX — Risk / Return Rank
SIVR
GDX
SIVR vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) and VanEck Gold Miners ETF (GDX). 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.
| SIVR | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.18 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.20 | -0.14 |
| Martin ratioReturn relative to average drawdown | 2.18 | 2.74 | -0.57 |
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Drawdowns
SIVR vs. GDX - Drawdown Comparison
The maximum SIVR drawdown since its inception was -75.85%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SIVR and GDX.
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Drawdown Indicators
| SIVR | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.85% | -80.34% | +4.49% |
Max Drawdown (1Y)Largest decline over 1 year | -50.92% | -36.66% | -14.26% |
Max Drawdown (3Y)Largest decline over 3 years | -50.92% | -36.66% | -14.26% |
Max Drawdown (5Y)Largest decline over 5 years | -50.92% | -46.51% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -50.92% | -49.79% | -1.13% |
Current DrawdownCurrent decline from peak | -49.59% | -35.36% | -14.23% |
Average DrawdownAverage peak-to-trough decline | -47.83% | -40.38% | -7.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.77% | 16.01% | +8.76% |
Volatility
SIVR vs. GDX - Volatility Comparison
abrdn Physical Silver Shares ETF (SIVR) and VanEck Gold Miners ETF (GDX) have volatilities of 13.45% and 13.88%, 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.
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Volatility by Period
| SIVR | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.45% | 13.88% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 57.37% | 40.00% | +17.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.96% | 48.02% | +12.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 37.07% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.21% | 37.36% | -5.15% |
SIVR vs. GDX - Expense Ratio Comparison
SIVR has a 0.30% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
SIVR vs. GDX - Dividend Comparison
SIVR has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SIVR abrdn Physical Silver Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SIVR and GDX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (13.88%) compared to SIVR (13.45%). In terms of maximum drawdown, SIVR dropped -75.85% vs GDX's -80.34%.
On 10-year performance, SIVR leads with 11.01% vs 10.71% for GDX. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 13.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIVR has performed better with a 11.01% return vs 10.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.85%, compared with 0.00% for SIVR.
SIVR is categorized as Silver, while GDX is Gold. SIVR tracks LBMA Silver Price ($/ozt), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: abrdn and VanEck. Their fees differ too: 0.30% for SIVR and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.92 vs 0.89), 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.
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