SLV vs. GDX
Compare and contrast key facts about iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX).
SLV and GDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SLV is a passively managed fund by iShares that tracks the performance of the LBMA Silver Price. It was launched on Apr 21, 2006. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both SLV and GDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SLV vs. GDX - Performance Comparison
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SLV vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 5.77% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
GDX VanEck Gold Miners ETF | 7.00% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Returns By Period
In the year-to-date period, SLV achieves a 5.77% return, which is significantly lower than GDX's 7.00% return. Both investments have delivered pretty close results over the past 10 years, with SLV having a 16.87% annualized return and GDX not far ahead at 17.53%.
SLV
- 1D
- 7.27%
- 1M
- -19.83%
- YTD
- 5.77%
- 6M
- 60.82%
- 1Y
- 119.88%
- 3Y*
- 45.50%
- 5Y*
- 24.10%
- 10Y*
- 16.87%
GDX
- 1D
- 6.97%
- 1M
- -20.78%
- YTD
- 7.00%
- 6M
- 20.99%
- 1Y
- 101.08%
- 3Y*
- 43.23%
- 5Y*
- 23.96%
- 10Y*
- 17.53%
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SLV vs. GDX - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is lower than GDX's 0.51% expense ratio.
Return for Risk
SLV vs. GDX — Risk / Return Rank
SLV
GDX
SLV vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.
| SLV | GDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.11 | 2.21 | -0.10 |
Sortino ratioReturn per unit of downside risk | 2.20 | 2.45 | -0.25 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.36 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.82 | 3.34 | -0.51 |
Martin ratioReturn relative to average drawdown | 8.79 | 12.07 | -3.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SLV | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 2.21 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.67 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.47 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.14 | +0.12 |
Correlation
The correlation between SLV and GDX 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.
Dividends
SLV vs. GDX - Dividend Comparison
SLV has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.69%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.69% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Drawdowns
SLV vs. GDX - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SLV and GDX.
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Drawdown Indicators
| SLV | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -80.34% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -42.45% | -30.84% | -11.61% |
Max Drawdown (5Y)Largest decline over 5 years | -42.45% | -46.51% | +4.06% |
Max Drawdown (10Y)Largest decline over 10 years | -42.81% | -49.79% | +6.98% |
Current DrawdownCurrent decline from peak | -35.47% | -20.78% | -14.69% |
Average DrawdownAverage peak-to-trough decline | -44.76% | -40.61% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.63% | 8.52% | +5.11% |
Volatility
SLV vs. GDX - Volatility Comparison
iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX) have volatilities of 18.91% and 18.51%, 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
| SLV | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.91% | 18.51% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 57.27% | 38.19% | +19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.07% | 46.00% | +11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.28% | 35.73% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.36% | 37.44% | -6.08% |