SLVP vs. GDX
SLVP (iShares MSCI Global Silver and Metals Miners ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SLVP returned 12.10%/yr vs 12.89%/yr for GDX. Their correlation of 0.87 suggests significant overlap in exposure. SLVP charges 0.39%/yr vs 0.51%/yr for GDX.
Performance
SLVP vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SLVP achieves a -4.09% return, which is significantly higher than GDX's -5.05% return. Over the past 10 years, SLVP has underperformed GDX with an annualized return of 12.10%, while GDX has yielded a comparatively higher 12.89% annualized return.
SLVP
- 1D
- -0.97%
- 1M
- -5.98%
- YTD
- -4.09%
- 6M
- -7.77%
- 1Y
- 89.99%
- 3Y*
- 53.03%
- 5Y*
- 17.18%
- 10Y*
- 12.10%
GDX
- 1D
- -1.30%
- 1M
- -4.21%
- YTD
- -5.05%
- 6M
- -9.69%
- 1Y
- 56.88%
- 3Y*
- 41.48%
- 5Y*
- 20.52%
- 10Y*
- 12.89%
SLVP vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLVP iShares MSCI Global Silver and Metals Miners ETF | -4.09% | 202.84% | 14.47% | -2.31% | -18.06% | -23.53% | 56.45% | 37.71% | -22.10% | 4.53% |
GDX VanEck Gold Miners ETF | -5.05% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SLVP and GDX is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.87 |
The correlation between SLVP and GDX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.
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Return for Risk
SLVP vs. GDX — Risk / Return Rank
SLVP
GDX
SLVP vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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.
| SLVP | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.22 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 1.58 | +0.80 |
| Martin ratioReturn relative to average drawdown | 6.08 | 4.19 | +1.89 |
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Drawdowns
SLVP vs. GDX - Drawdown Comparison
The maximum SLVP drawdown since its inception was -80.47%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SLVP and GDX.
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Drawdown Indicators
| SLVP | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.47% | -80.34% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -38.06% | -36.28% | -1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -38.06% | -36.28% | -1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -48.41% | -46.51% | -1.90% |
Max Drawdown (10Y)Largest decline over 10 years | -62.03% | -49.79% | -12.24% |
Current DrawdownCurrent decline from peak | -30.82% | -29.70% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -46.75% | -40.40% | -6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.84% | 13.62% | +1.22% |
Volatility
SLVP vs. GDX - Volatility Comparison
iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 18.72% compared to VanEck Gold Miners ETF (GDX) at 17.03%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLVP | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.72% | 17.03% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 45.60% | 39.77% | +5.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.19% | 47.49% | +7.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 36.83% | +6.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.52% | 37.39% | +5.13% |
SLVP vs. GDX - Expense Ratio Comparison
SLVP has a 0.39% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
SLVP vs. GDX - Dividend Comparison
SLVP's dividend yield for the trailing twelve months is around 2.15%, more than GDX's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.78% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SLVP iShares MSCI Global Silver and Metals Miners ETF | 2.15% | 1.78% | 1.05% | 0.88% | 0.63% | 1.63% | 2.39% | 2.03% | 1.28% | 0.85% | 2.32% | 0.72% |
Frequently Asked Questions
With a correlation of 0.93, SLVP and GDX 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.
SLVP has higher volatility (18.72%) compared to GDX (17.03%). In terms of maximum drawdown, SLVP dropped -80.47% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.89% vs 12.10% for SLVP. On fees, SLVP is cheaper at 0.39% per year. On volatility, GDX has been the lower-risk option at 17.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 12.89% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVP is cheaper with a 0.39% expense ratio, compared with 0.51% for GDX.
SLVP has the higher dividend yield at 2.15%, compared with 0.78% for GDX.
SLVP is categorized as Silver, while GDX is Gold. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.39% for SLVP and 0.51% for GDX.
SLVP currently has the higher Sharpe Ratio (1.64 vs 1.21), 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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