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SLVP vs. GDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

SLVP vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Silver and Metals Miners ETF (SLVP) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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

SLVP vs. GDX - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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

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

SLVP
SLVP Risk / Return Rank: 4444
Overall Rank
SLVP Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
SLVP Sortino Ratio Rank: 4141
Sortino Ratio Rank
SLVP Omega Ratio Rank: 4343
Omega Ratio Rank
SLVP Calmar Ratio Rank: 4949
Calmar Ratio Rank
SLVP Martin Ratio Rank: 4040
Martin Ratio Rank

GDX
GDX Risk / Return Rank: 3232
Overall Rank
GDX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3131
Sortino Ratio Rank
GDX Omega Ratio Rank: 3434
Omega Ratio Rank
GDX Calmar Ratio Rank: 3232
Calmar Ratio Rank
GDX Martin Ratio Rank: 3030
Martin Ratio Rank
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.

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.


SLVPGDXDifference
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

SLVP vs. GDX - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.64, which is higher than the GDX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of SLVP and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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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


SLVPGDXDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-30.82%

-29.70%

-1.12%

Average Drawdown

Average peak-to-trough decline

-46.75%

-40.40%

-6.35%

Ulcer Index

Depth 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


SLVPGDXDifference

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.


PositionTTM20252024202320222021202020192018201720162015
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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