SLVP vs. GDXJ

Last updated Aug 2, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, SLVP returned 7.89%/yr vs 8.17%/yr for GDXJ. Their correlation of 0.88 means they have usually moved in the same direction. SLVP charges 0.39%/yr vs 0.52%/yr for GDXJ.

Performance

SLVP vs. GDXJ - 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 Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLVP achieves a -12.97% return, which is significantly higher than GDXJ's -16.16% return. Both investments have delivered pretty close results over the past 10 years, with SLVP having a 7.89% annualized return and GDXJ not far ahead at 8.17%.

SLVP

• 1D: -3.63%
• 1M: -7.59%
• 6M: -22.73%
• YTD: -12.97%
• 1Y: 72.99%
• 3Y*: 45.49%
• 5Y*: 16.22%
• 10Y*: 7.89%
• ALL TIME*: 2.52%

GDXJ

• 1D: -3.69%
• 1M: -7.31%
• 6M: -23.13%
• YTD: -16.16%
• 1Y: 50.07%
• 3Y*: 40.59%
• 5Y*: 17.64%
• 10Y*: 8.17%
• ALL TIME*: 1.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDXJ VanEck Junior Gold Miners ETF	$446.17M	$451.03M	$619.88M
SLVP iShares MSCI Global Silver and Metals Miners ETF	$7.13M	$7.08M	$11.62M

SLVP vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLVP iShares MSCI Global Silver and Metals Miners ETF	-12.97%	202.84%	14.47%	-2.31%	-18.06%	-23.53%	56.45%	37.71%	-22.10%	4.53%
GDXJ VanEck Junior Gold Miners ETF	-16.16%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between SLVP and GDXJ is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.88

The correlation between SLVP and GDXJ has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

SLVP vs. GDXJ - Sectors Allocation Comparison

Sectors	SLVP	GDXJ
Basic Materials	100.0%	100.0%
Financial Services	0.0%	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SLVP vs. GDXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLVP

SLVP Risk / Return Rank: 50
SLVP Sharpe Ratio Rank: 55
SLVP Sortino Ratio Rank: 50
SLVP Omega Ratio Rank: 52
SLVP Calmar Ratio Rank: 53
SLVP Martin Ratio Rank: 38

GDXJ

GDXJ Risk / Return Rank: 37
GDXJ Sharpe Ratio Rank: 39
GDXJ Sortino Ratio Rank: 39
GDXJ Omega Ratio Rank: 41
GDXJ Calmar Ratio Rank: 37
GDXJ Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLVP vs. GDXJ - 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 Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.97	+0.34
Sortino ratio: Return per unit of downside risk	1.77	1.45	+0.32
Omega ratio: Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio: Return relative to maximum drawdown	1.89	1.26	+0.62
Martin ratio: Return relative to average drawdown	3.87	2.68	+1.19

SLVP vs. GDXJ - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.30, which is higher than the GDXJ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of SLVP and GDXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SLVP vs. GDXJ - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for SLVP and GDXJ.

Drawdown Indicators

	SLVP	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-88.66%	+8.19%
Max Drawdown (1Y) Largest decline over 1 year	-38.97%	-41.32%	+2.35%
Max Drawdown (3Y) Largest decline over 3 years	-38.97%	-41.32%	+2.35%
Max Drawdown (5Y) Largest decline over 5 years	-47.73%	-48.79%	+1.06%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-57.77%	-4.26%
Current Drawdown Current decline from peak	-37.22%	-38.93%	+1.71%
Average Drawdown Average peak-to-trough decline	-46.67%	-60.26%	+13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.98%	19.42%	-0.44%

Volatility

SLVP vs. GDXJ - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) and VanEck Junior Gold Miners ETF (GDXJ) have volatilities of 14.39% and 14.90%, 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.

Volatility by Period

	SLVP	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.39%	14.90%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	45.21%	44.56%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	56.38%	53.86%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.62%	42.07%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.50%	44.18%	-1.68%

SLVP vs. GDXJ - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is lower than GDXJ's 0.52% expense ratio.

Dividends

SLVP vs. GDXJ - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 2.37%, less than GDXJ's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.78%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.37%	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

Can I hold both SLVP and GDXJ in my portfolio?

With a correlation of 0.96, SLVP and GDXJ 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.

Which is riskier, SLVP or GDXJ?

GDXJ has higher volatility (14.90%) compared to SLVP (14.39%). In terms of maximum drawdown, SLVP dropped -80.47% vs GDXJ's -88.66%.

Which ETF is better, SLVP or GDXJ?

On 10-year performance, GDXJ leads with 8.17% vs 7.89% for SLVP. On fees, SLVP is cheaper at 0.39% per year. On volatility, SLVP has been the lower-risk option at 14.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or GDXJ?

Over the 10-year period, GDXJ has performed better with a 8.17% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVP or GDXJ?

SLVP is cheaper with a 0.39% expense ratio, compared with 0.52% for GDXJ.

Which ETF pays a higher dividend yield, SLVP or GDXJ?

GDXJ has the higher dividend yield at 2.78%, compared with 2.37% for SLVP.

What is the main difference between SLVP and GDXJ?

SLVP is categorized as Silver, while GDXJ is Gold. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.39% for SLVP and 0.52% for GDXJ.

Which has better risk-adjusted returns?

SLVP currently has the higher Sharpe Ratio (1.30 vs 0.97), 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.