SLVR vs. GDX
SLVR (Sprott Silver Miners & Physical Silver ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SLVR is a Silver fund tracking the Nasdaq Sprott Silver Miners™ Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past year, SLVR returned 64.28% vs 42.30% for GDX. Their correlation of 0.87 means they have usually moved in the same direction. SLVR charges 0.65%/yr vs 0.51%/yr for GDX.
Performance
SLVR vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SLVR achieves a -14.48% return, which is significantly lower than GDX's -13.61% return.
SLVR
- 1D
- -2.79%
- 1M
- -8.51%
- 6M
- -24.99%
- YTD
- -14.48%
- 1Y
- 64.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 72.90%
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $4.41M | $4.75M | $8.71M |
SLVR vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SLVR Sprott Silver Miners & Physical Silver ETF | -14.48% | 171.53% |
GDX VanEck Gold Miners ETF | -13.61% | 137.87% |
Correlation
The correlation between SLVR and GDX is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025 | 0.87 |
The correlation between SLVR and GDX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
SLVR vs. GDX — Risk / Return Rank
SLVR
GDX
SLVR vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Silver Miners & Physical Silver ETF (SLVR) 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.
| SLVR | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.15 | +0.33 |
| Martin ratioReturn relative to average drawdown | 2.95 | 2.48 | +0.47 |
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Drawdowns
SLVR vs. GDX - Drawdown Comparison
The maximum SLVR drawdown since its inception was -43.70%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SLVR and GDX.
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Drawdown Indicators
| SLVR | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.70% | -80.34% | +36.64% |
Max Drawdown (1Y)Largest decline over 1 year | -43.70% | -38.93% | -4.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -42.75% | -36.03% | -6.72% |
Average DrawdownAverage peak-to-trough decline | -12.30% | -40.37% | +28.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 17.97% | +3.95% |
Volatility
SLVR vs. GDX - Volatility Comparison
Sprott Silver Miners & Physical Silver ETF (SLVR) has a higher volatility of 15.28% compared to VanEck Gold Miners ETF (GDX) at 12.73%. This indicates that SLVR'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
| SLVR | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.28% | 12.73% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 52.83% | 39.94% | +12.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.91% | 48.49% | +16.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.41% | 37.23% | +21.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.41% | 37.34% | +21.07% |
SLVR vs. GDX - Expense Ratio Comparison
SLVR has a 0.65% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
SLVR vs. GDX - Dividend Comparison
SLVR's dividend yield for the trailing twelve months is around 4.31%, more than GDX's 0.85% yield.
| 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% |
SLVR Sprott Silver Miners & Physical Silver ETF | 4.31% | 3.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, SLVR 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.
SLVR has higher volatility (15.28%) compared to GDX (12.73%). In terms of maximum drawdown, SLVR dropped -43.70% vs GDX's -80.34%.
On 1-year performance, SLVR leads with 64.28% vs 42.30% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SLVR has performed better with a 64.28% return vs 42.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.65% for SLVR.
SLVR has the higher dividend yield at 4.31%, compared with 0.85% for GDX.
SLVR is categorized as Silver, while GDX is Gold. SLVR tracks Nasdaq Sprott Silver Miners™ Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Sprott and VanEck. Their fees differ too: 0.65% for SLVR and 0.51% for GDX.
SLVR currently has the higher Sharpe Ratio (1.00 vs 0.92), 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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