XSLR.L vs. GDGB.L

Last updated Jun 5, 2026

XSLR.L (Xtrackers IE Physical Silver ETC Securities) and GDGB.L (VanEck Gold Miners UCITS ETF) are both exchange-traded funds - XSLR.L is a Silver fund tracking the LBMA Silver Price, while GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, XSLR.L returned 21.26%/yr vs 18.94%/yr for GDGB.L. A 0.74 correlation means they provide meaningful diversification when combined. XSLR.L charges 0.20%/yr vs 0.53%/yr for GDGB.L.

Performance

XSLR.L vs. GDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers IE Physical Silver ETC Securities (XSLR.L) and VanEck Gold Miners UCITS ETF (GDGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XSLR.L is traded in USD, while GDGB.L is traded in GBP. To make them comparable, the GDGB.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XSLR.L achieves a 2.73% return, which is significantly higher than GDGB.L's 0.67% return.

XSLR.L

• 1D: 0.31%
• 1M: -0.01%
• YTD: 2.73%
• 6M: 28.87%
• 1Y: 113.60%
• 3Y*: 45.92%
• 5Y*: 21.26%
• 10Y*: —

GDGB.L

• 1D: 0.73%
• 1M: 0.11%
• YTD: 0.67%
• 6M: 7.23%
• 1Y: 63.41%
• 3Y*: 41.23%
• 5Y*: 18.94%
• 10Y*: —

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

XSLR.L vs. GDGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XSLR.L Xtrackers IE Physical Silver ETC Securities	2.73%	147.42%	21.28%	-0.78%	3.55%	-13.23%	73.88%
GDGB.L VanEck Gold Miners UCITS ETF	0.67%	156.24%	9.38%	9.16%	-7.97%	-11.28%	9.65%

Correlation

The correlation between XSLR.L and GDGB.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020	0.74

The correlation between XSLR.L and GDGB.L has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

Return for Risk

XSLR.L vs. GDGB.L — Risk / Return Rank

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

XSLR.L

XSLR.L Risk / Return Rank: 53
XSLR.L Sharpe Ratio Rank: 61
XSLR.L Sortino Ratio Rank: 49
XSLR.L Omega Ratio Rank: 59
XSLR.L Calmar Ratio Rank: 57
XSLR.L Martin Ratio Rank: 39

GDGB.L

GDGB.L Risk / Return Rank: 42
GDGB.L Sharpe Ratio Rank: 45
GDGB.L Sortino Ratio Rank: 40
GDGB.L Omega Ratio Rank: 41
GDGB.L Calmar Ratio Rank: 46
GDGB.L Martin Ratio Rank: 37

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.

XSLR.L vs. GDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers IE Physical Silver ETC Securities (XSLR.L) and VanEck Gold Miners UCITS ETF (GDGB.L). 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.

	XSLR.L	GDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.45	+0.57
Sortino ratio: Return per unit of downside risk	2.34	1.93	+0.41
Omega ratio: Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	2.77	2.12	+0.65
Martin ratio: Return relative to average drawdown	6.03	5.40	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSLR.L vs. GDGB.L - Sharpe Ratio Comparison

The current XSLR.L Sharpe Ratio is 2.02, which is higher than the GDGB.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of XSLR.L and GDGB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XSLR.L	GDGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	1.45	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.53	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.50	+0.34

Drawdowns

XSLR.L vs. GDGB.L - Drawdown Comparison

The maximum XSLR.L drawdown since its inception was -40.77%, smaller than the maximum GDGB.L drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for XSLR.L and GDGB.L.

Drawdown Indicators

	XSLR.L	GDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.77%	-50.68%	+9.91%
Max Drawdown (1Y) Largest decline over 1 year	-40.77%	-29.71%	-11.06%
Max Drawdown (3Y) Largest decline over 3 years	-40.77%	-29.71%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-40.77%	-46.27%	+5.50%
Current Drawdown Current decline from peak	-35.49%	-25.05%	-10.44%
Average Drawdown Average peak-to-trough decline	-14.90%	-17.79%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.76%	11.71%	+7.05%

Volatility

XSLR.L vs. GDGB.L - Volatility Comparison

Xtrackers IE Physical Silver ETC Securities (XSLR.L) has a higher volatility of 17.46% compared to VanEck Gold Miners UCITS ETF (GDGB.L) at 15.01%. This indicates that XSLR.L's price experiences larger fluctuations and is considered to be riskier than GDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSLR.L	GDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.46%	15.01%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	53.30%	34.89%	+18.41%
Volatility (1Y) Calculated over the trailing 1-year period	55.91%	43.51%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.23%	35.42%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.16%	34.18%	+0.98%

XSLR.L vs. GDGB.L - Expense Ratio Comparison

XSLR.L has a 0.20% expense ratio, which is lower than GDGB.L's 0.53% expense ratio.

Dividends

XSLR.L vs. GDGB.L - Dividend Comparison

Neither XSLR.L nor GDGB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XSLR.L and GDGB.L in my portfolio?

XSLR.L and GDGB.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSLR.L or GDGB.L?

On fees, XSLR.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSLR.L or GDGB.L?

XSLR.L is cheaper with a 0.20% expense ratio, compared with 0.53% for GDGB.L.

What is the main difference between XSLR.L and GDGB.L?

XSLR.L is categorized as Silver, while GDGB.L is Gold. XSLR.L tracks LBMA Silver Price, while GDGB.L tracks MarketVector Global Gold Miners Index. They also come from different issuers: Xtrackers and VanEck. Their fees differ too: 0.20% for XSLR.L and 0.53% for GDGB.L.