The Global X – Silver Miners ETF (NYSEMKT:SIL) and the VanEck Gold Miners ETF (NYSEMKT:GDX) both offer concentrated mining exposure, but SIL is silver-centric with a higher recent return and drawdown, while GDX is gold-focused, lower cost, and more diversified.
Both SIL and GDX give investors targeted access to mining companies, but their approaches diverge by metal and portfolio construction. This comparison unpacks how their cost, performance, risk, and underlying holdings shape their appeal for those considering a precious metals allocation.
|
Metric |
SIL |
GDX |
|---|---|---|
|
Issuer |
Global X |
VanEck |
|
Expense ratio |
0.65% |
0.51% |
|
1-yr return (as of 2026-02-06) |
167.2% |
136.8% |
|
Dividend yield |
1.0% |
0.6% |
|
Beta |
0.71 |
0.55 |
|
AUM |
$6.2 billion |
$30.5 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The one-year return represents total return over the trailing 12 months.
GDX is more affordable with a 0.51% expense ratio compared to SIL’s 0.65%, and while SIL offers a slightly higher dividend yield, the difference is modest at 1.0% versus 0.6%.
|
Metric |
SIL |
GDX |
|---|---|---|
|
Max drawdown (5 y) |
(55.63%) |
(46.52%) |
|
Growth of $1,000 over 5 years |
$2,169 |
$2,765 |
GDX exclusively tracks companies in the global gold mining industry, spreading its assets across 55 holdings. Its largest positions include Agnico Eagle Mines Ltd (NYSE:AEM) at 9.25%, Newmont Corp (NYSE:NEM) at 8.88%, and Barrick Mining Corp (NYSE:B) at 6.79%. GDX’s 19.7-year track record and $30.5 billion in assets under management point to deep liquidity and an established presence in the gold mining space.
SIL, in contrast, limits its focus to the silver mining sector, with 39 holdings. Its top allocations are Wheaton Precious Metals Corp (NYSE:WPM) at 21.80%, Pan American Silver Corp (NYSE:PAAS) at 11.67%, and Coeur Mining Inc (NYSE:CDE) at 7.88%. While both funds are 100% basic materials, SIL’s heavier weighting in its top names signals a more concentrated portfolio, potentially increasing volatility for investors seeking silver-specific exposure.
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Smart investors know that portfolio diversification is a good idea. Precious metals provide an excellent way to achieve diversification. They have little to no correlation to equity markets. Moreover, they can serve as a hedge against inflation. While the Global X – Silver Miners ETF (SIL) and the VanEck Gold Miners ETF (GDX) don’t provide direct exposure to gold and silver prices, they do tend to move in tandem. Here’s what investors need to know.
