https://www.ishares.com/us/products/239855/ishares-silver-trust-fundThe primary distinction between iShares Silver Trust (NYSEMKT:SLV) and VanEck Gold Miners ETF (NYSEMKT:GDX) is that the iShares trust tracks physical silver prices while the VanEck fund holds a diversified portfolio of gold-mining companies.
Precious metals often move in tandem, but the vehicles used to access them offer distinct risk profiles. While SLV provides direct exposure to the fluctuations of silver bullion, GDX focuses on the equity side of the gold industry, where operational leverage and business execution play major roles in performance.
Snapshot (cost & size)
Metric | SLV | GDX |
|---|---|---|
Issuer | iShares | VanEck |
Expense ratio | 0.5% | 0.51% |
1-yr return (as of May 6, 2026) | 132.1% | 82.0% |
Dividend yield | None | 0.7% |
Beta | 0.45 | 0.61 |
AUM | $37.6B | $26.2B |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
Both funds are priced similarly for investors seeking exposure to precious metals. The 0.5% expense ratio for the iShares trust is marginally more affordable than the 0.51% charged by the VanEck fund.
Performance & risk comparison
Metric | SLV | GDX |
|---|---|---|
Max drawdown (5 yr) | (42.5%) | (46.5%) |
Growth of $1,000 over 5 years (total return) | $2,753 | $2,648 |
What’s inside
The VanEck Gold Miners ETF (NYSEMKT:GDX) consists of 57 holdings focused entirely on the basic materials sector. Its largest positions include Newmont Corp (NYSE:NEM) at 11.46%, Agnico Eagle Mines Ltd (NYSE:AEM) at 11.38%, and Barrick Mining Corp (NYSE:B) at 7.62%. This fund, launched in 2006, provides exposure to the operational performance of miners and has a trailing-12-month dividend of $0.63 per share.
In contrast, the iShares Silver Trust (NYSEMKT:SLV) is also concentrated in basic materials but functions as a trust holding physical silver bullion rather than corporate equities. Because it does not hold income-generating businesses, it has no top corporate holdings and has a trailing-12-month dividend of $0.00 per share. This fund also launched in 2006 and manages $37.6 billion in assets under management (AUM) compared to $26.2 billion for the VanEck fund.
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What this means for investors
Comparing these ETFs properly means understanding that this is not a simple silver-to-gold comparison.
As mentioned before, the iShares Silver Trust tracks the price of silver. This means its value will fluctuate along with its precious metal net of fees. That makes the tracker easy to understand, but also means that silver, which tends to be a more volatile metal than gold, is the dominant influence on the silver ETF.
