Miner ETFs Trounce Bullion Funds Over Past Year at Higher Risk

Overview

• Trailing 12‑month returns through Feb. 7–8 show SLVP up 187.2% versus GLD at 72.4%, and SGDM up 137.07% versus IAU at 72.60%.
• Miner ETFs hold baskets of mining companies, adding operational and equity‑market risks, while bullion funds track the spot price of physical gold.
• Risk metrics underscore the tradeoff, with SLVP beta at 0.73 versus GLD at 0.09 and a five‑year max drawdown of −55.56% versus −21.03% for GLD; SGDM’s five‑year max drawdown is −45.05% and IAU’s beta is 0.14.
• Costs and scale differ, with SLVP at 0.39% versus GLD at 0.40% and SGDM at 0.50% versus IAU at 0.25%, while GLD holds about $188.9 billion in assets and IAU about $78 billion.
• Income and concentration vary, as SLVP pays a 1.6% dividend and holds roughly 30 stocks including Hecla Mining, First Majestic Silver, and Fresnillo, and SGDM holds 43 names such as Agnico Eagle, Newmont, and Wheaton Precious Metals; bullion funds do not pay dividends.