Silver-Miner ETFs Outpace Gold Peers in Updated One-Year Results

Overview

• New scorecards show SLVP up 228% over 12 months versus 162.3% for GDX, and SIL up 198.5% versus 157.7% for SGDM, based on data through Feb. 20–21.
• The higher returns come with steeper risk, with five-year max drawdowns of about -56% for SLVP and SIL versus roughly -50% for GDX and SGDM.
• Costs and yields diverge, with SLVP charging 0.39% and yielding about 1.5% versus GDX at 0.51% and roughly 0.6%, while SIL costs 0.65% versus SGDM at 0.50% with similar ~1% yields.
• Scale and concentration differ, with GDX at roughly $33.5 billion across 55 holdings versus SLVP near $1.3 billion across 30, while SIL holds 39 names at $6.7 billion and SGDM 40 at $829 million.
• Portfolio tilts are distinct, with GDX anchored by Agnico Eagle, Newmont and Barrick, SLVP led by Hecla, Industrias Peñoles and Fresnillo, SGDM heavy in North American gold, and SIL spanning global silver miners including Wheaton, Pan American Silver and Coeur.