The Global X – Silver Miners ETF (SIL 2.63%) could appeal to investors seeking aggressive silver-market exposure, while the VanEck Gold Miners ETF (GDX 1.91%) may suit those prioritizing lower costs and gold-sector liquidity.
Both exchange-traded funds (ETFs) offer targeted access to the extraction side of the precious metals market. While SIL focuses specifically on silver mining companies, GDX provides a broader window into the gold mining industry. These funds are often used as tactical tools for investors who expect metal prices to rise, as mining company profits can fluctuate more significantly than the bullion prices themselves. This dynamic makes them potentially more volatile than holding physical metal or a spot-price ETF.
Snapshot (cost & size)
| Metric | SIL | GDX |
|---|---|---|
| Issuer | Global X | VanEck |
| Expense ratio | 0.65% | 0.51% |
| 1-yr return (as of Apr. 27, 2026) | 135.40% | 91.10% |
| Dividend yield | 1.10% | 0.70% |
| Beta | 0.83 | 0.65 |
| AUM | $5.8 billion | $31.3 billion |
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.
The VanEck Gold Miners ETF is the more affordable option with a 0.51% expense ratio. This saves investors roughly 0.14 percentage points annually compared to the Global X – Silver Miners ETF. While SIL costs more, it offers a slightly higher yield, distributing 1.10% to shareholders over the trailing 12 months compared to the 0.70% payout found in GDX.
VanEck ETF Trust – VanEck Gold Miners ETF
Today’s Change
(-1.91%) $-1.70
Current Price
$86.84
Key Data Points
Day’s Range
$86.32 – $87.65
52wk Range
$45.10 – $117.17
Volume
5.8M
Performance & risk comparison
| Metric | SIL | GDX |
|---|---|---|
| Max drawdown (5 yr) | (55.60%) | (46.50%) |
| Growth of $1,000 over 5 years (total return) | $2,307 | $2,800 |
What’s inside
The VanEck Gold Miners ETF (GDX 1.91%) consists of 54 holdings primarily within the basic materials sector. Its largest positions include Newmont (NEM 2.33%) at 11.63%, Agnico Eagle Mines (AEM 2.60%) at 11.54%, and Barrick Mining (B 2.27%) at 7.44%. This fund launched in 2006 and has a trailing-12-month dividend of $0.63 per share. The fund provides deep liquidity with $31.3 billion in assets under management (AUM).
In contrast, the Global X – Silver Miners ETF (SIL 2.63%) is more concentrated with 41 holdings. Its top holdings include Wheaton Precious Metals (WPM 3.42%) at 22.13%, Pan American Silver (PAAS 2.29%) at 12.20%, and Coeur Mining (CDE 3.56%) at 7.95%. This fund launched in 2010 and paid $0.99 per share over the trailing 12 months. While its $5.8 billion AUM is smaller than its gold-focused peer, SIL offers pure-play exposure to the silver industry.
For more guidance on ETF investing, check out the full guide at this link.
Global X Funds – Global X Silver Miners ETF
Today’s Change
(-2.63%) $-2.35
Current Price
$86.87
Key Data Points
Day’s Range
$86.23 – $87.89
52wk Range
$38.59 – $119.24
Volume
679K
What this means for investors
Gold and silver both surged dramatically in 2025, and mining stocks moved with them, often more dramatically. That’s the key distinction between these funds and physical metal trusts. SIL and GDX don’t hold bullion; they hold shares in the companies that dig it out of the ground. When metal prices rise, miners’ profit margins expand quickly, amplifying returns. When prices fall, the losses can be equally sharp.
GDX focuses on gold miners and benefits from deep liquidity and a long track record, making it the more accessible entry point for investors new to mining stocks. SIL’s silver focus brings an additional layer of complexity, since silver miners are often more sensitive to industrial demand cycles than their gold counterparts, adding volatility beyond what metal prices alone would suggest.
Both funds carry fees well above typical index ETFs, and both introduce company-specific risks — operational costs, management quality, and geopolitical exposure — that physical metal funds don’t. GDX is the steadier vehicle of the two. SIL is a good choice for investors making a more targeted bet on silver’s dual role as both a precious and industrial metal.