Global X - Silver Miners ETF (SIL +1.53%) and VanEck Gold Miners ETF (GDX +1.21%) both aim to track the performance of mining companies, but with distinct sector emphases: SIL targets silver miners globally, whereas GDX concentrates on gold (with some silver exposure). Here’s how they stack up for investors comparing these two established funds.
Snapshot (cost & size)
| Metric | SIL | GDX |
|---|---|---|
| Issuer | Global X | VanEck |
| Expense ratio | 0.65% | 0.51% |
| 1-yr return (as of 2025-10-23) | 68.6% | 70.6% |
| Dividend yield | 1.2% | 0.5% |
| AUM | $3.7 billion | $22.2 billion |
Beta measures price volatility relative to the S&P 500; figures use five-year weekly returns.
GDX is more affordable, with a lower expense ratio (0.51% vs. 0.65%) than SIL, but SIL provides a higher payout for income seekers, offering a yield advantage of 0.7 percentage points as of October 23, 2025.
Performance & risk comparison
| Metric | SIL | GDX |
|---|---|---|
| Max drawdown (5 y) | -55.93% | -46.52% |
| Growth of $1,000 over 5 years | $1,507 | $1,901 |
What's inside
VanEck Gold Miners ETF holds a broader basket of 52 stocks (as of 2025-10-24), all within the basic materials sector, focusing on global gold miners and some silver exposure. Its top positions include Agnico Eagle Mines Ltd, Newmont Corp, and Gold Fields Ltd. With nearly two decades of history, GDX is both liquid and established, appealing to those seeking broad access to the precious metals mining sector.
By contrast, Global X - Silver Miners ETF maintains a narrower focus on silver miners, holding 38 stocks, also all in basic materials. Its largest positions are Wheaton Precious, Pan American Silver Corp, and Coeur Mining Inc. With no notable quirks and a pure-play approach, SIL may appeal to those specifically targeting silver’s prospects rather than gold or mixed exposure.
For more guidance on ETF investing, check out the full guide at this link.
Foolish take
Individual investors looking to add exposure to the basic materials space did extremely well with these two ETFs in recent years. During the three years ended Oct. 27, 2025, the VanEck Gold Miners ETF rose by an impressive 182%. Over the same time frame, the Global X - Silver Miners ETF notched a 156.7% gain.
Both ETFs have outperformed thanks to rising gold and silver prices. That said, it’s important to remember that commodities are not businesses that can become larger over time. This is why it’s usually just a matter of time before soaring commodity prices settle back to historical norms. If we back out to longer time frames, returns from these ETF are not attractive. Over the past five years, the VanEck Gold Miners ETF and the Global X Gold Miners ETF have underperformed low-cost ETFs that simply track the S&P 500 index.
If I had to choose one to add to my portfolio, I’d probably go with VanEck Gold Miners ETF. That said, individual investors would probably bebetter off with an ETF that isn't so heavily associated with commodity prices.
Glossary
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges its shareholders.
Dividend yield: The annual dividend income expressed as a percentage of the fund’s current price.
Beta: A measure of an investment’s volatility compared to the overall market, typically the S&P 500.
AUM (Assets Under Management): The total market value of assets that a fund manages on behalf of investors.
Max drawdown: The largest percentage drop from a fund’s peak value to its lowest point over a specific period.
Basic materials: A sector comprising companies that produce raw materials like metals, chemicals, and mining products.
Pure-play: A company or fund focused exclusively on a single industry or sector.
Liquidity: How easily an asset or fund can be bought or sold without affecting its price.
Growth of $1,000 over 5 years: The increase in value of a $1,000 investment over five years, including returns.
