GLDM vs. SLV: The Precious Metal ETFs That Just Had Historic Annual Returns

The iShares Silver Trust (SLV 1.83%) and SPDR Gold MiniShares Trust (GLDM 1.94%) offer investors direct exposure to silver and gold prices, respectively, without the complications of physical storage. This comparison examines how their fees, performance, risk, and structure compare for investors considering a precious metals allocation.

Snapshot (cost & size)

Beta measures price volatility relative to the S&P 500; beta is calculated from daily returns.

GLDM appears more affordable in terms of fees, with an expense ratio of 0.10% compared to SLV’s 0.50%, which could appeal to cost-conscious investors, especially those holding positions for extended periods.

Performance & risk comparison

What's inside

GLDM is designed to track the London Bullion Market Association's (LBMA) Silver Price Index, which tracks the spot price of gold bullion. It has been available for seven years, and its only individual holding is gold, offering easier and more accessible exposure to the metal without the need for physical storage.

SLV similarly provides investors with a similar experience, as it tracks the LBMA's Silver Price Index, tracking the spot price of silver bullion. The ETF has been around for nearly 20 years, and its only holding is silver.

What this means for investors

Investors should be aware that precious metal ETFs can exhibit abnormal volatility due to the inherent volatility of the metals they hold. Silver especially can be 2-3 times more volatile than gold because of its smaller market size.

However, over the long term, silver and many other lower-volume precious metals tend to move directionally with gold, similar to how many smaller cryptocurrencies follow Bitcoin (BTC +2.82%). So when looking only at the general trend direction, both ETFs have appeared nearly identical over recent years.

Now is a strong period for precious metals, as gold and silver typically perform better during economic uncertainty. Tariffs and global tensions are affecting global markets, and gold and silver tremendously benefited from this trend in 2025 and into 2026. SLV skyrocketed approximately 141% in 2025, and is already up 25% YTD as of Jan. 15, 2026. GLDM spiked 62% in 2025, and is up 6% so far this year.

SLV may appear to be the better ETF because its returns are higher, but this is largely due to silver’s greater price fluctuations and the fact that SLV has been in existence longer with more established trading volume. Both ETFs offer similar hedge-like benefits, but GLDM is the cheaper choice due to its lower fees.

Glossary

ETF: An exchange-traded fund that trades on stock exchanges and typically tracks an index or asset.
Expense ratio: Annual fund operating costs expressed as a percentage of the fund's average assets.
AUM: Assets under management; the total market value of all assets a fund manages.
Beta: A measure of how volatile an investment is compared with a benchmark, usually the S&P 500.
Total return: Investment gain including price changes plus any income or distributions, assuming reinvestment.
Max drawdown: The largest peak-to-trough decline in an investment's value over a specific period.
Growth of $1,000: Illustration showing how a $1,000 investment would have changed in value over time.
Leverage: Use of borrowed money or derivatives to amplify exposure and potential returns or losses.
ESG: Environmental, social, and governance criteria used to evaluate investments beyond traditional financial metrics.
Currency-hedging: Strategy used by funds to reduce the impact of exchange-rate movements on returns.
Sector allocation: How a fund's holdings are distributed across different industries or economic sectors.
Precious metals allocation: Portion of a portfolio invested in metals like gold or silver for diversification or inflation protection.

For more guidance on ETF investing, check out the full guide at this link.