Both the iShares MSCI Global Silver and Metals Miners ETF (SLVP 1.76%) and Goldman Sachs Physical Gold ETF (AAAU 1.63%) offer exposure to precious metals, but their approaches and risk/return profiles are fundamentally different. SLVP holds global silver mining equities, while AAAU is designed to mirror the price of gold bullion.
Snapshot (cost & size)
| Metric | SLVP | AAAU |
|---|---|---|
| Issuer | IShares | Goldman |
| Expense ratio | 0.39% | 0.18% |
| 1-yr return (as of Jan. 25, 2026) | 277% | 80% |
| AUM | $1.32 billion | $2.9 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
AAAU has lower fees and a higher number of assets, but SLVP’s returns are more than three times higher.
Performance & risk comparison
| Metric | SLVP | AAAU |
|---|---|---|
| Max drawdown (5 y) | -55.56% | -20.94% |
| Growth of $1,000 over 5 years | $2,945 | $2,628 |
What's inside
Goldman Sachs Physical Gold ETF tracks the price of physical gold, aiming to match bullion’s performance minus operating expenses. It does not hold equities or pay dividends, but gives investors one of the best indirect ways to invest in gold.
SLVP holds 42 stocks that are predominantly tied to the mining of silver. Created in 2012, its top three positions are Hecla Mining Co. (HL 2.20%), Industrias Penoles (PE&OLES.MX), and Fresnillo Plc. (FRES.L), with most of its top weight leaning towards Mexican-based mining companies.
What this means for investors
When it comes to AAAU, it’s one of the best ways to indirectly invest in gold without having to hold it, as long as investors are comfortable with the fund’s reliance on the metal and the volatility associated with it.
For SLVP, silver is estimated to be three times more volatile than gold, which can affect the fund even if it doesn’t track the metal’s price. And while silver’s value may continue to rise as it becomes increasingly rare and in demand, there’s a chance that silver mining companies in the fund’s holdings may have to pivot operationally. It’s estimated that over 70% of silver is mined indirectly as a byproduct of other metals, as it’s difficult to mine on its own.
As various industries become increasingly reliant on it for products such as electric vehicles, solar panels, and even medical applications, silver demand outpaces production. This may leave companies forced to shift towards mining other metals, which can be effective, but would dilute the concentration of silver mining for these stocks.
Until then, both AAAU and SLVP continue to benefit from the meteoric rise in precious metal prices in 2025 and so far in early 2026, driven by the global economic and geopolitical landscape. Just don’t expect those high returns to persist throughout the entire year, unless geopolitical and economic conditions worsen.
For more guidance on ETF investing, check out the full guide at this link.
