Both the Global X Silver Miners ETF (NYSEMKT:SIL) and iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) target global silver mining equities, appealing to those seeking exposure to the precious metals sector. However, their cost structures, portfolio compositions, and fund sizes reveal important distinctions for investors to consider when choosing between these two major players in the silver miners ETF space.
Snapshot (cost & size)
| Metric | SLVP | SIL |
|---|---|---|
| Issuer | IShares | Global X |
| Expense ratio | 0.39% | 0.65% |
| 1-yr return (as of Jan. 25, 2026) | 276.84% | 235.82% |
| Dividend yield | 1.3% | 0.9% |
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.
SLVP looks more affordable on fees, with a 0.39% expense ratio compared to SIL’s 0.65%, and it also offers a higher dividend yield, which may appeal to investors prioritizing income alongside exposure to silver miners.
Performance & risk comparison
| Metric | SLVP | SIL |
|---|---|---|
| Max drawdown (5 y) | -55.56% | -55.63% |
| Growth of $1,000 over 5 years | $2,945 | $2,592 |
What's inside
Launched 15 years ago, SIL tracks silver miners globally, holding 42 stocks and focusing entirely on basic materials. Its largest positions are Wheaton Precious Metals Corp. (WPM +1.16%), Pan American Silver Corp. (PAAS +0.50%), and Coeur Mining Inc. (CDE 2.53%), which are primarily Canadian mining companies. With over 15 years in operation and nearly $7 billion in assets under management, SIL relies more heavily on its top holding, Wheaton, which accounts for over 20% of its assets, compared to the other assets, which aren’t above 12%.
SLVP has a very similar makeup, holding the same number of companies. Created in 2012, its top three positions are Hecla Mining Co. (HL 5.91%), Industrias Penoles (PE&OLES.MX), and Fresnillo Plc. (FRES.L), having more of a focus on Mexican-based mining companies.
What this means for investors
Although neither SIL nor SLVP holds silver directly, investors need to be aware of silver’s volatility and the correlated effects it can have on their portfolios. Silver is one of the most volatile precious metals on the market, estimated to be three times more volatile than gold. So if silver’s price rises or falls significantly in a short period, both ETFs can experience greater volatility than normal.
On the opposite end of the spectrum, while silver’s value may continue to rise as it becomes increasingly rare and in demand, silver mining companies may have to pivot operationally. It’s estimated that over 70% of silver is mined indirectly as a byproduct of other metals. That’s because silver is 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 SIL and SLVP continue to benefit from silver’s meteoric rise in 2025 and so far in early 2026. Just don’t expect those high returns to persist throughout the entire year, unless geopolitical and economic conditions worsen.
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