The iShares Silver Trust (SLV 1.33%) and the Global X - Silver Miners ETF (SIL 2.02%) both offer ways to play the silver theme, but they do so through very different exposures: SLV is designed to closely track the price of physical silver, while SIL invests in a concentrated set of global silver mining companies.
This analysis compares their fees, performance, risk, and portfolio makeup to help investors decide which approach may appeal more, depending on their objectives.
Snapshot (cost & size)
| Metric | SLV | SIL |
|---|---|---|
| Issuer | iShares | Global X |
| Expense ratio | 0.50% | 0.65% |
| 1-yr return (as of Jan. 26, 2026) | 268.4% | 247.4% |
| Beta (5Y monthly) | 1.44 | 0.90 |
| AUM | $38 billion | $5 billion |
| Dividend Yield | N/A | 1.18% |
Beta measures price volatility relative to the S&P 500. The 1-yr return represents total return over the trailing 12 months.
SLV is more affordable on fees, charging a lower expense ratio than SIL. The higher cost for SIL reflects its active exposure to a portfolio of silver miners rather than simply tracking the price of the metal itself.
Also, while SLV doesn’t pay dividends, SIL can provide a source of passive income with a fairly substantial dividend yield.
Performance & risk comparison
| Metric | SLV | SIL |
|---|---|---|
| Max drawdown (5 y) | -39.33% | -55.79% |
| Growth of $1,000 over 5 years | $4,384 | $2,810 |
What's inside
SIL invests in 39 global silver mining stocks, with a sector focus of 100% Basic Materials. The fund’s largest holdings are Wheaton Precious Metals, Pan American Silver, and Coeur Mining.
With a fund age of nearly 16 years, SIL offers diversified equity exposure within the silver mining industry, which means performance can be influenced by both silver prices and company-specific factors such as operating costs and management decisions.
SLV, in contrast, provides pure exposure to silver prices, with 100% of its assets linked to Real Estate as a proxy for physical silver holdings (no company holdings are disclosed).
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
SIL and SLV both provide exposure to the silver market, but through different approaches — each with its own unique advantages and drawbacks.
SIL’s focus is on silver mining companies rather than the metal itself. That makes it more expensive to own with higher fees, but unlike SLV, it also pays a dividend.
This ETF can also be more lucrative when the companies in the fund are thriving, allowing investors to capitalize on both silver’s price and the companies’ successes. But if those companies falter, it could pose greater risk.
SLV, on the other hand, is a direct play on silver’s spot price, without the added risks or rewards that come from mining operations, business management, or equity market swings.
The right choice for you will depend on what type of access you’re looking for with a silver ETF. If you simply want to gain exposure to silver’s price without having to own physical metal, SLV could be a good fit. Those looking for access to the broader silver market, including mining companies, may prefer SIL.
