The iShares MSCI Global Silver and Metals Miners ETF (SLVP 2.23%) and SPDR Gold Shares (GLD 1.68%) differ sharply in risk profile, assets under management (AUM), and performance history, with SLVP targeting volatile silver miners and GLD tracking the price of physical gold bullion.
SLVP and GLD both offer exposure to precious metals, but they approach this theme from different angles: SLVP invests in global silver and metals mining companies, while GLD provides direct access to the price of gold. This comparison looks at cost, returns, risk, portfolio makeup, and liquidity to help clarify which ETF may appeal depending on an investor’s priorities.
Snapshot (Cost & Size)
| Metric | SLVP | GLD |
|---|---|---|
| Issuer | IShares | SPDR |
| Expense ratio | 0.39% | 0.40% |
| 1-yr return (as of 2026-01-30) | 187.2% | 72.4% |
| Dividend yield | 1.6% | n/a |
| Beta | 0.73 | 0.09 |
| AUM | $1.4 billion | $188.9 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.
SLVP and GLD carry nearly identical expense ratios, so neither has a clear cost advantage. Yield may factor in for income-focused investors, as only SLVP pays a dividend.
Performance & Risk Comparison
| Metric | SLVP | GLD |
|---|---|---|
| Max drawdown (5 y) | -55.56% | -21.03% |
| Growth of $1,000 over 5 years | $2,112 | $2,554 |
What's Inside
GLD is designed to track the price of physical gold, offering investors a straightforward way to gain exposure to gold bullion without the need to buy, store, or insure the metal directly. The fund is over 21 years old and, with $188 billion in assets under management (AUM), is one of the largest and most liquid ETFs in the world. Unlike many ETFs, it does not hold individual securities or companies; its value moves with the price of gold.
SLVP, in contrast, invests exclusively in mining companies within the basic materials sector, including top holdings like Hecla Mining, First Majestic Silver Corp, and Fresnillo Plc. This focus means SLVP’s returns can be more volatile, as miners are sensitive not only to silver prices but also to operational and equity market risks. The fund’s 30 holdings give concentrated exposure to global mining stocks, which can amplify both gains and losses versus holding physical metals like gold.
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What This Means For Investors
The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and SPDR Gold Shares (GLD) are two exchange-traded funds (ETFs) that target the precious metals market, albeit in very different ways. Here’s what investors should know about these two funds.
To start, it’s important to recognize that although both funds track aspects of the metals markets, they do so in very different ways. GLD tracks gold prices directly, replicating the benefits of owning gold bullion. SLVP, on the other hand, tracks a basket of silver miners. The share price of miners is often even more volatile than the price of the underlying commodity — producing an effect similar to a leveraged fund.
On top of these contrasts, it’s also notable that gold and silver also have key differences. Gold is typically seen as a store of value — prized by central banks and jewelers but is less often used for industrial purposes. Silver, meanwhile, has many industrial uses. For example, it is highly prized in the rapidly expanding data center market.
At any rate, for investors seeking exposure to the precious metals market, GLD and SLVP offer two clear, but distinct, paths. GLD offers direct bullion price exposure with lower volatility. SLVP offers potentially higher returns along with higher risks. Therefore, more conservative investors might prefer GLD, while those seeking higher returns might favor SLVP.
