The iShares MSCI Global Silver and Metals Miners ETF (SLVP 2.00%) and the iShares Gold Trust (IAU 1.68%) both target precious metals themes but differ sharply in recent returns, volatility, and portfolio concentration.
SLVP focuses on global silver and metals mining companies, making it a play on equities closely tied to silver prices. IAU, in contrast, provides direct exposure to gold prices through physical holdings. This comparison looks at cost, performance, risk, and the makeup of both funds to help investors assess which may fit their goals.
Snapshot (cost & size)
| Metric | SLVP | IAU |
|---|---|---|
| Issuer | IShares | IShares |
| Expense ratio | 0.39% | 0.25% |
| 1-yr return (as of 2026-02-06) | 189.5% | 73.0% |
| Dividend yield | 1.5% | n/a |
| AUM | $1.2 billion | $79.6 billion |
The 1-yr return represents total return over the trailing 12 months.
IAU is more affordable with a lower expense ratio, and it commands vastly greater assets under management. SLVP offers a yield of 1.5%, but IAU does not provide a dividend, so yield is a differentiator here.
Performance & risk comparison
| Metric | SLVP | IAU |
|---|---|---|
| Max drawdown (5 y) | -55.41% | N/A |
| Growth of $1,000 over 5 years | $2,518 | $2,733 |
What's inside
IAU is designed to track the price of gold directly, offering investors a simple way to access gold exposure without holding the physical commodity. With $79.6 billion in assets under management and a fund age of 21 years, it is one of the largest and most liquid gold ETFs available. IAU does not hold equities or other assets—its value is determined by gold prices, and it does not pay dividends.
SLVP, on the other hand, invests exclusively in global basic materials companies focused on silver and metals mining. Its portfolio is concentrated, with just 30 holdings, and top positions include Hecla Mining (HL 2.20%), Indust Penoles (IPOAF 7.23%), and Fresnillo Plc (FNLP.F 0.97%). This structure ties SLVP’s returns to both silver prices and the operational performance of mining companies, creating added volatility and potential for outsized gains or losses compared to direct commodity exposure.
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What this means for investors
You can put a bar of gold on a shelf, and decades later, all you’ll have is a bar of gold. Commodities usually don’t multiply on their own, but businesses that extract them successfully tend to grow over time. Some even pay dividends. By holding shares of companies that top the MSCI ACWI Select Silver Miners Investable Market Index, the SLVP ETF has a better chance to increase in value over time than an ETF focused entirely on the commodities these businesses dig up.
Not only do shares of top mining businesses tend to outperform the commodities they produce, but silver also outperformed gold by a mile over the past couple of years. As a result, the IAU has underperformed the SLVP ETF. The IAU delivered an outstanding 149% gain over the past three years, but it pales in comparison to the 253% gain investors received from SLVP over the same time frame.
