GDX Offers a More Targeted Focus on Gold, While SLVP Boasts Lower Fees
Key Points
The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and the VanEck Gold Miners ETF (GDX) both provide exposure to the metal mining industry.
GDX offers far greater size and liquidity than SLVP, but with a slightly higher fee and a narrower focus on gold.
SLVP has broader exposure to silver and other metals, offering greater diversification.
- These 10 stocks could mint the next wave of millionaires ›
The iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) targets global companies in the silver and metals mining industry, while the VanEck Gold Miners ETF (NYSEMKT:GDX) tracks a global basket of gold mining stocks. The two funds both offer exposure to basic materials, but they differ in scale, cost, and portfolio composition.
Snapshot (cost & size)
| Metric | SLVP | GDX |
|---|---|---|
| Issuer | iShares | VanEck |
| Expense ratio | 0.39% | 0.51% |
| 1-yr return (as of Nov. 7, 2025) | 90.26% | 86.57% |
| Dividend yield | 0.46% | 0.53% |
| AUM | $570.17 million | $21.21 billion |
| Beta (5Y monthly) | 1.19 | 1.00 |
Beta measures price volatility relative to the S&P 500.
SLVP offers more affordable fees, with a 0.39% expense ratio versus 0.51% for GDX. GDX pays a slightly higher dividend yield, however, which may appeal to those seeking a modest payout alongside mining exposure.
Performance & risk comparison
| Metric | SLVP | GDX |
|---|---|---|
| Max drawdown (5 y) | 56.18% | 47.79% |
| Growth of $1,000 over 5 years | $1,435 | $1,738 |
What's inside
GDX invests in gold mining stocks, holding 53 stocks and covering nearly two decades of trading history. Its portfolio includes Agnico Eagle Mines, Newmont, and Barrick Mining, and its large AUM (just over $21 billion, as of Nov. 7, 2025) makes it a staple for both institutional and retail traders.
SLVP tracks a global index of silver and metals miners, providing exposure not only to silver but also to a broader range of metals companies. Its top holdings -- Industrias Penoles, Hecla Mining, and Fresnillo -- highlight its tilt toward silver. With just 28 holdings, it's more concentrated than GDX.
For more guidance on ETF investing, check out the full guide at this link.
Foolish take
GDX and SLVP both offer exposure to metal mining stocks, and they have similar dividend yields and 12-month past performance. GDX charges a slightly higher expense ratio, but it's also experienced less price volatility in recent years with a lower beta and max drawdown.
The key difference between these two funds lies in their concentrations within the materials sector. Although GDX contains more holdings, it focuses exclusively on gold mining stocks. SLVP offers a broader approach with access to silver and other metal miners.
Both ETFs can be smart investments to gain exposure to metals stocks, but the right one for you will depend on which metals you're looking to add to your portfolio. For targeted access to gold mining, GDX could be a good fit. SLVP, by contrast, may be ideal for those looking for more diversified exposure to various metals.
Glossary
ETF (Exchange-Traded Fund): A fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges its investors.
Dividend yield: The annual dividend income from an investment, expressed as a percentage of its price.
Beta: A measure of an investment's volatility compared to the overall market; higher beta means more volatility.
AUM (Assets Under Management): The total market value of assets that a fund manages on behalf of investors.
Max drawdown: The largest percentage drop from a fund’s peak value to its lowest point over a specific period.
Index: A benchmark or group of securities used to measure the performance of a market segment.
Concentrated: A portfolio with a small number of holdings, increasing exposure to individual company risks.
Issuer: The financial company that creates and manages an ETF or mutual fund.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,034%* — a market-crushing outperformance compared to 191% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
See the stocks »
*Stock Advisor returns as of November 3, 2025
Katie Brockman has no position in any of the stocks mentioned. The Motley Fool recommends Fresnillo Plc. The Motley Fool has a disclosure policy.
Recommended Articles
