SIL and SLV Offer Distinct Silver Investment Choices, But Which Is the Better Buy Right Now?
Key Points
SIL has a higher expense ratio and deeper drawdowns than SLV but offers exposure to silver mining companies rather than the metal itself.
SLV has shown slightly lower volatility than SIL over the past five years.
SIL’s portfolio is concentrated in a handful of major silver miners, which may add company-specific risk and potential for equity-style returns.
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The iShares Silver Trust (NYSEMKT:SLV) and the Global X - Silver Miners ETF (NYSEMKT:SIL) both target the silver market, but they do so in distinct ways: SLV reflects silver’s spot price, while SIL holds a basket of global silver miners.
This comparison examines how those differences play out in terms of cost, performance, risk, and portfolio makeup.
Snapshot (cost & size)
| Metric | SLV | SIL |
|---|---|---|
| Issuer | iShares | Global X |
| Expense ratio | 0.50% | 0.65% |
| 1-yr return (as of April 25, 2026) | 125.1% | 135.1% |
| Beta | 0.53 | 0.86 |
| Assets under management (AUM) | $35.7 billion | $5.1 billion |
| Dividend yield | N/A | 1.11% |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
SLV is more affordable for cost-conscious investors, with a slightly lower expense ratio than SIL. Yield differences are also a factor to consider. Because SLV does not offer a dividend, SIL could be more appealing to those seeking income alongside investment growth.
Performance & risk comparison
| Metric | SLV | SIL |
|---|---|---|
| Max drawdown (5 y) | -42.45% | -56.79% |
| Growth of $1,000 over 5 years | $2,850 | $2,297 |
What's inside
SIL focuses exclusively on silver mining stocks, holding 38 companies with a heavy tilt toward industry leaders: Wheaton Precious Metals, Pan American Silver, and Coeur Mining combined make up over 43% of the fund. The portfolio is 100% basic materials, offering indirect exposure to silver prices with added company and operational risk.
SLV, by contrast, holds physical silver and does not own mining equities, meaning its returns closely track the metal’s spot price. The fund’s asset base is much larger, and it avoids company-specific risk, but it will not capture the potential upside (or downside) from operational leverage in the mining sector.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
SIL and SLV take different approaches to the silver market, which can appeal to different types of investors.
Oftentimes, investors choose to invest in precious metals to avoid the volatility of stocks. In that case, SLV’s direct exposure to physical silver could be the better fit. This ETF avoids stocks altogether, which can help reduce risk — as evidenced by its lower beta and smaller max drawdown, suggesting less severe price fluctuations.
The downside of an ETF like SLV, however, is that it may also offer less earning potential than a fund that includes stocks. SIL still offers indirect exposure to silver, but because it’s focused on silver mining companies, it could see larger gains when the silver market is booming.
The right choice for you will depend mostly on your goals and risk tolerance. Investors seeking the relative safety of precious metals with minimal volatility may prefer SLV’s direct exposure to physical silver.
On the other hand, if you’re looking for a middle ground between precious metals and equities, SIL’s focus on mining companies can lead to greater earnings while still providing access to the silver market.
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Katie Brockman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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