GLD Offers Stability While SIL Brings Bigger Swings
Key Points
Global X Silver Miners ETF (SIL) has delivered a dramatically higher one-year return but comes with higher volatility and a much deeper max drawdown than SPDR Gold Shares (GLD).
GLD is far more liquid, has a lower expense ratio, and manages over $175 billion in assets under management (AUM).
Both ETFs offer pure-play exposure to precious metals, but SIL is concentrated in silver mining equities while GLD tracks the price of physical gold.
- 10 stocks we like better than SPDR Gold Shares ›
The SPDR Gold Shares (NYSEMKT:GLD) and the Global X Silver Miners ETF (NYSEMKT:SIL) differ most notably in their risk levels, cost structures, and underlying exposures — SIL targets silver mining stocks, while GLD tracks physical gold, making each suited to different investor risk appetites and objectives.
GLD and SIL both enable investors to tap into the precious metals segment, but with distinct approaches. SIL invests in a portfolio of silver mining companies, offering equity exposure to the silver value chain. In contrast, GLD is designed to mirror the price of gold bullion, providing direct commodity exposure without the operating risks of mining firms. This comparison unpacks performance, risk, cost, and portfolio makeup to clarify which may appeal for different strategies.
Snapshot (cost & size)
| Metric | SIL | GLD |
|---|---|---|
| Issuer | Global X | SPDR |
| Expense ratio | 0.65% | 0.40% |
| 1-yr return (as of 2026-02-11) | 194% | 75% |
| Beta | 0.96 | 0.73 |
| AUM | $6.6 billion | $175.3 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-year return represents total return over the trailing 12 months.
GLD is more affordable to hold, with an expense ratio of 0.40% compared to SIL’s 0.65%. The cost difference may be material for long-term investors, especially when compounded over several years.
Performance & risk comparison
| Metric | SIL | GLD |
|---|---|---|
| Max drawdown (5 y) | -56.8% | -22.0% |
| Growth of $1,000 over 5 years | $2,560 | $2,731 |
What's inside
GLD offers direct exposure to gold bullion, tracking the price of physical gold and serving as a liquid, simple vehicle for investors seeking to hedge against inflation or diversify away from equities. With over 21 years of operating history and $175 billion in assets under management, it is among the largest and most traded commodity ETFs available. GLD holds no mining stocks; its performance is tied closely to the spot price of gold, providing a pure commodity play for those wary of company-specific risks.
SIL, in contrast, holds 39 stocks focused entirely on the basic materials sector, specifically silver miners. Its largest positions include Wheaton Precious Metals Corp (NYSE:WPM), Pan American Silver Corp (NYSE:PAAS), and Coeur Mining Inc (NYSE:CDE), which together account for a significant portion of the portfolio. This equity-based approach means SIL’s returns are influenced by both silver prices and the operational performance of mining firms, adding potential upside but also greater volatility.
For more guidance on ETF investing, check out the complete guide at this link.
What this means for investors
The prices of gold and silver have had a monster run over the past few years. Their recent performance shows why investors have historically liked to allocate a small portion of their total invested assets to these precious metals for diversification from stocks, real estate, or bonds.
SIL’s outperformance has been supported by growing demand for silver in industrial sectors. But a key feature of this fund is that it seeks to capture long-term silver demand by holding shares of silver mining companies.
By contrast, GLD is a simple play on the price of gold itself. SIL adds additional risk through its ownership of companies, which could be affected in the event of an economic recession or an industry slowdown that pressures demand for industrial use.
Should you buy stock in SPDR Gold Shares right now?
Before you buy stock in SPDR Gold Shares, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SPDR Gold Shares wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $429,385!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,165,045!*
Now, it’s worth noting Stock Advisor’s total average return is 913% — a market-crushing outperformance compared to 196% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of February 12, 2026.
John Ballard 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.
Recommended Articles
