AAAU & SLV: Two Precious Metal ETFs That Can Add Some Shine to Your Portfolio
Key Points
SLV has delivered a much higher one-year return and shows greater volatility than AAAU.
AAAU charges a lower expense ratio and has nearly the exact same five-year return as SLV.
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The iShares Silver Trust (NYSEMKT:SLV) and Goldman Sachs Physical Gold ETF (NYSEMKT:AAAU) both serve as gateways for investors seeking direct exposure to precious metals, but each tracks a different commodity: silver for SLV and gold for AAAU. This comparison explores how their costs, returns, risk levels, and portfolio characteristics stack up for those weighing metal-specific exposures.
Snapshot (cost & size)
| Metric | SLV | AAAU |
|---|---|---|
| Issuer | IShares | Goldman Sachs |
| Expense ratio | 0.50% | 0.18% |
| 1-yr return (as of Feb. 14) | 137.63% | 73.1% |
| AUM | $44,77 billion | $3.13 billion |
The 1-yr return represents total return over the trailing 12 months.
AAAU is more affordable in cost, with an expense ratio of 0.18% compared to SLV's 0.50%, but SLV’s return within the last 12 months has nearly doubled AAAU’s.
Performance & risk comparison
| Metric | SLV | AAAU |
|---|---|---|
| Max drawdown (5 y) | (37.65%) | (20.94%) |
| Growth of $1,000 over 5 years | $2,764 | $2,681 |
What's inside
Launched seven years ago, AAAU is designed to track the performance of physical gold, offering investors direct gold exposure by allocating 100% of its holdings in gold bars held in the U.K.
For nearly 20 years, SLV has been offering investors exposure to silver. Designed to track the price of silver, the fund’s holdings comprise 100% silver bullion held in London.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
In 2025, the precious metals market skyrocketed, with many metals often following Gold's price movements. Gold, along with other metals, is seen as a hedge against the U.S. dollar, especially during periods of geopolitical and economic turbulence. And with international tariffs and heightened tensions throughout 2025 and this year, the demand and price of metals have benefited tremendously.
Since the start of 2025 up until Feb. 14, 2026, the price of gold per ounce has nearly doubled. The price of silver has surged 170% within that same time frame.
But while metals have seen tremendous returns in recent years, investors should be aware of the volatility of precious metals, as their prices can drop just as quickly as they rise. Silver is also known to be twice as volatile as gold, so it requires even more caution when investing in assets that are directly tied to it. One example is on Jan. 30, silver’s price plummeted 27% in one day.
As long as investors are aware of the volatility of precious metals, both AAAU and SLV are great ways to gain exposure to that type of market.
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Adé Hennis 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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