GLD Offers Direct Gold Exposure and More Price Stability While SLVP Delivers Bigger Swings
Key Points
SLVP has delivered a much higher one-year return than GLD, but with far greater volatility and risk.
GLD has yielded 30% higher returns than SLVP over the last five years.
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The iShares MSCI Global Silver Miners ETF (NYSEMKT:SLVP) and SPDR Gold Shares ETF (NYSEMKT:GLD) differ most in their approach to precious metals exposure: SLVP invests in silver miners, while GLD tracks physical gold. This comparison highlights how these differences play out in costs, returns, risk, and portfolio construction.
Snapshot (cost & size)
| Metric | SLVP | GLD |
|---|---|---|
| Issuer | iShares | SPDR |
| Expense ratio | 0.39% | 0.40% |
| 1-yr return (as of Feb. 14, 2016) | 194.28% | 72.83% |
| Beta | 0.79 | 0.14 |
| AUM | $1.2 billion | $175.67 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
SLVP and GLD charge nearly identical expense ratios, but GLD has a significantly lower beta, offering more price stability in an already volatile market. However, SLVP’s one-year return is tough to beat.
Performance & risk comparison
| Metric | SLVP | GLD |
|---|---|---|
| Max drawdown (5 y) | -55.41% | -21.03% |
| Growth of $1,000 over 5 years | $2,482 | $2,673 |
What's inside
Launched over 20 years ago, GLD tracks the performance of physical gold, offering investors direct gold exposure by allocating 100% of its holdings to gold bars held in London vaults.
SLVP holds 42 stocks that are predominantly tied to the silver mining market. Created in 2012, its top three positions are Hecla Mining Co. (NYSE:HL), Industrias Penoles (PE&OLES.MX), and Fresnillo Plc. (FRES.L), with most of its top weight leaning towards Mexican-based mining companies.
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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.
With international tariffs and heightened tensions throughout 2025 and this year, demand and prices for metals have risen significantly. Since the start of 2025 up until Feb. 14, 2026, the price of gold per ounce has nearly doubled. However, investors should be aware of the volatility of the precious metals market, especially with GLD, since it directly holds gold. Precious metals are highly volatile compared to stocks, and prices can fall as quickly as they rise.
In SLVP’s case, silver’s value may continue to rise as it becomes increasingly rare and in demand, but silver mining companies may have to pivot operationally, as it’s estimated that over 70% of silver is mined indirectly as a byproduct of other metals. That’s because silver is difficult to mine on its own.
As various industries become increasingly reliant on it for products such as electric vehicles, solar panels, and even medical applications, silver demand outpaces production. This may leave companies forced to shift towards mining other metals, which can be effective, but would dilute the concentration of silver mining for these stocks.
Until then, both SLVP and GLD continue to benefit from the precious metal market’s meteoric rise in 2025 and so far in early 2026.
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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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