Investors looking to gain exposure to silver have two primary ETF options: the iShares Silver Trust (SLV) and the Global X Silver Miners ETF (SIL). The iShares Silver Trust offers direct exposure to silver prices by holding physical silver, making it a straightforward way to track the metal's spot price movements. With an expense ratio of 0.5% and assets under management (AUM) exceeding $30 billion, SLV is a highly liquid and cost-effective choice for those focused solely on the commodity.
The Global X Silver Miners ETF, on the other hand, invests in companies that extract silver, providing operational leverage and potential dividends. SIL has a higher expense ratio of 0.65% and significantly lower AUM at $4.4 billion. Its top holdings include Wheaton Precious Metals Corp, Pan American Silver Corp, and Coeur Mining Inc. Unlike SLV, SIL offers a dividend yield of 1.2%, which can appeal to income-focused investors.
Performance-wise, SIL has outperformed SLV over the past three years, with annualized returns of nearly 56% compared to 37% for SLV. However, both funds have experienced volatility, with SLV's max drawdown at 52.3% and SIL's at 47.9% over the past five years. The choice between the two depends on whether an investor prefers direct commodity exposure or the potential benefits of mining equities, including dividends and operational efficiency.
Silver has seen a strong rally in recent years, doubling since mid-2025. While SLV had a poor 2026 with a nearly 16% negative return, SIL posted a modest year-to-date return of nearly 3%. For investors betting on a continued silver rally, SIL may be the better option due to its dividend yield and stronger recent performance.