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Data as of Oct 28, 2026.

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Across categories

GDX vs SLV: Differences, Returns & Fees

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Over the year to Oct 28, 2026, GDX returned +19.0% to SLV's +14.9%, and SLV charges 0.50% to GDX's 0.51%.

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Net assets: $25.6bn on Oct 27, 2026 for VanEck Gold Miners ETF, and $26.9bn on Oct 28, 2026 for iShares Silver Trust.

GDX on its own →SLV on its own →
At a glance
+19.0%
GDX total return, 1 year
+14.9%
SLV total return, 1 year
0.51%
GDX expense ratio
0.50%
SLV expense ratio

Pair scorecard

SLV costs 0.01 points a year less; their one-year returns differ by 4.1 points.

GDX vs SLV: Differences, Returns & Fees
MeasureGDXSLV
Return
Total return, 1 year+19.0%+14.9%
Drawdown
Below its all-time high27.5%, high on Feb 27, 2026
Below its high53.5%, high on Jan 28, 2026
Against its benchmark
What it tracksGold minersSilver
Against its benchmark, 1 yearahead by 5.6 pts
Cost and size
Expense ratio0.51%0.50%
Net assets, as of Oct 27, 2026$25.6bn$26.5bn
Active share vs the S&P 500100%
Holdings
Holdings in commonnot published
In the S&P 500, by weight12%
Top ten holdings, share of the fund60%

Method

Side by side

GDX VanEck Gold Miners ETF SLV iShares Silver Trust
Where it sits Thematic ETF Commodity ETF
Issuer VanEck iShares
What it is Gold miners Holds silver
Total return, 1 year +19.0% +14.9%
Its benchmark over the same days +13.4% (ACWI) +15.0% (SIVR)
Gap to its benchmark +5.6 pts vs ACWI −0.1 pts vs SIVR
Expense ratio 0.51% 0.50%
Holdings 59 not counted
Net assets, GDX as of Oct 27, 2026 and SLV as of Oct 28, 2026 $25.6bn $26.9bn

GDX and SLV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
GDX

By weight, 12% of GDX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 60% of the fund across 59 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +19.0% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 5.6 pts. It sits 27.5% below its all-time high of Feb 27, 2026.

SLV

Its expense ratio is 0.50% a year, for the three months to Jun 30, 2026, as its 10-Q states.

SLV holds silver. Over the year to Oct 28, 2026 it returned +14.9% with distributions reinvested, against +15.0% for its benchmark, the price of silver. It sat 53.5% below its high of Jan 28, 2026 on Oct 28, 2026.

Questions people ask

Are GDX and SLV in the same category?
GDX is a thematic ETF and SLV is a commodity ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, GDX or SLV?
In the year to Oct 28, 2026, with distributions reinvested, GDX returned +19.0% and SLV +14.9%.
Which is cheaper, GDX or SLV?
SLV is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
GDX vs IAUGDX vs IAUMGDX vs GLDBWET vs GDXIBB vs SLVSIL vs SLVSLV vs SLVPLYTE vs SLV
Where to next
GDX on its own →SLV on its own →Hold both: look the portfolio through →Rankings →GDX dividend history →GDX holdings →Standards and sources →
Sources and dates
GDX filings on SEC EDGAR ↗
GDX prospectus with the expense ratio (SEC) ↗
VanEck website ↗
iShares page for SLV ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, GDX against SLV, data as of Oct 28, 2026. https://etfiq.com/compare/any/gdx-vs-slv

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