Data as of Oct 28, 2026.
GDX vs SIL: Holdings Overlap & Returns
Over the year to Oct 28, 2026, GDX returned +19.0% to SIL's +18.3%; 17% of their weight is in the same names.
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Net assets: $25.6bn on Oct 27, 2026 for VanEck Gold Miners ETF, and $4.4bn on Oct 12, 2026 for Global X Silver Miners ETF.
12% of GDX's weight is in S&P 500 companies and 88% is outside the index. Holdings as of Oct 22, 2026.
0% of SIL's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Jul 31, 2026.
Pair scorecard
GDX costs 0.14 points a year less; their one-year returns differ by 0.7 points; GDX is 6.0 times larger.
Points (pts) are percentage points.
| Measure | GDX | SIL |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.0% | +18.3% |
| Drawdown | ||
| Below its all-time high | 27.5%, high on Feb 27, 2026 | 34.2%, high on Feb 27, 2026 |
| Against its benchmark | ||
| What it tracks | Gold miners | Silver miners |
| Its benchmark, total return, 1 year | +13.4% | +13.4% |
| Against its benchmark, 1 year | ahead by 5.6 pts | ahead by 4.9 pts |
| Cost and size | ||
| Expense ratio | 0.51% | 0.65% |
| Net assets, as of Oct 12, 2026 | $26.6bn | $4.4bn |
| Holdings | ||
| Holdings in common | 17% | |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Apr 30, 2010 to Oct 23, 2026 · 860 weekly returns · each against ACWISIL returned slightly more: +93.6% to +85.0%. GDX swung slightly less: 36.5% to 39.9%. GDX fell slightly less at its worst: −79.2% to −82.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GDX | SIL | ACWI | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +85.0% | +93.6% | SIL (slight) | Price change plus distributions, reinvested. | |
| Annualized | +3.8% | +4.1% | SIL (slight) | Total return as a yearly rate. | |
| Price return | +58.8% | +62.4% | SIL (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 36.5% | 39.9% | GDX (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 25.2% | 27.5% | GDX (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −79.2% | −82.3% | GDX (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 48.6% | 84.6% | 100.0% | SIL | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 73.7% | 100.9% | 100.0% | GDX | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.73 | 1.03 | 1.00 | GDX lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.10 | 0.18 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.24 | 0.26 | SIL (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.35 | 0.38 | SIL (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.122 | 0.101 | 0.095 | GDX | Return above Treasury bills per unit of beta. |
| Calmar | 0.05 | 0.05 | Tie | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | ACWI | ACWI | ACWI | The ETF each fund is measured against. | |
| Alpha | +1.9% a year | +0.6% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.23 | 0.07 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −14.8% to +18.7% | −16.9% to +18.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.02 | 0.03 | SIL | Return against its benchmark per unit of tracking error. | |
| Tracking error | 34.8% | 36.2% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 860 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GDX and SIL hold 17% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
17% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | GDX | SIL | GDX | SIL |
| 3 months | +14.1% | +6.3% | +9.7 pts vs ACWI | +1.9 pts vs ACWI |
| 6 months | −2.6% | −10.2% | −10.0 pts vs ACWI | −17.6 pts vs ACWI |
| 1 year | +19.0% | +18.3% | +5.6 pts vs ACWI | +4.9 pts vs ACWI |
| 3 years | +197.7% | +227.9% | +108.8 pts vs ACWI | +139.0 pts vs ACWI |
| Since launchNot the same days: GDX May 2006 · SIL Apr 2010 | +173.0% | +109.0% | not measured | −286.2 pts vs ACWI |
Side by side
As of Oct 28, 2026. Source: ETFIQ.
17% of the two portfolios are the same securities at the same weight.
GDX and SIL are built for the same job. How do they differ in cost, holdings and results?
- Theme. GDX covers Gold miners and SIL covers Silver miners.
- Concentration. The top ten holdings are 60.1% of GDX and 76.3% of SIL, a gap of 16.2 points.
- What each follows. GDX follows Gold miners and SIL follows Silver miners.
Data as of Oct 28, 2026.
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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.
SIL
By weight, 0% of SIL'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 76% of the fund across 39 positions, as filed for Jul 31, 2026. Over the year to Oct 28, 2026 the fund returned +18.3% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 4.9 pts. It sits 34.2% below its all-time high of Feb 27, 2026.
Questions people ask
- Do GDX and SIL hold the same stocks?
- By their latest filings, 17% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, GDX against SIL, data as of Oct 28, 2026. https://etfiq.com/compare/themes/gdx-vs-sil
ETFIQ. (Oct 28, 2026). GDX against SIL. Retrieved from https://etfiq.com/compare/themes/gdx-vs-sil
[GDX against SIL (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/gdx-vs-sil)
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