AAAU vs SLVP: Is Gold or Silver ETF the Better Bet Now?

By Neha Chamaria – Apr 1, 2026 at 11:31PM ESTKey PointsSLVP delivered a much higher 1-year return but with far greater drawdowns and volatility than AAAU.AAAU is notably cheaper and offers lower risk exposure, tracking physical gold rather than equities.SLVP concentrates on silver miners, while AAAU is a pure gold play with no equity or sector tilts.The iShares MSCI Global Silver and Metals Miners ETF (SLVP +4.60%) and the Goldman Sachs Physical Gold ETF (AAAU +1.77%) approach precious metals from entirely different angles. While SLVP holds global silver and metals mining equities, AAAU tracks the price of physical gold. SLVP pursues high-growth, high-risk silver miners, whereas AAAU offers low-cost, lower-volatility exposure to gold itself.For investors weighing pure commodity exposure against a leveraged play on mining stocks, these ETFs provide distinct risk-reward profiles. This comparison highlights those differences to help investors make better decisions. Snapshot (cost & size)MetricSLVPAAAUIssuerISharesGoldman SachsExpense ratio0.39%0.18%1-yr return (as of Mar. 31, 2026)136.6%49.6%Beta0.920.22AUM$982 million$2.8 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.AAAU stands out for its lower 0.18% expense ratio compared to SLVP’s 0.39%, making it the more affordable option for cost-conscious investors.Performance & risk comparisonMetricSLVPAAAUMax drawdown (5 y)-56.18%-21.63%Growth of $1,000 over 5 years$2,402$2,719What's insideAAAU is a single-asset fund designed to reflect the price of physical gold, with all holdings concentrated in bullion rather than equities or derivatives. The fund, now 7.7 years old, provides direct exposure to gold and does not hold company shares, so traditional sector and holdings breakdowns do not apply. There is no leverage, currency hedge, or ESG quirks.By contrast, SLVP is an equity ETF focused on silver and metals miners. Its top holdings include Hecla Mining (HL +2.95%), Fresnillo Plc, and First Majestic Silver (AG +3.21%), which means SLVP’s returns are tied not only to silver prices but also to mining company fundamentals and broader equity market movements.For more guidance on ETF investing, check out the full guide at this link.What this means for investorsPrecious metals like gold and silver are considered a hedge against inflation and economic uncertainty. The choice between the iShares MSCI Global Silver and Metals Miners ETF and the Goldman Sachs Physical Gold ETF comes down to which metal you’re seeking exposure to: gold or silver. As the name suggests, the Goldman Sachs Physical Gold ETF holds gold bullion in secure vaults, giving investors direct exposure to the price of gold. With AAAU, investors can gain exposure to gold without the hassles of buying and storing physical gold. The iShares MSCI Global Silver and Metals Miners ETF, on the other hand, is an equity ETF that provides investors with exposure to global silver mining companies. So unlike AAAU, which solely tracks the price of gold, the operations of mining companies and their stock prices can affect SLVP’s value. SLVP, however, pays a dividend too. SLVP data by YChartsAfter underperforming AAAU for some years, SLVP has gained significant momentum in one year because of silver’s massive outperformance. Unlike gold, which is primarily stored by central banks or used as jewelry, silver has significant industrial uses, including electronics, semiconductors, electric vehicles, and medical tools. Investors looking to invest in precious metals may want to allocate funds to both ETFs for exposure to gold as well as silver. Read NextMar 27, 2026 •By Eric TrieGold Bullion or Gold Miners: Which Fits Your Portfolio Better? GDX vs AAAUMar 25, 2026 •By John BallardThe Battle of the Gold ETFs: Is AAAU Better Than GLD?Mar 11, 2026 •By Matt DiLallo7 Best Gold ETFs for 2026: Should You Invest?Apr 1, 2026 •By John BallardPBJ vs. RSPS: Which Consumer Staples ETF Is the Better Buy?Apr 1, 2026 •By Emma NewberyStock Market Today, April 1: Markets Rally and Oil Prices Fall for Second Day RunningAbout the AuthorNeha Chamaria is a contributing Motley Fool stock market analyst covering energy, industrials, utilities, and materials sectors, with a focus on dividend stocks. Prior to The Motley Fool, Neha worked on portfolio valuations for hedge funds at HSBC and authored articles as a journalist. She holds a master’s degree in finance from ICFAI and an MBA from Symbiosis University, along with certifications from the National Stock Exchange of India. Neha was honored with an all-India gold medal for her M.S. in Finance and was the first woman in her family to pursue a professional career.TMFNehaChamariaX@nehamschamariaStocks MentionedGoldman Sachs Physical Gold ETFNYSEMKT: AAAU$47.01(+1.77%)+$0.82iShares - iShares Msci Global Silver And Metals Miners ETFNYSEMKT: SLVP$37.09(+4.60%)+$1.63*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.