GDX vs. SLV: Which Metals ETF Should You Buy?

By John Ballard – Apr 2, 2026 at 1:26PM ESTKey PointsSLV and GDX both charge similar fees and target the basic materials sector.SLV delivered a slightly higher one-year return and shallower five-year drawdown compared to GDX.GDX holds 57 companies and is concentrated in its top positions.The VanEck Gold Miners ETF (NYSEMKT:GDX) and the iShares Silver Trust (NYSEMKT:SLV) both offer basic materials exposure with nearly identical expense ratios. Still, SLV tracks physical silver prices while GDX invests in a basket of gold mining stocks.GDX and SLV appeal to investors interested in precious metals, yet they represent two distinct approaches: GDX takes an equity route by holding shares of major gold miners. At the same time, SLV provides direct exposure to silver’s spot price. This comparison breaks down key differences in cost, performance, risk, and portfolio construction to help clarify which ETF may appeal depending on investment goals.ExpandNYSEMKT: GDXVanEck ETF Trust - VanEck Gold Miners ETFToday's Change(-0.90%) $-0.86Current Price$95.15Key Data PointsDay's Range$89.99 - $95.8452wk Range$40.26 - $117.17Volume1.1MSnapshot (cost & size)MetricSLVGDXIssueriSharesVanEckExpense ratio0.50%0.51%1-yr return (as of 2026-03-31)119.9%101.0%Beta2.000.66AUM$36.7 billion$29.5 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.Both ETFs are similarly priced, with SLV at a 0.50% annual expense ratio and GDX at 0.51%, so cost differences are negligible.Performance & risk comparisonMetricSLVGDXMax drawdown (5 y)(42.5%)(49.8%)Growth of $1,000 over 5 years$2,199$2,010Both funds have seen large swings, but SLV experienced a smaller maximum drawdown over five years and slightly better long-term growth, reflecting the different risk profiles of physical silver versus gold mining equities.What's insideGDX offers exposure to 57 global gold mining companies, all of which are in the basic materials sector. The largest holdings are currently Agnico Eagle Mines Ltd (NYSE:AEM), Newmont (NEM +0.31%), and Barrick Mining Corp (NYSE:B). These positions account for a significant share of assets. The fund’s nearly 20-year track record may appeal to those seeking diversified equity exposure tied to gold prices. Still, returns will be influenced by both gold’s value and the operating performance of mining firms.ExpandNYSEMKT: SLViShares Silver TrustToday's Change(-3.58%) $-2.44Current Price$65.70Key Data PointsDay's Range$63.49 - $66.2352wk Range$26.57 - $109.83Volume32MAvg Vol101MSLV, by contrast, is a pure-play on physical silver, reflecting the metal’s price movements without any company-specific or operational risk. Its entire exposure is to basic materials, but it does not hold equity positions—just the underlying commodity. This makes SLV structurally simpler and more direct for those seeking silver price participation.For more guidance on ETF investing, check out the full guide at this link.What this means for investorsBoth of these precious metals ETFs share similar expense ratios and asset sizes. These funds have also delivered roughly similar returns over the past five years, with SLV slightly outperforming GDX through the end of March. The key distinction between these funds is that GDX focuses on mining companies, while SLV is a bet on the directional movement of the physical price of silver. The advantage for GDX is that some of the mining stocks pay dividends, although it’s not much at 0.67%.But keep in mind that GDX has underperformed gold since its inception. This highlights the added risk of investing in a mining fund. With GDX, investors are essentially making two bets — one on the direction of gold prices and the other on the performance of the mining companies in the fund.However, there could be periods when GDX outperforms gold, such as when company margins expand during a bull market. SLV doesn’t pay dividends, but it doesn’t have the added company risk of GDX. It’s a simpler bet on the directional price of silver, with no operational risks or leverage. Read NextMar 27, 2026 •By Eric TrieGold Bullion or Gold Miners: Which Fits Your Portfolio Better? GDX vs AAAUMar 11, 2026 •By Matt DiLallo7 Best Gold ETFs for 2026: Should You Invest?Mar 10, 2026 •By Matt DiLalloBest Gold Stocks to Buy in 2026 and How to InvestApr 2, 2026 •By Anders BylundDow, S&P 500, Nasdaq: From Morning Meltdown to Midday "Meh"Apr 2, 2026 •By Andy GouldPBJ vs. XLP: Which Consumer Staples ETF Is the Better Buy?Apr 2, 2026 •By David Jagielski, CPAIt's Been 1 Year Since the Liberation Day Tariffs Were Announced. Here's Why the S&P 500 Didn't CrashAbout the AuthorJohn Ballard has been a contributing writer at The Motley Fool since 2016, covering consumer goods and technology stocks. He holds a bachelor’s degree in business administration with a focus in real estate finance from the University of Arkansas at Little Rock.TMFRazorbackStocks MentionedVanEck ETF Trust - VanEck Gold Miners ETFNYSEMKT: GDX$95.04(-1.01%)-$0.97iShares Silver TrustNYSEMKT: SLV$65.68(-3.61%)-$2.46*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.