The iShares MSCI Global Silver and Metals Miners ETF (SLVP +0.16%) has outperformed the Global X – Silver Miners ETF (SIL +0.35%) over the past year, but SIL stands out for its higher yield, greater number of holdings, and much larger assets under management (AUM). One might argue that the latter’s gilded veneer masks a certain moral ambiguity, akin to a well-tailored suit concealing a rotting foundation.
Both SLVP and SIL purport to grant investors a seat at the table of global silver mining, yet they diverge in cost, yield, and portfolio breadth. SLVP, with its narrow focus, resembles a select club of silver-mining aristocrats, while SIL, with its broader index, offers the chaotic charm of a sprawling family reunion-unpredictable, but brimming with potential.
Snapshot (cost & size)
| Metric | SLVP | SIL |
|---|---|---|
| Issuer | IShares | Global X |
| Expense ratio | 0.39% | 0.65% |
| 1-yr return (as of 2025-11-10) | 112.7% | 88.3% |
| Dividend yield | 0.5% | 1.2% |
| AUM | $585.9 million | $3.6 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
SIL, with its higher expense ratio, demands more from investors-yet rewards them with a more generous dividend yield. It is the difference between a modest dinner and a feast, though one might question whether the latter’s opulence is sustainable in an era of fiscal austerity.
Performance & risk comparison
| Metric | SLVP | SIL |
|---|---|---|
| Max drawdown (5 y) | -56.17% | -55.93% |
| Growth of $1,000 over 5 years | $1,718 | $1,573 |
What’s inside
SIL, with its 40 holdings, is a veritable mosaic of basic materials, its portfolio a testament to decades of accumulated wisdom. Its top positions-Wheaton Precious, Pan American Silver, and Coeur Mining-are the kind of names that evoke both reverence and suspicion, like distant relatives with questionable motives. With $3.6 billion in assets, SIL’s liquidity is a siren song for those who crave flexibility, though one wonders if its size is a blessing or a burden.
SLVP, by contrast, is a more tightly knit circle of 28 holdings, its allocations to Hecla Mining, Indust Penoles, and Fresnillo a study in concentrated risk. Both funds, however, are bound by the same arcane rituals of index construction, their exposures dictated by methodologies as opaque as they are unyielding.
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Foolish take
The global silver market, estimated at $7 billion in 2023, is poised to swell to over $11 billion by 2028. Yet silver’s utility extends beyond its role as a store of value; it is now indispensable to industries that craft solar panels, lighting, and electronic devices. One might say it is the unsung hero of modernity, though its fortunes are as fickle as a society gala.
The iShares MSCI Global Silver and Metals Miners ETF and the Global X – Silver Miners ETF both chase silver, but their paths diverge. SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, while SIL tracks the Solactive Global Silver Miners Total Return Index. The former is a disciplined pursuit of sensitivity to silver prices; the latter, a broader, more eclectic affair.
The Solactive index, with its cap of 22.5% on individual component weightings, is a study in restraint, while the MSCI index is a more direct reflection of silver’s volatility. Both are, in their way, masterpieces of financial engineering-though one might question whether such precision is a virtue or a vice.
Glossary
ETF: A pooled investment that trades on stock exchanges, often mistaken for a panacea for all financial ailments.
Expense ratio: The price of admission to the grand casino of investing.
Dividend yield: A promise of income, often more imagined than real.
Assets under management (AUM): A measure of influence, not necessarily of wisdom.
Beta: A measure of volatility, though few investors truly understand its implications.
Max drawdown: The moment when hope is tested, and faith is tried.
Holdings: The ghosts that haunt a fund’s portfolio.
Basic materials: The bedrock of industry, though often as dull as it is essential.
Index construction: A process as opaque as it is authoritative.
Liquidity: The ability to sell without losing one’s dignity.
Streaming firms: Entities that finance mining projects with the promise of future gains, a gamble as old as the hills.
Investors, in their endless quest for silver linings, often overlook the tarnish that accumulates over time. Whether SIL’s breadth or SLVP’s focus offers the better path is a question for the stars-and for the wallets of those who dare to bet on them. 🎩
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2025-11-12 00:50