GDX vs SIL: Weighing Gold Miners Against Silver Miners ETFs
Key Takeaways
- Different metals, different mandates: GDX targets global gold-mining companies, while SIL targets silver-focused miners — two related but distinct precious-metals exposures.
- Broader versus concentrated: GDX holds roughly 55 names with its largest position near 9–11%, whereas SIL holds about 40 names with Wheaton Precious Metals near 24% of assets.
- Cost gap: GDX's 0.51% expense ratio is about 14 basis points cheaper than SIL's 0.65%.
- Both are passive: Each is a market-capitalization-weighted index fund, though both carry a "non-diversified" regulatory classification.
- Risk profile: SIL tends to carry higher beta (sensitivity to overall market moves) and volatility than GDX, reflecting silver's dual monetary and industrial demand profile.
Why These Two ETFs Matter Now
Gold and silver miners have drawn renewed investor attention as precious-metals prices have climbed through recent market cycles. VanEck Gold Miners ETF (GDX) and Global X Silver Miners ETF (SIL) are two of the most widely followed vehicles in this space, yet they are not interchangeable. GDX offers broad exposure to global gold-mining companies, while SIL delivers a more concentrated, silver-centric bet. Understanding their differences in index construction, cost, concentration, and volatility is central to this ETF comparison. I also checked this using Tickeron’s AI Screener to see how the holdings line up against peers.
A Closer Look at the VanEck Gold Miners ETF (GDX)
VanEck Gold Miners ETF (GDX) is a passive fund tracking the MarketVector Global Gold Miners Index, a float-adjusted, modified market-capitalization-weighted benchmark of companies primarily engaged in gold and silver mining. It holds roughly 55 securities spanning large-, mid-, and small-cap producers plus royalty and streaming companies. Top holdings include Newmont (NEM), Agnico Eagle Mines (AEM), Barrick Gold (GOLD), Wheaton Precious Metals (WPM), Gold Fields (GFI), Franco-Nevada (FNV), and AngloGold Ashanti (AU). Materials make up essentially the entire portfolio. GDX carries a 0.51% net expense ratio and offers deep liquidity as one of the most established precious-metals equity ETFs, having launched in 2006.
Understanding the Global X Silver Miners ETF (SIL)
Global X Silver Miners ETF (SIL) is a passive fund tracking the Solactive Global Silver Miners Total Return Index, a market-capitalization-weighted benchmark of silver-mining companies. It holds roughly 40 names but is far more concentrated than GDX: silver streamer Wheaton Precious Metals (WPM) represents close to 24% of assets, followed by Pan American Silver (PAAS), Coeur Mining (CDE), and Hecla Mining (HL). SIL also includes diversified miners with large silver output, such as Fresnillo and Industrias Peñoles. Its expense ratio is 0.65%, and the fund carries a non-diversified classification. As a smaller, more focused vehicle, SIL tends to exhibit higher volatility and greater single-stock concentration risk. It launched in 2010. From what I see, the concentration difference stands out immediately when comparing the two.
The Broader Industry Context
Both funds sit within the precious-metals mining sector, which has benefited from several reinforcing forces. Central banks have been steady buyers of gold, supporting prices and miner margins. The path of real interest rates also matters, because precious metals offer no yield. Silver adds a second demand channel — industrial uses in solar panels, electronics, and electric vehicles — making silver miners more sensitive to global manufacturing cycles. Consolidation through mergers and acquisitions has reshaped the sector, while rising production costs remain a persistent risk. Geopolitical uncertainty has reinforced the safe-haven appeal of precious metals. Silver's dual monetary and industrial character typically makes it more volatile than gold, a distinction that flows directly into the relative behavior of GDX and SIL.
How Performance and Risk Compare
Over recent weeks and months, both funds have participated in a broader precious-metals uptrend, but with different magnitudes and volatility. GDX's diversified gold exposure has generally tracked the steady, institutionally led rally in gold, supported by central-bank buying and safe-haven flows. SIL has tended to amplify both upswings and pullbacks, reflecting silver's higher beta and its concentrated portfolio. When industrial demand strengthens or silver outperforms gold, SIL has often led; when risk appetite softens, its drawdowns have been sharper. In relative positioning terms, GDX offers more consistent, lower-volatility participation, while SIL functions as a higher-torque, silver-specific expression suited to investors with a strong tactical view on the metal. I’m watching this closely because the volatility gap can matter a great deal depending on an investor’s time horizon.
Integrating Tickeron Tools Into My Process
In my research process, I often turn to Tickeron’s AI Screener to quickly filter through mining ETFs and stocks based on technical patterns, fundamentals, and volatility metrics. It helps surface comparable names and refine exposure choices more efficiently than manual work. Explore the AI Screener to refine your own search.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
GDX's Indicator enters downward trend
The Aroon Indicator for GDX entered a downward trend on October 23, 2026. Tickeron's A.I.dvisor identified a pattern where the AroonDown red line was above 70 while the AroonUp green line was below 30 for three straight days. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options. A.I.dvisor looked at 148 similar instances where the Aroon Indicator formed such a pattern. In 131 of the 148 cases the stock moved lower. This puts the odds of a downward move at 89%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 22, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on GDX as a result. In 69 of 78 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 88%.
The Moving Average Convergence Divergence Histogram (MACD) for GDX turned negative on October 22, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 49 similar instances when the indicator turned negative. In 43 of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at 88%.
GDX moved below its 50-day moving average on September 28, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for GDX crossed bearishly below the 50-day moving average on October 02, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 10 of 12 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 83%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where GDX declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 88%.
Bullish Trend Analysis
The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.
The 50-day moving average for GDX moved above the 200-day moving average on October 01, 2026. This could be a long-term bullish signal for the stock as the stock shifts to an upward trend.
Following a +5.17% 3-day Advance, the price is estimated to grow further. Considering data from situations where GDX advanced for three days, in 292 of 319 cases, the price rose further within the following month. The odds of a continued upward trend are 90%.
GDX may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Advertisement
General Information
Category PreciousMetals
Advertisement