SIL vs SLVP: Weighing Two Silver Miners ETFs for Targeted Exposure

Key Takeaways

• SIL and SLVP both target global silver-mining equities, but they track different indexes, producing meaningfully different top-holding weightings and risk profiles.
• SIL is a broader, more liquid fund with roughly 41 holdings and a heavier tilt toward streaming and royalty companies, led by WPM.
• SLVP is the lower-cost option at a 0.39% expense ratio versus 0.65% for SIL, and skews more toward primary silver producers such as HL and AG.
• Both funds are non-diversified and effectively concentrated in the materials sector, making them high-beta, high-volatility instruments sensitive to silver prices.
• Tickeron AI Verdict: Based on cost efficiency, purer silver-price sensitivity, and stronger recent relative momentum, Tickeron's AI currently favors SLVP over SIL.

Why These Two ETFs Stand Out

Investors looking for leveraged-style exposure to silver often prefer silver-miner equities over physical metal. Two prominent options are the Global X Silver Miners ETF (SIL) and the iShares MSCI Global Silver and Metals Miners ETF (SLVP). While both serve the same thematic purpose, they follow distinct indexes, carry different weightings, and feature separate expense structures. Silver has seen strong moves in recent cycles, so understanding these differences helps when assessing sector exposure and risk-adjusted results. I also checked this using Tickeron’s AI Screener to see how the funds align with broader industry patterns.

Global X Silver Miners ETF (SIL) at a Glance

SIL tracks the Solactive Global Silver Miners Total Return Index, a market-cap-weighted benchmark of companies involved in silver mining. Launched in 2010, it is the larger and more established fund, with assets under management in the multi-billion-dollar range and solid trading liquidity. The portfolio typically includes around 40 to 41 securities and is classified as non-diversified. A single name, WPM (Wheaton Precious Metals), often exceeds 20% of assets. Other notable holdings include PAAS (Pan American Silver), CDE (Coeur Mining), HL (Hecla Mining), Fresnillo, and Korea Zinc. Geographic exposure leans heavily toward Canada, with additional presence in the United States and Latin America. The expense ratio stands at 0.65%, and the fund remains concentrated in basic materials.

iShares MSCI Global Silver and Metals Miners ETF (SLVP) at a Glance

SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, focusing on silver mining and exploration firms in developed and emerging markets. Launched in 2012 by BlackRock, it is also non-diversified and holds roughly 30 to 40 securities. Its top positions differ from SIL, featuring HL (Hecla Mining), Industrias Peñoles, AG (First Majestic Silver), Fresnillo, and Aya Gold & Silver, along with smaller stakes in diversified names such as NEM (Newmont) and AEM (Agnico Eagle Mines). This creates a stronger emphasis on primary silver producers and greater Mexican exposure. The expense ratio of 0.39% makes SLVP the lower-cost choice.

Industry Context and Key Drivers

Both ETFs sit within the precious-metals mining sector, where commodity prices, mine supply, and macro conditions play central roles. Silver has gained from monetary-policy shifts, periods of U.S. dollar weakness, and industrial demand from solar, electric vehicles, and electronics. Because much silver output is a byproduct of other mining, supply adjusts slowly, which can magnify price swings. Risks include interest-rate changes that raise the opportunity cost of non-yielding assets, geopolitical events that spur safe-haven buying, and operational issues such as rising costs or permitting delays in regions like Mexico and Peru. Silver’s higher volatility compared with gold means both funds can experience sizable drawdowns even in uptrends.

Performance and Positioning Differences

Over recent months and the trailing twelve-month period, both funds posted solid gains amid the silver rally, yet SLVP has shown stronger relative results. This stems from its heavier weighting in primary producers, which delivers more direct silver-price sensitivity, whereas SIL’s streaming and royalty exposure can dampen both gains and losses. SLVP’s 0.39% expense ratio provides a lasting cost advantage over SIL’s 0.65%. SIL counters with greater liquidity and a longer track record, which may suit larger or institutional investors. Both remain high-volatility vehicles with material single-name concentration, though SIL’s is most pronounced at the top holding. Recent sector flows into precious metals have favored SLVP’s lower-cost, more silver-focused profile.

Refining ETF Comparisons with AI Tools

In my own analysis, I frequently rely on Tickeron’s AI Screener to filter ETFs by technical patterns, fundamentals, trend strength, and volatility metrics. The tool scans thousands of securities with customizable criteria, helping surface relevant ideas more efficiently than manual reviews. It has proven useful for comparing sector vehicles like these and spotting emerging opportunities within the materials space.

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.

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