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GDX vs SIL
Which ETF would AI Choose? VanEck Gold Miners ETF (GDX) vs. Global X Silver Miners ETF (SIL)
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.
Introduction
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.
VanEck Gold Miners ETF (GDX) Overview
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 (firms that finance miners in exchange for a share of future production revenue). 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.
Global X Silver Miners ETF (SIL) Overview
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, meaning it may concentrate more heavily in fewer issuers. As a smaller, more focused vehicle, SIL tends to exhibit higher volatility and greater single-stock concentration risk. It launched in 2010.
Industry and Thematic Backdrop
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 (inflation-adjusted) 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 (M&A) 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.
Performance and Positioning Comparison
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.
AI Screener
Tickeron's AI Screener is an AI-powered stock and ETF discovery tool that helps traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics, surfacing trade ideas, trending names, breakout candidates, and market opportunities more efficiently than manual screening. For investors evaluating precious-metals exposure, it can highlight the strongest candidates across the mining complex in seconds. Explore the AI Screener to refine your own search.
Tickeron AI Verdict
Based on observable structural factors rather than short-term price action, Tickeron's AI would likely favor GDX for investors seeking core precious-metals equity exposure. Its lower expense ratio (0.51% versus 0.65%), broader diversification across roughly 55 holdings, deeper liquidity, and reduced single-name concentration support a more consistent trend and risk-adjusted profile. SIL, by contrast, offers higher beta and greater sensitivity to silver-specific momentum, which can be tactically attractive but introduces more concentration and volatility risk. A probabilistic assessment leans toward GDX as the structurally stronger, more cost-efficient core holding, with SIL best viewed as a satellite for investors with conviction in silver's relative outperformance. This is a comparative, data-driven perspective, not investment advice.
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.
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is GDX is a Hold and SIL is a Hold.
GDX in downward trend: price dove below 50-day moving average on September 28, 2026
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. In 34 of 38 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are 89%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 29, 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 40 of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at 82%.
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 9 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 75%.
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%.
The Aroon Indicator for GDX entered a downward trend on October 30, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
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 +3.62% 3-day Advance, the price is estimated to grow further. Considering data from situations where GDX advanced for three days, in 290 of 317 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.
SIL in downward trend: 10-day moving average crossed below 50-day moving average on October 02, 2026
The 10-day moving average for SIL 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 14 of 14 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 90%.
Technical Analysis (Indicators)
Bearish Trend Analysis
SIL 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 50-day moving average for SIL moved below the 200-day moving average on October 26, 2026. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where SIL 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 86%.
The Aroon Indicator for SIL entered a downward trend on October 30, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The RSI Indicator entered the oversold zone -- be on the watch for SIL's price rising or consolidating in the future. That's also the time to consider buying the stock or exploring call options.
The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.
Following a +3.84% 3-day Advance, the price is estimated to grow further. Considering data from situations where SIL advanced for three days, in 295 of 320 cases, the price rose further within the following month. The odds of a continued upward trend are 90%.
SIL may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
| GDX | SIL | |
|---|---|---|
| RSI ODDS (%) | N/A | 3 days ago 89% |
| Stochastic ODDS (%) | 3 days ago 90% | 3 days ago 90% |
| Momentum ODDS (%) | 3 days ago 88% | N/A |
| MACD ODDS (%) | 3 days ago 82% | N/A |
| TrendWeek ODDS (%) | 3 days ago 86% | 3 days ago 87% |
| TrendMonth ODDS (%) | 3 days ago 86% | 3 days ago 88% |
| Advances ODDS (%) | 5 days ago 90% | 5 days ago 90% |
| Declines ODDS (%) | 3 days ago 88% | 3 days ago 86% |
| BollingerBands ODDS (%) | 3 days ago 90% | 3 days ago 90% |
| Aroon ODDS (%) | 3 days ago 89% | 3 days ago 88% |
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GDX and
Correlation & Price change
A.I.dvisor indicates that over the last year, GDX has been closely correlated with WPM. These tickers have moved in lockstep 96% of the time. This A.I.-generated data suggests there is a high statistical probability that if GDX jumps, then WPM could also see price increases.
SIL and
Correlation & Price change
A.I.dvisor indicates that over the last year, SIL has been closely correlated with PAAS. These tickers have moved in lockstep 95% of the time. This A.I.-generated data suggests there is a high statistical probability that if SIL jumps, then PAAS could also see price increases.
| Ticker / NAME | Correlation To SIL | 1D Price Change % | ||
|---|---|---|---|---|
| SIL | 100% | -5.58% | ||
| PAAS - SIL | 95% Closely correlated | -6.80% | ||
| WPM - SIL | 95% Closely correlated | -5.42% | ||
| CDE - SIL | 91% Closely correlated | -6.70% | ||
| OR - SIL | 90% Closely correlated | -4.44% | ||
| VZLA - SIL | 82% Closely correlated | -6.99% | ||
More | ||||
| 1 Day | |||
|---|---|---|---|
| ETFs / NAME | Price $ | Chg $ | Chg % |
| ASTN | 31.68 | 3.23 | +11.35% |
| Defiance Daily Target 2X Short ASTS ETF (ASTN) | |||
| NUV | 8.44 | 0.08 | +0.96% |
| Nuveen Municipal Value Fund | |||
| PFFR | 16.13 | -0.03 | -0.19% |
| InfraCap REIT Preferred ETF (PFFR) | |||
| AVDS | 76.15 | -1.11 | -1.44% |
| Avantis International Small Cap Equity ETF (AVDS) | |||
| ZHDG | 23.63 | -0.45 | -1.85% |
| Zega Buy & Hedge ETF (ZHDG) | |||