Gold vs Silver Miners ETF comparison

What happened: iShares MSCI Global Silver and Metals Miners ETF (SLVP) has outperformed Sprott Gold Miners ETF (SGDM) and Global X Silver Miners ETF (SIL) in the past year, as of July 2, 2026. SLVP also offers a lower expense ratio and higher dividend yield than both competitors. SGDM focuses on U.S. and Canadian gold producers, while SLVP provides global exposure to silver and other metals miners.

Market impact: This performance shift favors silver miners and diversified metal producers over gold miners. Investors seeking exposure to precious metals may prefer SLVP for its lower cost and broader commodity exposure, driving potential fund inflows. However, investors prioritizing pure-play silver exposure or U.S./Canada-focused gold producers may still opt for SIL or SGDM, respectively.

What to watch next: Investors should monitor the upcoming earnings reports from major miners in these ETFs, such as Newmont Corporation (NEM) for SGDM and First Majestic Silver Corp. (AG) for SIL, to gauge the fundamentals driving each sector. Additionally, keep an eye on global commodity prices and exchange-traded fund (ETF) flows to assess the continued appeal of SLVP's diversified metal miner approach.