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ETF Comparison

SLV vs GLD: Two Metals, Two Bullion Trusts

A head-to-head of the iShares Silver Trust and SPDR Gold Shares covering the metal, cost, and why they are not substitutes.

Data updated August 19, 2026

Best for

  • GLDInvestors who want a non-correlated hedge against inflation and market stress.
  • SLVInvestors who want a non-correlated hedge against inflation and market stress.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

GLD has lagged SLV over the trailing twelve months, posting a 34.82% total return against 73.69%. The picture flips over 10 years, though — GLD has compounded at 12.35% a year, ahead of SLV at 12.32%. GLD has been the steadier holding, though — annualized volatility of 21.2% against 43.9% for SLV. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Apr 2006Volatility Sharpe Sortino Max drawdown
GLD3.91%34.82%33.08%19.88%12.35%9.54%21.2%1.141.59-26.4%
SLV-8.73%73.69%41.18%22.48%12.32%7.50%43.9%0.690.89-52.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Apr 2006” measures every fund from April 28, 2006 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricGLDSLV
Full nameSPDR Gold SharesiShares Silver Trust
IssuerState StreetiShares
Last Close$398.55 as of August 19, 2026$57.44 as of August 19, 2026
Distribution yield0.00%0.00%
Distribution Safety Score™ ——
Expense ratio0.40%0.50%
AUM$144B$31.8B
Distribution frequencyNoneNone
Underlying indexGold bullion spot priceSilver bullion spot price
ObjectiveReflect the performance of the price of gold bullion less trust expenses.Reflect the performance of the price of silver bullion less trust expenses.
Asset classCommodityCommodity
Inception date11/18/200404/21/2006
Beta0.361.11

Bottom lineGLD and SLV are both for investors who want a non-correlated hedge against inflation and market stress — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

GLD vs SLV: gold bullion or silver bullion?

Two metals, two trusts. Neither pays a distribution. The metal is the whole decision.

GLDSLV
What it holdsPhysical gold in trustPhysical silver in trust
Expense ratio0.40%0.50%
Fund size$144B$31.8B
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See how much monthly income a hypothetical investment would generate in each ETF at current yields.

State Street
ETFs180
Total AUM$2169B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on GLD.

See all State Street ETFs
iShares
ETFs473
Total AUM$4710B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on SLV.

See all iShares ETFs

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Quick verdict

GLD (SPDR Gold Shares) and SLV (iShares Silver Trust) are both ETFs, but they take different approaches.

GLD is cheaper with an expense ratio of 0.40% compared to 0.50%.

They track different benchmarks: GLD is linked to Gold bullion spot price while SLV tracks Silver bullion spot price, which means their performance drivers differ.

GLD is the larger fund by assets ($144B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, GLD has no reported distribution yield yet, so a monthly income estimate is not available, while SLV has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

GLD yield0.00%
SLV yield0.00%

Cost & efficiency

Over 10 years on $10,000, GLD would cost approximately $400 in fees vs $500 for SLV (simplified, not compounded). The $100.00 difference may be offset by yield or performance.

GLD ER0.40%
SLV ER0.50%

Strategy & risk

GLD tracks Gold bullion spot price with a metals approach, while SLV tracks Silver bullion spot price with a metals approach. Beta is 0.36 for GLD and 1.11 for SLV, making GLD the less volatile of the two by this measure.

GLD beta0.36
SLV beta1.11

Fund details

GLD is managed by State Street (launched 11/18/2004) with $144B in assets. SLV is managed by iShares (launched 04/21/2006) with $31.8B in assets.

GLD AUM$144B
SLV AUM$31.8B
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Frequently asked questions

What is the difference between SLV and GLD?

SLV (iShares Silver Trust) holds silver bullion. GLD (SPDR Gold Shares) holds gold bullion. Neither pays a distribution. Cost is 0.50% versus 0.40%; size is $31.8B versus $144B as of August 2026. They are different metals, not two versions of the same trade.

Which of GLD or SLV pays more dividend income?

SLV currently reports a distribution yield, while GLD has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between GLD and SLV?

GLD (SPDR Gold Shares) tracks Gold bullion spot price with a metals approach, while SLV (iShares Silver Trust) tracks Silver bullion spot price with a metals approach. They are issued by State Street and iShares respectively.

Can I hold both GLD and SLV?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, GLD or SLV?

GLD has an expense ratio of 0.40% while SLV charges 0.50%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in GLD vs SLV generate?

At current rates, GLD has not established a distribution history yet, so a monthly income estimate is not available. SLV has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, GLD or SLV?

GLD has lagged SLV over the trailing twelve months, posting a 34.82% total return against 73.69%. The picture flips over 10 years, though — GLD has compounded at 12.35% a year, ahead of SLV at 12.32%. GLD has been the steadier holding, though — annualized volatility of 21.2% against 43.9% for SLV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

GLD vs SLV — at a glance

Generated August 15, 2026.

Overview

GLD and SLV are commodity ETFs that track the spot prices of physical gold and silver bullion, respectively. Both are physically backed trust structures with minimal expense ratios, but they differ fundamentally in their underlying metal, volatility profile, and use case within a portfolio. Gold is typically a defensive hedge; silver carries both industrial and precious-metal demand, making it more cyclical.

How they differ

The biggest difference is volatility: SLV has a beta of 1.11, meaning it swings about 11% more than the broad market, while GLD's beta of 0.36 signals much lower correlation to equities. This reflects silver's dual nature—it's both an industrial metal and a store of value, whereas gold is almost purely a safe-haven asset. Second, GLD is vastly larger at $132B in assets versus SLV's $28.6B, giving GLD tighter spreads and more liquid trading. Third, SLV charges 0.50% annually while GLD costs 0.40%, a small but measurable gap on a buy-and-hold precious-metals position. Neither fund distributes income; both simply track their underlying bullion prices after expenses.

Who each is best for

GLD: Fits investors seeking a defensive, lower-volatility hedge against equity drawdowns and inflation, with a time horizon of several years or more. The fund's low correlation to stocks appeals to those building a portfolio anchor independent of market cycles.

SLV: Designed for investors with higher risk tolerance who want exposure to silver's industrial and monetary demand characteristics, or those anticipating cyclical economic expansion where silver tends to outperform gold.

Key risks to know

  • Commodity price risk: Both track spot prices directly, so extended declines in gold or silver valuations will erode principal with no income or dividend cushion to offset losses.
  • Silver's cyclical exposure: SLV's higher beta means it may underperform during risk-off periods when investors flee to gold, despite silver's long-term store-of-value properties. This mismatch can be painful for investors seeking a stable hedge.
  • Fund contango/storage arbitrage: Both funds incur storage and insurance costs embedded in their annual expense ratios, which can create drag if spot prices stagnate or fall—investors are paying for custody of an asset that isn't appreciating.
  • Concentration in single metals: GLD and SLV each depend entirely on one commodity's price action with no diversification within precious metals or across asset classes. Holdings overlap risk should be assessed independently.

Bottom line

If you value stability and portfolio insurance, GLD's low beta and enormous liquidity make it the straightforward choice for a long-term inflation and crisis hedge. If you see industrial demand and economic upside, SLV's higher volatility and lower AUM can amplify gains—though at the cost of whipsaw during equity selloffs. Past performance in precious metals doesn't predict future returns; both are long-duration bets on currency debasement and geopolitical risk.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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