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The abrdn Physical Silver Shares ETF (NYSEMKT:SIVR) tracks silver prices directly with a lower expense ratio, while the VanEck Gold Miners ETF (NYSEMKT:GDX) provides diversified exposure to gold-producing companies.
Investors often look to precious metals like gold and silver to hedge against inflation or diversify beyond traditional stocks and bonds. While both funds target the metals space, they offer fundamentally different risk-reward profiles. This comparison looks at the differences between owning the miners versus owning the metal directly. One tracks a physical commodity, while the other invests in businesses.
Beta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
The abrdn Physical Silver Shares ETF is the more affordable option in this matchup, with an annual expense ratio of 0.3%. This is 0.21 percentage points lower than the 0.51% charged by the VanEck Gold Miners ETF, representing a cost difference that could impact long-term compounding.
The abrdn Physical Silver Shares ETF aims to replicate the price performance of silver by holding physical metal in secure vaults. Because it is a commodity-based fund rather than an equity investment, it does not report a traditional sector breakdown. Its portfolio is composed of 100% physical silver, meaning its value is driven strictly by commodity market fluctuations rather than corporate operations. The fund was launched in 2009.
The VanEck Gold Miners ETF tracks an index of companies worldwide that are active in the gold mining industry. Its portfolio is entirely concentrated within the basic materials sector. The fund's largest holdings include Newmont (NYSE:NEM) at 11.11%, Agnico Eagle Mines (NYSE:AEM) at 11.04%, and Barrick Mining (NYSE:B) at 7.85%. It currently manages a basket of 57 holdings, providing broader equity-based exposure compared to holding a single metal. The fund was launched in 2006.
For more guidance on ETF investing, check out the full guide at this link.
Silver spent years in gold's shadow before staging one of the most dramatic runs in commodity market history. In 2025, silver surged more than 140%, driven by a rare convergence of safe-haven demand and industrial appetite from solar panels, AI data centers, and electronics. Since then, silver has pulled back sharply from its highs, which raises the more interesting question for long-term investors: Is the story over, or is this a buying opportunity?
SIVR captures silver's price moves as directly as any investment can, with no company-specific risk layered on top. GDX takes a different route, holding shares in gold mining companies whose profits expand when gold rises but can be pressured by costs, management decisions, and geopolitical factors that have nothing to do with metal prices.
SIVR charges less than GDX and has delivered stronger returns over the past year despite the pullback. For investors who believe silver's industrial demand story still has runway, SIVR is the more direct and cost-efficient way to own it. GDX suits those who want equity-style exposure to precious metals and are comfortable accepting mining company risk alongside commodity risk.
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Which Precious Metals ETF Is the Better Buy: abrdn's Silver SIVR or VanEck's Gold Miners GDX? was originally published by The Motley Fool
