🤝 BFF Take
GLDM Wins on Cost and Stability — SLV Is the Higher-Beta Precious Metal Bet
SLV (iShares Silver Trust) and GLDM (SPDR Gold MiniShares) are both physically-backed precious metal ETFs, but they represent different metals at very different costs. SLV holds physical silver at 0.50% — silver is a hybrid monetary/industrial metal with higher volatility than gold. GLDM holds physical gold at 0.10% — the cheapest major gold ETF and a 5x fee advantage over SLV. Gold has historically provided better risk-adjusted returns than silver, with lower volatility and better crisis hedge properties. Silver has more explosive upside in precious metal bull markets but also deeper drawdowns. If you want precious metal exposure, GLDM offers a more stable, much cheaper entry point. SLV is for investors who specifically want silver's higher-beta precious metal exposure, particularly as a solar/industrial demand play.
📋 Quick Takeaways
🥇GLDM holds physical gold at 0.10% — the cheapest gold ETF; stable crisis hedge with central bank demand
🥈SLV holds physical silver at 0.50% — higher volatility, industrial demand tailwind from solar, but pricier
💰GLDM costs 5x less than SLV — meaningful for a non-income-producing asset where fees compound directly against returns
📊 Data-Based Take: GLDM has the lower fee
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
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Reviewed by a CFA® Charterholder · Data updated Jun 2026 · Educational only, not financial advice
GLDM
SPDR Gold MiniShares Trust
📋 SLV vs GLDM — Key Facts Side by Side
| Metric |
SLV |
GLDM |
| Fund Name |
iShares Silver Trust |
SPDR Gold MiniShares Trust |
| Issuer |
iShares |
State Street |
| Tracks Index |
Silver Spot Price (LBMA) |
Gold Spot Price (LBMA) |
| Expense Ratio |
0.50% |
0.10% ✓ |
| Cost per $10K/yr |
$50.00 |
$10.00 |
| AUM |
$12B |
$12B |
| Holdings |
1 |
1 |
| Inception |
2006 |
2018 |
| 1-Year Return |
+22.40% |
+28.60% |
| 3-Year Return |
+6.80% |
+12.40% |
| 5-Year Return |
+8.60% |
+13.20% |
| Avg Bid-Ask Spread |
0.02% |
0.01% |
Data from ETF BFF database. Returns are annualised. Not investment advice.
📊 SLV vs GLDM — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy SLV or GLDM?
Choose if...
SLV
- You want a hedge against inflation and market drawdowns
- You already use iShares and prefer staying within their fund family
Choose if...
GLDM
- You want the lowest fees — saves ~$40/yr per $10K vs SLV
- You want a hedge against inflation and market drawdowns
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❓ SLV vs GLDM — Frequently Asked Questions
Should I buy SLV or GLDM?
GLDM is better for most investors seeking precious metal exposure — it's 5x cheaper and gold has historically provided better risk-adjusted returns. SLV makes sense if you have a specific view on silver outperforming gold (typically a silver bull cycle thesis) or want exposure to the solar/industrial silver demand story. Gold is a better crisis hedge; silver has higher upside potential in precious metal bull markets and higher downside risk in bear markets.
Is silver cheaper than gold as an investment?
Silver's price per ounce is much lower than gold (~$30 vs $2,500+), making SLV cheaper per share. But the relevant cost for investors is the expense ratio — SLV at 0.50% costs much more annually than GLDM at 0.10%. The per-share price is irrelevant to investment cost; the expense ratio is what matters for long-term returns.
What is the gold-to-silver ratio and why does it matter?
The gold-to-silver ratio measures how many ounces of silver equal one ounce of gold. Historically it's ranged from 30:1 to 120:1. When the ratio is very high (silver is cheap relative to gold), some investors rotate from GLDM into SLV expecting silver to mean-revert. When the ratio is low, they rotate back to gold. This ratio-based strategy has had some historical merit but is speculative and timing-dependent.
Is SIVR better than SLV?
SIVR (abrdn Physical Silver Shares ETF) charges 0.30% vs SLV's 0.50% — significantly cheaper for the same silver exposure. For long-term silver investors, SIVR is the better choice over SLV purely on cost grounds. SIVR has less AUM and liquidity than SLV, but for retail-sized positions, this is not a practical concern. See our GLD vs SLV comparison for the full gold vs silver ETF analysis.
Does silver benefit from the clean energy transition?
Yes — silver is an essential component in solar photovoltaic cells. The global solar buildout has created meaningful incremental demand for silver. The Silver Institute projects solar demand could reach 200+ million ounces annually by 2030. This industrial tailwind is a differentiator for silver vs gold — gold has minimal industrial demand. Whether this solar demand story is already priced into silver is debatable, as silver has been anticipating this narrative for years.
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ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.