Silver vs. Gold Miners: SLV vs. GDX Performance Comparison in 2026

In 2026, the key question for investors between iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX) was which would deliver better returns. SLV, as a direct investment in physical silver bars, achieved a 1-year return of 52.40%, making it the top-performing commodity ETF in the market. This performance coincided with silver prices surging 30% in the final quarter of 2025. GDX, which invests in gold mining equities, lagged with a 44.40% return but offers an 0.8% dividend yield, which SLV lacks. Risk-wise, SLV's 5-year max drawdown of 51.00% is higher than GDX's 46.50%, indicating SLV's greater volatility.

Analyzing these dynamics, silver prices are expected to rise further in 2026's second half due to increased demand from China and U.S. strategic reserves. SLV's direct exposure to physical metal prices gives investors a more direct way to capture these market movements compared to GDX's equity-based approach.