Silver's iShares trust returned 65.5% over the past year against 22.3% for the SPDR gold fund, but it carried nearly double the drawdown risk. The choice between the two bullion ETFs comes down to whether an investor wants steadier gold or higher-octane silver.
Silver has outrun gold over the past year, yet the extra return came with far bigger swings. The iShares Silver Trust returned 65.5% over the trailing 12 months to 2 July 2026, against a 22.3% total return for SPDR Gold Shares. That gap frames the trade-off between the two funds: momentum on one side, stability on the other.
Cost and size favor gold
The SPDR gold trust is the cheaper fund to hold, with an expense ratio of 0.40% against 0.50% for the silver trust — a saving of $1.00 a year for every $1,000 invested. Gold is also far larger, holding $132.9 billion in assets versus $28.6 billion for silver.
Both funds hold physical bullion in secure vaults, so neither pays a dividend. Each carries a 100% physical metal position — gold launched in 2004, silver in 2006.
Silver's momentum comes with volatility
Silver's dual role as both a precious and industrial metal often leads to higher price volatility than gold. That shows in the risk figures: the silver trust posted a five-year maximum drawdown of 51%, nearly double the 26.2% for the gold fund.
The one-year headline return also masks sharper moves. Despite the 65.5% overall gain, a price spike meant silver's return rose as high as 217%, so investors who bought at that peak may still face considerable losses. Gold's gain for the year peaked at around 60%, so a purchase at its high would have caused smaller losses.
The five-year picture is closer
Over five years the funds nearly converge. A $1,000 investment grew to $2,260 in the gold fund and $2,241 in silver on a total-return basis, giving gold a slight edge. Both funds have also outperformed the S&P 500's total return, with each in a long-term bull market.
Precious metals often serve as a hedge against inflation, currency devaluation, or geopolitical uncertainty. Weighing gold's lower cost, smaller drawdowns and higher five-year returns, one could argue silver's extra volatility may not be worth the larger expense ratio.
Source: Yahoo Finance
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