Is SLV or SLVP the Better ETF to Buy Now?
- admin_ftp@b2544fd367
- April 1, 2026
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Explore how cost, liquidity, and portfolio structure set these two silver ETFs apart for investors with different priorities.
Both the iShares MSCI Global Silver and Metals Miners ETF (SLVP+6.51%) and the iShares Silver Trust (SLV+1.01%) target the silver market, but they do so in fundamentally different ways. SLVP offers diversified exposure to silver miners at a lower cost, while SLV tracks the price of silver directly, is far larger, and trades with greater liquidity.
SLVP invests in a global basket of mining stocks, whereas SLV is designed to mirror the spot price of silver itself. This comparison highlights key differences in cost, returns, risk, and portfolio structure to help investors understand which approach may appeal more, depending on their objectives.
Snapshot (cost & size)
| Metric | SLVP | SLV |
|---|---|---|
| Issuer | IShares | IShares |
| Expense ratio | 0.39% | 0.50% |
| 1-yr return (as of 2026-03-31) | 136.6% | 119.9% |
| Beta | 0.92 | 0.55 |
| AUM | $982.1 million | $35.7 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
SLVP is more affordable with a 0.39% expense ratio versus SLV’s 0.50%, making it the lower-cost option for silver exposure, though SLV’s higher fee is paired with much deeper liquidity and scale.
Performance & risk comparison
| Metric | SLVP | SLV |
|---|---|---|
| Max drawdown (5 y) | -56.18% | -42.45% |
| Growth of $1,000 over 5 years | $2,402 | $3,002 |
What’s inside
The iShares Silver Trust is a nearly $36 billion fund that seeks to track the spot price of silver, offering direct exposure to the metal itself. SLV is structured as a trust, not a traditional exchange-traded fund, and it does not hold equities or pay dividends. Its returns are tied to changes in the price of physical silver. With almost 20 years of history, SLV is one of the most established and liquid ways to access silver in the market.
SLVP, in contrast, delivers exposure to the silver sector through a portfolio of 36 global mining stocks. Its largest positions as of March 31 include Hecla Mining (HL+4.40%), Fresnillo Plc, and First Majestic Silver (AG+4.89%). Returns can be influenced by company-specific developments and broader mining industry trends, not just the metal’s spot price.