GLDM vs. SIL: Low-Cost Gold Tracker or Higher-Reward Silver Miners?

Fresh one-year results underscore a tradeoff between minimal fees with steadier bullion exposure versus outsized gains with deeper drawdowns.

Overview

GLDM is a physically backed trust that tracks gold bullion, whereas SIL holds a global portfolio of silver mining companies.
As of Jan. 12, 2026, GLDM charges a 0.10% expense ratio with about $25 billion in assets and pays no dividend.
SIL carries a 0.65% expense ratio with roughly $5 billion in assets and offers a 1.18% dividend yield.
Trailing one-year total return reached 186.7% for SIL compared with 69.26% for GLDM over the same period.
Risk metrics diverge sharply, with a five-year max drawdown of -56.79% for SIL versus -21.63% for GLDM, and SIL’s top holdings—Wheaton Precious Metals, Pan American Silver, and Coeur Mining—make up over 40% of the fund.