Key Points
The Abrdn Physical Silver Shares ETF provides direct exposure to physical silver bullion, while the iShares MSCI Global Silver and Metals Miners ETF invests in mining company stocks.
The iShares MSCI Global Silver and Metals Miners ETF has delivered a higher 1-year total return but carries a higher expense ratio than its commodity-based counterpart.
The Abrdn Physical Silver Shares ETF manages significantly more assets under management (AUM) and has historically exhibited lower sensitivity to broad market movements.
The Abrdn Physical Silver Shares ETF (NYSEMKT:SIVR) provides direct exposure to the price of physical bullion, while iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) targets the equity performance of companies involved in silver extraction.
These two funds offer distinct ways to play the silver market. Investors choosing between them may decide if they prefer the direct exposure of a physical commodity or the potential of mining companies. While the metal price drives both, the mining stocks are also subject to operational costs, management decisions, and broader equity market trends.
Snapshot (cost & size)
| Metric | SLVP | SIVR |
|---|---|---|
| Issuer | iShares | Aberdeen Investments |
| Share price | $40.27 (as of 2026-08-20) | $64.83 (as of 2026-08-20) |
| Expense ratio | 0.39% | 0.3% |
| 1-yr return (as of 2026-08-20) | 108.4% | 79.4% |
| Dividend yield | 1.7% | n/a |
| Beta | 0.93 | 0.53 |
| AUM | $1.1B | $4.6B |
Beta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield as of the close of trading on Aug. 20, 2026.
The Abrdn Physical Silver Shares ETF is the more affordable option, carrying an expense ratio of 0.3%. By contrast, the iShares MSCI Global Silver and Metals Miners ETF charges 0.39%. The Abrdn Physical Silver Shares ETF also features a larger assets under management (AUM) at $4.6 billion compared to $1.1 billion for the iShares fund.
Performance & risk comparison
| Metric | SLVP | SIVR |
|---|---|---|
| Max drawdown (5 yr) | (47.7%) | (52.3%) |
| Growth of $1,000 over 5 years (total return) | $3,328 | $2,915 |
Over the last five years, the iShares MSCI Global Silver and Metals Miners ETF has shown a shallower maximum drawdown of (47.7%) compared to the (52.3%) seen in the physical metal fund. Furthermore, the mining-focused approach has produced a higher total growth of $3,328 on a $1,000 initial investment over that period, though it exhibits higher sensitivity to broader market volatility as indicated by its beta.
What's inside
The Abrdn Physical Silver Shares ETF is a commodity-focused fund that holds physical silver bullion in secure vaults. Because it holds the actual metal, its sole position is physical silver at 100%, so the fund seeks to track the spot price of the metal. It was launched in 2009.
The iShares MSCI Global Silver and Metals Miners ETF provides exposure to the Basic Materials sector, specifically companies involved in silver and metal mining. It currently holds 35 positions. Its largest positions include Hecla Mining (NYSE:HL) at 13.1%,Indust Penoles at 11.9%, and First Majestic Silver (TSX:AG) at 9.6%. It was launched in 2012.
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Which looks like the better buy?
Silver has been on a historic rally. The precious metal has nearly tripled since the start of 2024, and more than doubled since 2025 partly in tandem with the rush into gold on inflation fears and partly due to industrial demand from renewable energy applications. Even while silver is down from its peak of $120 an ounce in February, it remains in a bullish trend.
Investors seeking exposure to the metal rally without the time and expense of buying physical commodities can buy either of these ETFs and gain access to their preferred precious metal. Yet these are very different funds.
SIVR is a pure play on the price of silver. That means the ETF is all about betting on the demand for the metal and its historic store of value against inflation and the rising industrial demand for silver thanks to renewable energy applications, like in solar panels.
Owning a collection of mining stocks, like SLVP, isn't a pure play on the price of silver. But silver miner stocks track the physical metal prices rather closely. Studies show that the vast majority of the price movement of such mining stocks is influenced by silver's price.
A benefit for mining stock ETF holders is that when silver prices rise, they usually outpace operating costs. That's because miners are pulling silver from the ground that they have already paid to acquire, while the royalties and other costs don't rise as high (though they do rise). That means in the early years of a precious metals rally, the higher prices flow mostly to the bottom line.
Also a benefit to stock ETF holders: mining companies can make decisions that boost returns to shareholders, whether by increasing dividends or merging with another miner. Those gains can flow through to ETF shareholders. Plus SLVP pays dividends, because of the dividends of its component stocks. Those are things a physical metals fund can't give investors.
As a result, the mining stock fund, SLVP, has largely outperformed the physical metals funds. Year-to-date, SLVP has a positive 7.6% return while the metal fund, SIVR, has a negative 7.4% return. SLVP has also outpaced the physical silver fund handily over the 1-year, 3-year and 5-year time periods, including a 62% annualized return over three years that beats SIVR by more than 20 percentage points. Only physical silver has beaten the mining stocks fund over 10 yeras, with 13.8% returns to 13.1% for SLVP.
The choice for silver bugs is clear, buy the mining stock ETF, SLVP, for long-term profits in the precious metal.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.