Silver’s rise has become one of the most startling events in global financial markets recently. Its price has surged from below $31 per ounce at the beginning of 2025 to a historic high set in the past 24 hours—over $117 per ounce. This means the price of silver has nearly quadrupled in just 12 months. This extraordinary rally has allowed silver to outperform gold, platinum, bitcoin, and almost all major global stock indices, with many silver stocks delivering even more remarkable returns.
Two silver mining ETFs have notably benefited from the strong performance of the precious metals sector. Both the Global X Silver Miners ETF (SIL) and the iShares MSCI Global Silver and Metals Miners ETF (SLVP) focus on global silver mining stocks, offering options for investors looking to gain exposure to the precious metals space. However, there are significant differences in their fee structures, portfolio compositions, and fund sizes, which investors should carefully consider.
From a cost perspective, SLVP appears more economical, with an expense ratio of 0.39%, lower than SIL’s 0.65%. Additionally, SLVP offers a higher dividend yield, which is attractive to investors seeking both exposure to silver mining investments and a focus on cash flow.
The 15-year-old SIL tracks global silver mining companies, holding 42 stocks and focusing entirely on the basic materials sector. Its top three holdings are Wheaton Precious Metals Corp. (WPM), Pan American Silver Corp. (PAAS), and Coeur Mining, Inc. (CDE), which are primarily Canadian mining companies. The fund has been in operation for over 15 years, managing nearly $7 billion in assets. Its largest holding, Wheaton Precious Metals, accounts for over 20% of the portfolio, significantly higher than other holdings (none of which exceed 12%).
SLVP’s holdings structure is highly similar to SIL’s, with the same number of stocks. Launched in 2012, its top three holdings are Hecla Mining Co. (HL), Industrias Penoles (PE&OLES.MX), and Fresnillo Plc. (FRES.L), with a greater emphasis on mining companies with Mexican backgrounds.
Although neither SIL nor SLVP directly holds physical silver, investors should be aware of the potential correlation effects that silver price fluctuations may have on these portfolios. Silver is one of the most volatile precious metals in the market, with estimated volatility up to three times that of gold. Therefore, if silver prices experience sharp rises or declines in the short term, both ETFs could exhibit significantly greater-than-usual volatility.
On the other hand, while silver may continue its appreciation trend due to increasing scarcity and growing demand, silver mining companies could face pressure to transform their operations. It is estimated that over 70% of silver is mined as a byproduct of other metals, primarily due to the difficulty of mining silver independently.
Many investors believe silver could be one of the hottest trades in 2026. The appeal is obvious: beyond the temptation to join a potentially profitable investment wave, silver, as a precious metal, shares many qualities with gold—limited supply, historical use as a monetary backbone, and the ability to hedge against inflation and broader financial risks, including geopolitical uncertainties.
Given that silver is primarily produced as a byproduct of other commodities, its narrow supply channels also make its prices prone to sharp fluctuations. Combining this with the discussion on gold earlier this morning, these factors might lead to the conclusion that “early 2026 could still be a good time to buy silver.”
No one can predict the direction of the global economy or the prices of gold and silver in 2026. However, investors should keep in mind that gold and silver are two distinct assets with supply and demand curves influenced by different factors. No one wants to discover the hard way that their investment is not truly a safe-haven asset.
