Silver Trust Outpaces Gold Miners ETF Despite Similar Costs

The iShares Silver Trust has recently outperformed the VanEck Gold Miners ETF, a divergence in performance occurring despite the two funds carrying nearly identical expense ratios. As of May 2026, the iShares Silver Trust manages $37.6 billion in assets under management, compared to $26.2 billion for the VanEck fund. While the cost to hold either position is marginal, the structural differences between the vehicles create distinct risk profiles for investors navigating the precious metals market.

The primary distinction lies in what each vehicle actually holds. The iShares Silver Trust tracks the price of physical silver bullion, providing direct exposure to metal price fluctuations without the overlay of corporate equity risk. In contrast, the VanEck Gold Miners ETF holds a diversified portfolio of 57 gold-mining companies. This structure exposes investors to operational leverage and the specific performance metrics of the mining corporations within the basket, rather than the commodity price alone.

Income seekers will find a notable difference in the distribution policies of these funds. The iShares Silver Trust pays no dividends, with a trailing-12-month yield of $0.00, as it does not hold income-generating businesses. Conversely, the VanEck Gold Miners ETF offers a trailing-12-month dividend of $0.63 per share, reflecting the earnings generated by the underlying mining operations.

For those interested in the composition of the VanEck fund, the largest positions are heavily weighted toward major industry players. Newmont Corp accounts for 11.46% of the portfolio, followed closely by Agnico Eagle Mines Ltd at 11.38%, and Barrick Mining Corp at 7.62%. These holdings mean that the performance of the ETF is inextricably linked to the operational success and financial health of these specific corporations.

The iShares Silver Trust, launched in 2006, functions as a trust holding physical silver bullion rather than corporate equities. Because it does not hold income-generating businesses, it has no top corporate holdings to influence its trajectory. Its value fluctuates directly with the price of silver net of fees, making it a straightforward tracker of the metal's performance, albeit one subject to the inherent volatility often associated with silver compared to gold.

While both funds provide access to the precious metals sector, they serve different investment objectives. The VanEck fund offers exposure to the operational performance of miners, where gold prices influence revenue but are not the sole determinant of stock value due to time lags in production and operational challenges. The iShares Silver Trust remains a pure play on the commodity itself, a distinction that has driven its recent outperformance relative to the equity-focused alternative.