SLV vs. SLVP: Choosing Between Investing in Silver or Silver Mining

Both the iShares MSCI Global Silver ETF (NYSEMKT:SLVP) and iShares Silver Trust (NYSEMKT:SLV) cater to those seeking silver exposure, but with different approaches: SLVP holds shares of global mining companies tied to silver and other metals, while SLV is designed to mirror the price of physical silver.

Snapshot (cost & size)

Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.

SLVP has a cheaper expense ratio and a higher return within the last 12 months. However, SLV is slightly less volatile.

Performance & risk comparison

What's inside

Created almost 20 years ago, SLV is a nearly $50 billion trust that aims to track the price of physical silver, making it a direct play on the commodity, and does not hold any stocks. It does not offer any dividends for investors.

SLVP holds 42 stocks that are predominantly tied to the mining of silver. Created in 2012, its top three positions are Hecla Mining Co. (NYSE:HL), Industrias Penoles (PE&OLES.MX), and Fresnillo Plc. (FRES.L), with most of its top weight leaning towards Mexican-based mining companies.

What this means for investors

When investing in silver-related assets, one should consider silver’s volatility and the correlated effects it can have on their portfolio. Silver is one of the most volatile precious metals on the market, estimated to be three times more volatile than gold. So if silver’s price rises or falls significantly in a short period, both ETFs could be impacted, especially SLV.

And while silver’s value may continue to rise as it becomes increasingly rare and in demand, silver mining companies may have to pivot operationally, which could impact SLVP’s performance. It’s estimated that over 70% of silver is mined indirectly as a byproduct of other metals. That’s because silver is difficult to mine on its own.

As various industries become increasingly reliant on it for products such as electric vehicles, solar panels, and even medical applications, silver demand outpaces production, which could force companies to shift towards mining other metals, which can be effective, but would dilute the concentration of silver mining for SLVP.

Until then, both SLV and SLVP continue to benefit from silver’s meteoric rise in 2025 and so far in early 2026. Just don’t expect those high returns to persist throughout the year unless geopolitical and economic conditions remain or worsen.

For more guidance on ETF investing, check out the full guide at this link.

Adé Hennis 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.