GLD vs SIVR

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (GLD $137.93B; SIVR $3.58B). Figures an issuer page does not show are left out or marked Not captured, not estimated.

A physically backed trust has one holding, so there is no top-ten list. Each issuer publishes a bar list showing the bars held for the trust. Custodian and trustee are shown where the issuer page lists them, and gaps are marked Not captured.

What you actually own

All rows come from the issuer pages and are dated Sep 30, 2026 for both funds, so they compare like for like. NAV returns include fees; market price and benchmark returns are shown beside them. “Since inception” starts in different years (GLD 2004, SIVR 2009). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, both to Sep 30, 2026

Both funds derived from issuer NAV total returns on matched dates (compounded). Fund expenses are already in NAV. Illustration, not a forecast.

Both trusts trade on NYSE Arca. Spreads on the issuer pages were 0.01% for GLD and not captured for SIVR, and a spread of 0.01% is about $10 between the buy and sell price on $100,000. Larger trusts usually trade with tighter spreads, which matters more for frequent traders than for long-term holders.

State Street lists options as available on GLD. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

The expense ratio is taken from the trust by selling metal, not billed to you. Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Custody, valuation and fee terms sit in each prospectus; read them before relying on this summary.

GLD holds gold bullion and SIVR holds silver bullion, so they follow two different metal prices. Gold is mostly a monetary and investment metal, while more than half of silver demand comes from industry, which makes silver far more volatile.

A physically backed trust has no manager choosing securities. Its NAV follows the LBMA Gold Price PM for GLD and the LBMA Silver Price for SIVR, and the main reason it trails that price is the fee. That is why the tracking table above matters more than any single year of returns: a trust that trails its benchmark by about its fee is doing its job.

Start with what separates them: GLD holds gold bullion and SIVR holds silver bullion, so they follow two different metal prices. Gold is mostly a monetary and investment metal, while more than half of silver demand comes from industry, which makes silver far more volatile.

• Step 1 · Metal: GLD holds gold and SIVR holds silver.
• Step 2 · Cost: GLD 0.40% vs SIVR 0.30%, or $40 vs $30 a year per $10,000.
• Step 3 · Trading: if you trade often or use options, the larger trust usually has tighter spreads; if you buy and hold, the fee matters more.
• Step 4 · What you own: check whether you already hold gold and silver through another fund with the Diversification Calculator.

Size the position against your whole portfolio. Precious metals pay no income and can fall for years, so they usually play a small, deliberate role.

GLD and SIVR are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Neither trust pays dividends, so U.S. dividend withholding tax is not the main issue here. Tax on gains depends on the account type and your own situation. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

In the United States, physically backed metal trusts are generally treated as owning the metal directly, and long-term gains on gold and silver are generally taxed as collectibles at a maximum federal rate of 28%, which is higher than the usual long-term rate on stocks. The rule applies to both GLD and SIVR. Short-term gains are taxed as ordinary income.

For Canadian account types, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing GLD and SIVR often also look at the other physical metal trusts in this group: GLD, IAU, GLDM, SGOL, SLV and SIVR. See the other gold and silver ETFs comparisons, the futures-based commodity ETFs and the ETF research hub.

Is GLD or SIVR better?

In the GLD vs SIVR question, neither is better for everyone. GLD and SIVR hold different metals. GLD holds gold bullion and SIVR holds silver bullion, so they follow two different metal prices. Gold is mostly a monetary and investment metal, while more than half of silver demand comes from industry, which makes silver far more volatile.

Expense ratios are 0.40% and 0.30%, which is $40 and $30 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.74% vs 31.13%; 3 years 30.16% vs 37.65%; 5 years 18.62% vs 22.68%; 10 years 11.74% vs 11.78%. Neither is better for everyone; the choice turns on cost, trading needs and what you already own.

GLD vs SIVR, what are the expense ratios?

GLD charges 0.40% and SIVR charges 0.30%, which is $40 and $30 a year per $10,000.

GLD vs SIVR, how much do the funds overlap?

On GLD vs SIVR, they do not overlap. GLD holds gold bullion and SIVR holds silver bullion.

GLD vs SIVR, what does each ETF hold?

GLD holds allocated gold bars valued at the LBMA Gold Price PM. SIVR holds allocated silver bars valued at the LBMA Silver Price. Neither holds futures or mining stocks.

GLD vs SIVR, which has performed better?

NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.74% vs 31.13%; 3 years 30.16% vs 37.65%; 5 years 18.62% vs 22.68%; 10 years 11.74% vs 11.78%. The gap reflects the two metal prices. Past performance does not guarantee future results.

GLD vs SIVR, how closely do they track the metal price?

Over 10 years to Sep 30, 2026, GLD trailed its benchmark by 0.44 percentage points a year and SIVR by 0.34, against fees of 0.40% and 0.30%.

GLD vs SIVR, can I own both?

On GLD vs SIVR, you can. They hold different metals, so the mix is a choice about how much gold and how much silver you want.

GLD vs SIVR, do the funds pay dividends?

On GLD vs SIVR, no. GLD and SIVR hold bullion, which earns no income, so neither pays a dividend or has a yield.

GLD vs SIVR, how are gains taxed?

On GLD vs SIVR, in the United States, long-term gains on physically backed gold and silver trusts are generally taxed as collectibles at up to 28%. Rules differ by country and account, so confirm with a tax professional. This is general education, not tax advice.

GLD vs SIVR, are they suitable for Canadian investors?

On GLD vs SIVR, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. Neither pays dividends, so dividend withholding is not the main issue. Treatment of gains differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

Third-party sources

State Street GLD fund page · abrdn SIVR fund page.

Methodology and limits

• GLD figures come from the State Street fund page and SIVR figures from the abrdn fund page.
• Dates are shown beside each figure; the issuer documents are linked below.
• Ounces per share: GLD uses NAV divided by the LBMA Gold Price PM of $4,117.00, Nov 9, 2026; SIVR uses NAV divided by the silver price implied by SLV on Nov 9, 2026.
• Overlap is stated by metal held, because a physically backed trust has a single holding.
• Tracking gap is the benchmark return minus the NAV return for the same period, both from the issuer page.
• Figures an issuer page does not show are marked Not captured, and nothing was filled from memory or from another fund.
• Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.

Pathways, not rankings or recommendations.