GLDM vs SIVR ETF comparison
GLDM vs SIVR
GLDM is the low-cost version of GLD from the same sponsor family, with a small share price, and SIVR is the abrdn silver trust, with a lower fee than SLV. GLDM 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. GLDM charges 0.10% and SIVR charges 0.30%. This page lines up what backs each share, what each trust costs, how closely each has tracked its metal and how each trades, with the date next to every number.
GLDM vs SIVR, the short answer
GLDM and SIVR hold different metals. GLDM 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 0.10% and 0.30%, which is $10 and $30 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 9.07% vs 31.13%; 3 years 30.54% vs 37.65%; 5 years 18.96% vs 22.68%. Neither is better for everyone; the choice turns on cost, trading needs and what you already own.
GLDM vs SIVR overlap, if you own both
Overlap is normally measured stock by stock. Here each trust has one holding, and it is a different metal: GLDM owns gold bars and SIVR owns silver bars. Nothing is shared, so owning both spreads a precious metals position across two prices.
The two metals do not move together as closely as the labels suggest. Over the year to Sep 30, 2026, GLDM returned 9.07% and SIVR returned 31.13% at NAV. iShares reports a 3-year standard deviation of 20.19% for its gold trust and 45.13% for its silver trust, so silver has swung more than twice as hard.
| GLDM | SIVR | |
|---|---|---|
| Metal held | Gold bullion | Silver bullion |
| Ounces behind one share | 0.0198 | 0.949 |
| Expense ratio | 0.10% | 0.30% |
| Custodian | JPMorgan Chase Bank, N.A. | ICBC Standard Bank (United Kingdom) |
| Net assets (Nov 9, 2026) | $31.38B | $3.58B |
GLDM vs SIVR, one goal, which fund?
GLDM vs SIVR, where the money goes
GLDM · SPDR Gold MiniShares Trust
SIVR · abrdn Physical Silver Shares ETF
GLDM vs SIVR returns compared over 1, 3, 5 and 10 years
GLDM vs SIVR, what each fund costs a year
The data room
Every figure behind the GLDM vs SIVR cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
GLDM vs SIVR key facts
Evidence grade: Issuer issuer page · Mixed issuer plus provider · 3rd party| Metric | GLDM | SIVR | Grade and source |
|---|
Portfolio characteristics
| Metric | GLDM | SIVR | Grade and source |
|---|
Net assets are dated Nov 9, 2026 for both funds (GLDM $31.38B; SIVR $3.58B). Figures an issuer page does not show are left out or marked Not captured, not estimated.
GLDM vs SIVR holdings, what backs each share
Issuer pages · Nov 9, 2026| Item | GLDM | SIVR |
|---|---|---|
| What the trust holds | Allocated gold bullion bars | Allocated silver bullion bars |
| Other holdings | None reported, apart from small cash amounts for expenses | None reported, apart from small cash amounts for expenses |
| Ounces in trust | Not captured | Not captured |
| Ounces behind one share | 0.0198 | 0.949 |
| Custodian | JPMorgan Chase Bank, N.A. | ICBC Standard Bank (United Kingdom) |
| Trustee | Delaware Trust Company | Bank of New York Mellon |
| Sponsor | WGC USA Asset Management Company, LLC | abrdn |
| Reference price | LBMA Gold Price PM | LBMA Silver Price |
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.
GLDM vs SIVR tracking, fund against the metal price
NAV total return and benchmark, to Sep 30, 2026| Period | GLDM NAV | Benchmark | Gap, pts | SIVR NAV | Benchmark | Gap, pts |
|---|---|---|---|---|---|---|
| 1 year | 9.07% | 9.18% | 0.11 | 31.13% | 31.52% | 0.39 |
| 3 years | 30.54% | 30.67% | 0.13 | 37.65% | 38.07% | 0.42 |
| 5 years | 18.96% | 19.09% | 0.13 | 22.68% | 23.05% | 0.37 |
What you actually own
GLDM vs SIVR performance
Matched dates, both to Sep 30, 2026All 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 (GLDM 2018, 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.
GLDM vs SIVR yield, dividends and dividend growth
Yield and distribution facts| Measure | GLDM | SIVR |
|---|---|---|
| 30-day SEC yield | None | None |
| Distributions | None paid | None paid |
| How the fee is paid | Trust sells gold | Trust sells silver |
| Fee per $10,000 a year | $10 | $30 |
GLDM and SIVR have no yield. Bullion earns no interest and pays no dividend, so neither trust distributes income, and the whole return comes from the metal price less the fee. Anyone who needs income from a portfolio has to get it elsewhere or sell shares. See what is dividend yield and yield vs total return.
GLDM vs SIVR trading and liquidity
Issuer fund pages · Nov 9, 2026Both trusts trade on NYSE Arca. Spreads on the issuer pages were 0.01% for GLDM 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. 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.
GLDM vs SIVR expense ratio and fees in dollars
As stated by each issuer| Balance | GLDM (0.10%) | SIVR (0.30%) | Gap per year |
|---|---|---|---|
| $10,000 | $10 | $30 | $20 |
| $50,000 | $50 | $150 | $100 |
| $100,000 | $100 | $300 | $200 |
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.
GLDM vs SIVR, what each trust holds and how it is valued
Structure, in plain languageGLDM · LBMA Gold Price PM
GLDM is a grantor trust that holds allocated gold bullion and values it at the LBMA Gold Price PM. It was launched in 2018 and charges 0.10%. Custody terms and the bar list are described in the prospectus and on the issuer page.
SIVR · LBMA Silver Price
SIVR is a grantor trust that holds allocated silver bullion and values it at the LBMA Silver Price. It was launched in 2009 and charges 0.30%. Custody terms and the bar list are described in the prospectus and on the issuer page.
Custody, valuation and fee terms sit in each prospectus; read them before relying on this summary.
GLDM vs SIVR, why yield and returns differ
The fee explains most of the gapGLDM 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 GLDM 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.
How to decide between GLDM and SIVR
A step-by-step frameworkStart with what separates them: GLDM 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: GLDM holds gold and SIVR holds silver.
- Step 2 · Cost: GLDM 0.10% vs SIVR 0.30%, or $10 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.
GLDM vs SIVR for Canadian investors
Currency and account typeGLDM 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.
Risks of GLDM and SIVR
What can go wrongShared risks
- Metal prices can fall sharply and stay low for years; both gold and silver dropped from their highs during 2026.
- Bullion pays no interest or dividends, so the whole return depends on price.
- Each trust sells metal to pay its fee, so the ounces behind each share decline slowly over time.
- The metal is held by a custodian in a vault; see each prospectus for custody and insurance terms.
Fund-specific risks
- GLDM: gold is driven by interest rates, the U.S. dollar and investor demand.
- SIVR: silver is more volatile than gold because much of its demand is industrial.
- GLDM: expense ratio 0.10%, net assets $31.38B. SIVR: expense ratio 0.30%, net assets $3.58B.
- Both: not registered investment companies under the Investment Company Act of 1940; see each prospectus.
GLDM vs SIVR taxes and account placement
General education, not tax adviceIn 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 GLDM 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.
Other ETFs people compare
For context, not recommendationsInvestors comparing GLDM 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.
GLDM vs SIVR drawdown arithmetic
What a decline means in dollarsRecovery gain = decline ÷ (1 − decline). The scenarios use illustrative declines of 10%, 20% and 30% so you can see what a drop does to each fund. They are a rough guide to a bad year, not a worst-case figure. See the Position Size Calculator.
Tools to compare GLDM vs SIVR
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
GLDM vs SIVR, which fits which job
Characteristics, not recommendationsGLDM may suit investors who want…
Gold at the lowest fee in this group.
Strengths
- Lower fee: 0.10% against 0.30%
- Larger trust: $31.38B against $3.58B
- Backed by allocated bullion
- Exchange-traded and priced all day
Watch points
- Led in 0 of 3 return windows (both to Sep 30, 2026)
- No income
- Not a complete portfolio
SIVR may suit investors who want…
Silver at a lower fee.
Strengths
- Led in 3 of 3 return windows (both to Sep 30, 2026)
- Backed by allocated bullion
- Exchange-traded and priced all day
Watch points
- Higher fee: 0.30% against 0.10%
- Smaller trust: $3.58B against $31.38B
- No income
- Not a complete portfolio
GLDM vs SIVR investor scenarios
Characteristics that fit, not recommendationsGLDM vs SIVR key terms
Plain-language definitions
GLDM vs SIVR, frequently asked questions
Answers use the figures and dates shown aboveIs GLDM or SIVR better?
In the GLDM vs SIVR question, neither is better for everyone. GLDM and SIVR hold different metals. GLDM 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 0.10% and 0.30%, which is $10 and $30 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 9.07% vs 31.13%; 3 years 30.54% vs 37.65%; 5 years 18.96% vs 22.68%. Neither is better for everyone; the choice turns on cost, trading needs and what you already own.
GLDM vs SIVR, what are the expense ratios?
GLDM charges 0.10% and SIVR charges 0.30%, which is $10 and $30 a year per $10,000.
GLDM vs SIVR, how much do the funds overlap?
On GLDM vs SIVR, they do not overlap. GLDM holds gold bullion and SIVR holds silver bullion.
GLDM vs SIVR, what does each ETF hold?
GLDM 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.
GLDM vs SIVR, which has performed better?
NAV total returns, annualized (both to Sep 30, 2026): 1 year 9.07% vs 31.13%; 3 years 30.54% vs 37.65%; 5 years 18.96% vs 22.68%. The gap reflects the two metal prices. Past performance does not guarantee future results.
GLDM vs SIVR, how closely do they track the metal price?
Over 5 years to Sep 30, 2026, GLDM trailed its benchmark by 0.13 percentage points a year and SIVR by 0.37, against fees of 0.10% and 0.30%.
GLDM vs SIVR, can I own both?
On GLDM vs SIVR, you can. They hold different metals, so the mix is a choice about how much gold and how much silver you want.
GLDM vs SIVR, do the funds pay dividends?
On GLDM vs SIVR, no. GLDM and SIVR hold bullion, which earns no income, so neither pays a dividend or has a yield.
GLDM vs SIVR, how are gains taxed?
On GLDM 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.
GLDM vs SIVR, are they suitable for Canadian investors?
On GLDM 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.
GLDM vs SIVR documents and sources
Open the issuer documents before relying on any figureGLDM · State Street
SIVR · abrdn
Third-party sources
State Street GLDM fund page · abrdn SIVR fund page.
Methodology and limits
- GLDM 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: GLDM 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.
Educational research, not personalized investment, tax or legal advice, and not a recommendation to buy or sell any fund. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Calculators are hypothetical illustrations. Fund data are provided as published by the sources named and may differ from current figures.