IAU vs SLV ETF comparison
IAU vs SLV
IAU is the iShares gold trust, with a mid-range fee and a lower share price than GLD, and SLV is the largest U.S. silver trust and the most heavily traded. IAU holds gold bullion and SLV 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. IAU charges 0.25% and SLV charges 0.50%. 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.
IAU vs SLV, the short answer
IAU and SLV hold different metals. IAU holds gold bullion and SLV 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 0.25% and 0.50%, which is $25 and $50 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.90% vs 30.86%; 3 years 30.38% vs 37.38%; 5 years 18.80% vs 22.44%; 10 years 11.91% vs 11.56%. Neither is better for everyone; the choice turns on cost, trading needs and what you already own.
IAU vs SLV overlap, if you own both
Overlap is normally measured stock by stock. Here each trust has one holding, and it is a different metal: IAU owns gold bars and SLV 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, IAU returned 8.90% and SLV returned 30.86% 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.
| IAU | SLV | |
|---|---|---|
| Metal held | Gold bullion | Silver bullion |
| Ounces behind one share | 0.0188 | 0.903 |
| Expense ratio | 0.25% | 0.50% |
| Custodian | Not captured | Not captured |
| Net assets (Nov 9, 2026) | $60.99B | $26.55B |
IAU vs SLV, one goal, which fund?
IAU vs SLV, where the money goes
IAU · iShares Gold Trust
SLV · iShares Silver Trust
IAU vs SLV returns compared over 1, 3, 5 and 10 years
IAU vs SLV, what each fund costs a year
The data room
Every figure behind the IAU vs SLV cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
IAU vs SLV key facts
Evidence grade: Issuer issuer page · Mixed issuer plus provider · 3rd party| Metric | IAU | SLV | Grade and source |
|---|
Portfolio characteristics
| Metric | IAU | SLV | Grade and source |
|---|
Net assets are dated Nov 9, 2026 for both funds (IAU $60.99B; SLV $26.55B). Figures an issuer page does not show are left out or marked Not captured, not estimated.
IAU vs SLV holdings, what backs each share
Issuer pages · Nov 9, 2026| Item | IAU | SLV |
|---|---|---|
| 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 | 14,815,410 (Nov 9, 2026) | 504,630,049 (Nov 9, 2026) |
| Ounces behind one share | 0.0188 | 0.903 |
| Custodian | Not captured | Not captured |
| Trustee | Not captured | Not captured |
| Sponsor | BlackRock (iShares) | BlackRock (iShares) |
| Reference price | LBMA Gold Price | 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.
IAU vs SLV tracking, fund against the metal price
NAV total return and benchmark, to Sep 30, 2026| Period | IAU NAV | Benchmark | Gap, pts | SLV NAV | Benchmark | Gap, pts |
|---|---|---|---|---|---|---|
| 1 year | 8.90% | 9.18% | 0.28 | 30.86% | 31.52% | 0.66 |
| 3 years | 30.38% | 30.67% | 0.29 | 37.38% | 38.03% | 0.65 |
| 5 years | 18.80% | 19.09% | 0.29 | 22.44% | 23.04% | 0.60 |
| 10 years | 11.91% | 12.18% | 0.27 | 11.56% | 12.11% | 0.55 |
What you actually own
IAU vs SLV 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 (IAU 2005, SLV 2006). 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.
IAU vs SLV yield, dividends and dividend growth
Yield and distribution facts| Measure | IAU | SLV |
|---|---|---|
| 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 | $25 | $50 |
IAU and SLV 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.
IAU vs SLV trading and liquidity
Issuer fund pages · Nov 9, 2026Both trusts trade on NYSE Arca. Spreads on the issuer pages were 0.01% for IAU and 0.02% for SLV, 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.
IAU vs SLV expense ratio and fees in dollars
As stated by each issuer| Balance | IAU (0.25%) | SLV (0.50%) | Gap per year |
|---|---|---|---|
| $10,000 | $25 | $50 | $25 |
| $50,000 | $125 | $250 | $125 |
| $100,000 | $250 | $500 | $250 |
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.
IAU vs SLV, what each trust holds and how it is valued
Structure, in plain languageIAU · LBMA Gold Price
IAU is a grantor trust that holds allocated gold bullion and values it at the LBMA Gold Price. It was launched in 2005 and charges 0.25%. Custody terms and the bar list are described in the prospectus and on the issuer page.
SLV · LBMA Silver Price
SLV is a grantor trust that holds allocated silver bullion and values it at the LBMA Silver Price. It was launched in 2006 and charges 0.50%. 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.
IAU vs SLV, why yield and returns differ
The fee explains most of the gapIAU holds gold bullion and SLV 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 for IAU and the LBMA Silver Price for SLV, 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 IAU and SLV
A step-by-step frameworkStart with what separates them: IAU holds gold bullion and SLV 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: IAU holds gold and SLV holds silver.
- Step 2 · Cost: IAU 0.25% vs SLV 0.50%, or $25 vs $50 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.
IAU vs SLV for Canadian investors
Currency and account typeIAU and SLV 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 IAU and SLV
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
- IAU: gold is driven by interest rates, the U.S. dollar and investor demand.
- SLV: silver is more volatile than gold because much of its demand is industrial.
- IAU: expense ratio 0.25%, net assets $60.99B. SLV: expense ratio 0.50%, net assets $26.55B.
- Both: not registered investment companies under the Investment Company Act of 1940; see each prospectus.
IAU vs SLV 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 IAU and SLV. 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 IAU and SLV 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.
IAU vs SLV 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 IAU vs SLV
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
IAU vs SLV, which fits which job
Characteristics, not recommendationsIAU may suit investors who want…
A large gold trust at a mid-range fee.
Strengths
- Lower fee: 0.25% against 0.50%
- Larger trust: $60.99B against $26.55B
- Backed by allocated bullion
- Exchange-traded and priced all day
Watch points
- Led in 1 of 4 return windows (both to Sep 30, 2026)
- No income
- Not a complete portfolio
SLV may suit investors who want…
The most traded silver trust.
Strengths
- Led in 3 of 4 return windows (both to Sep 30, 2026)
- Backed by allocated bullion
- Exchange-traded and priced all day
Watch points
- Higher fee: 0.50% against 0.25%
- Smaller trust: $26.55B against $60.99B
- No income
- Not a complete portfolio
IAU vs SLV investor scenarios
Characteristics that fit, not recommendationsIAU vs SLV key terms
Plain-language definitions
IAU vs SLV, frequently asked questions
Answers use the figures and dates shown aboveIs IAU or SLV better?
In the IAU vs SLV question, neither is better for everyone. IAU and SLV hold different metals. IAU holds gold bullion and SLV 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 0.25% and 0.50%, which is $25 and $50 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.90% vs 30.86%; 3 years 30.38% vs 37.38%; 5 years 18.80% vs 22.44%; 10 years 11.91% vs 11.56%. Neither is better for everyone; the choice turns on cost, trading needs and what you already own.
IAU vs SLV, what are the expense ratios?
IAU charges 0.25% and SLV charges 0.50%, which is $25 and $50 a year per $10,000.
IAU vs SLV, how much do the funds overlap?
On IAU vs SLV, they do not overlap. IAU holds gold bullion and SLV holds silver bullion.
IAU vs SLV, what does each ETF hold?
IAU holds allocated gold bars valued at the LBMA Gold Price. SLV holds allocated silver bars valued at the LBMA Silver Price. Neither holds futures or mining stocks.
IAU vs SLV, which has performed better?
NAV total returns, annualized (both to Sep 30, 2026): 1 year 8.90% vs 30.86%; 3 years 30.38% vs 37.38%; 5 years 18.80% vs 22.44%; 10 years 11.91% vs 11.56%. The gap reflects the two metal prices. Past performance does not guarantee future results.
IAU vs SLV, how closely do they track the metal price?
Over 10 years to Sep 30, 2026, IAU trailed its benchmark by 0.27 percentage points a year and SLV by 0.55, against fees of 0.25% and 0.50%.
IAU vs SLV, can I own both?
On IAU vs SLV, you can. They hold different metals, so the mix is a choice about how much gold and how much silver you want.
IAU vs SLV, do the funds pay dividends?
On IAU vs SLV, no. IAU and SLV hold bullion, which earns no income, so neither pays a dividend or has a yield.
IAU vs SLV, how are gains taxed?
On IAU vs SLV, 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.
IAU vs SLV, are they suitable for Canadian investors?
On IAU vs SLV, 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.
IAU vs SLV documents and sources
Open the issuer documents before relying on any figureIAU · iShares
SLV · iShares
Third-party sources
iShares IAU fund page · iShares SLV fund page.
Methodology and limits
- IAU figures come from the iShares fund page and SLV figures from the iShares fund page.
- Dates are shown beside each figure; the issuer documents are linked below.
- Ounces per share: IAU uses issuer ounces in trust divided by shares outstanding, Nov 9, 2026; SLV uses issuer ounces in trust divided by shares outstanding, 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.