Silver vs Global X Silver Miners ETF: 10-Year Scorecard
2016 - 2025
Cite This Scorecard
"Silver vs Global X Silver Miners ETF: 10-Year Performance Scorecard (2016-2025)." Gale Finance, December 31, 2025. https://www.gale.finance/scorecard/xag-vs-sil/ Free to use with attribution. Please link back to this page or gale.finance.
The Verdict
Year-by-Year Performance
Over 10 years, XAG won 6 individual years while SIL won 4.
| Year | Silver | Global X Silver Miners ETF | Winner |
|---|---|---|---|
| 2016 | +15.0% | +76.3% | SIL |
| 2017 | +4.1% | -3.6% | XAG |
| 2018 | -9.8% | -24.6% | XAG |
| 2019 | +15.0% | +33.9% | SIL |
| 2020 | +46.4% | +41.2% | XAG |
| 2021 | -14.6% | -24.3% | XAG |
| 2022 | +4.5% | -21.5% | XAG |
| 2023 | -0.9% | -0.3% | SIL |
| 2024 | +22.2% | +17.3% | XAG |
| 2025 | +142.3% | +155.3% | SIL |
| Total Wins | 6 wins | 4 wins | XAG |
Cumulative Performance
This chart shows how $100 invested at the start of 2016 would have grown over time.
Price Comparison
Normalized to 100 at start date for comparison
Risk-Adjusted Metrics
How did each asset perform relative to the risk taken? Higher Sharpe, Sortino, and Calmar ratios indicate better risk-adjusted returns.
Tail-risk definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.
| Metric | XAG | SIL |
|---|---|---|
| Total Return | +416.4% | +412.0% |
| CAGR | +17.9% | +17.8% |
| Volatility (Ann.) | +27.4% | +39.1% |
| Sharpe Ratio | 0.57 | 0.51 |
| Sortino Ratio | 0.82 | 0.74 |
| Calmar Ratio | 0.43 | 0.28 |
| Max Drawdown | -42.0% | -63.1% |
Sharpe and Sortino ratios use the period-average risk-free rate based on the 3-month U.S. Treasury yield (FRED: DGS3MO). To reproduce: take the simple average of daily DGS3MO values from 2016-01-01 to 2025-12-31; in this window the average is 4.23%.
Best and Worst Years
XAG Best Year
XAG Worst Year
SIL Best Year
SIL Worst Year
Maximum Drawdown
Maximum drawdown measures the largest peak-to-trough decline. Lower (less negative) is better.
Recovery time measures calendar days from the drawdown low back to the prior peak.
Correlation Analysis
The 10-year average correlation between Silver and Global X Silver Miners ETF was 0.77. This high correlation indicates the assets tend to move together.
Silver vs. Global X Silver Miners ETF Yearly Average Correlation (10-year)
Frequently Asked Questions
Which performed better over 10 years: Silver or Global X Silver Miners ETF?
Silver returned +416.4% compared to Global X Silver Miners ETF's +412.0% from 2016 to 2025. Silver delivered the higher total return. Silver won 6 out of 10 individual years.
What would $10,000 invested in Silver be worth today?
$10,000 invested in Silver at the start of 2016 would be worth $51,642.03 by the end of 2025. The same amount in Global X Silver Miners ETF would be worth $51,200.92.
Which asset had better risk-adjusted returns?
Silver had the higher Sharpe ratio (0.57 vs 0.51), indicating better risk-adjusted performance than Global X Silver Miners ETF.
Methodology
- Price data sourced from Stooq (XAG) and Tiingo (SIL)
- Volatility calculated as annualized standard deviation of daily returns
- Sharpe and Sortino ratios use the average 3-month Treasury rate as the risk-free rate
- Calmar ratio = CAGR / Maximum Drawdown
- Year-by-year returns calculated from first to last trading day of each calendar year
- Tail-risk metrics (VaR/ES, skew/kurtosis) use daily log returns in 2016–2025. Downside co-moves use shared closes (weekend/holiday moves roll into the next close).
Disclaimer: This scorecard is for informational and educational purposes only and does not constitute investment, financial, legal, or tax advice. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Data sourced from third parties may contain errors or be delayed. Always conduct your own research and consult a qualified financial advisor before making investment decisions.