Key Points
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Goldman Sachs Physical Gold ETF provides direct exposure to gold bullion prices at a lower cost than iShares MSCI Global Silver and Metals Miners ETF.
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The iShares ETF exhibits significantly higher price volatility, reflected in its higher beta and larger maximum drawdown over the last five years.
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Despite different underlying assets, both funds have delivered nearly identical total growth of approximately $2,200 on a $1,000 investment over the past five years.
Factual differences between Goldman Sachs Physical Gold ETF(NYSEMKT:AAAU) and iShares MSCI Global Silver and Metals Miners ETF(NYSEMKT:SLVP) center on their underlying assets, with one holding physical gold and the other holding equity in silver mining companies.
Exposure to precious metals often serves as a hedge or a diversifier, but the choice between physical bullion and mining stocks is significant. The Goldman Sachs fund tracks the spot price of gold, whereas the iShares fund provides equity exposure to companies involved in silver production. These different underlying assets lead to varied levels of volatility and sensitivity to market movements.
Snapshot (cost & size)
| Metric | SLVP | AAAU |
|---|---|---|
| Issuer | iShares | Goldman |
| Share price | $29.47 (as of 2026-11-02) | $38.87 (as of 2026-11-02) |
| Expense ratio | 0.39% | 0.18% |
| 1-yr return (as of 2026-11-02) | 13.4% | (1.5%) |
| Dividend yield | 2.4% | None |
| Beta | 0.93 | 0.19 |
| AUM | $743.0 million | $2.5 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield as of the close of the trading day on Nov. 2, 2026.
At 0.18%, the Goldman Sachs fund is a notably more affordable choice for investors seeking exposure to precious metals. The iShares fund, by comparison, charges 0.39%, which reflects the higher operational costs often associated with managing a globally diversified portfolio of mining equities rather than holding a single physical asset.
Performance & risk comparison
| Metric | SLVP | AAAU |
|---|---|---|
| Max drawdown (5 yr) | (47.7%) | (28.1%) |
| Growth of $1,000 over 5 years (total return) | $2,219 | $2,204 |
What’s inside
Goldman Sachs Physical Gold ETF endeavors to track the market price of gold bullion by holding the physical metal in a trust. Its portfolio is highly concentrated, with all its holdings in physical gold, known as bullion. This structure places the fund in the cash and others sector, as it does not hold traditional equities. The fund launched in 2018 and offers a direct way to play gold prices without the idiosyncratic risks of mining operations.
iShares MSCI Global Silver and Metals Miners ETF is designed to mirror the performance of an index consisting of global stocks involved in silver and metals mining. The portfolio holds 36 holdings, primarily in the metals and mining sector, providing exposure to the broader industry. Its largest positions include Hecla Mining(NYSE:HL) at 13.8%, Indust Penoles at 11.4%, and First Majestic Silver(TSX:AG) at 10.3%. The fund launched in 2012 and focuses on companies that explore for or mine silver and other metals.
For more guidance on ETF investing, check out the full guide at this link.
Which looks like the better buy?
Starting in August last year, gold went on an inspired run. The spot price of the metal jumped from around $3,400 an ounce to more than $5,800 by the end of January this year, an all-time high. The price of the yellow metal has retraced back a bit, but it remains around $4,100–there is still a long-term bullish rally going on.
The arguments for buying gold: rising inflation in the U.S., an apparent move worldwide away from the U.S. dollar as a reserve currency, the metal’s historic role as a store of wealth, and rising industrial applications, such as in renewable energy applications.
Investors seeking exposure to the metal’s long-term rally without the time and expense of buying physical commodities or futures contracts directly can buy AAAU, the Goldman Sachs physical gold fund. Keep in mind that while this is an ETF, holding physical gold through AAAU brings different tax implications. In the U.S., gains from these funds will be treated as collectibles, which typically means a higher tax rate than for stocks for most investors. For some investors holding less than a year, the top tax rate is 37%. If you hold them in a tax-advantaged account, such as an IRA, you should sidestep these taxes.
Silver has also been on a historic rally. In June of 2025, the spot silver price began breaking out of old time peaks around $33 an ounce, running to an all-time high of almost $88 in early February of 2026. Like gold, silver has backtracked a bit, now trading in the low $50 area. But on a long-term chart, silver remains in a bullish rally.
Silver’s argument: it is also a historic store of wealth and is driven by the same inflationary worries as gold. It also has industrial applications, generally considerably greater than gold, especially in renewable energy applications.
Owning a collection of mining stocks, like SLVP, isn’t a pure play on the price of silver. But silver miner stocks track the physical metal prices rather closely. Studies show that the vast majority of price movements in such mining stocks are influenced by silver prices.
A benefit for mining stock ETF holders is that, when silver prices rise, their holdings usually outpace operating costs. That’s because miners are pulling silver from the ground they have already paid to acquire, while royalties and other costs don’t rise as high (though they do). That means in the early years of a precious metals rally, the higher prices flow mostly to the bottom line.
Also a benefit to stock ETF holders: mining companies can make decisions that boost returns to shareholders, whether by increasing dividends or merging with another miner. Those gains can flow through to ETF shareholders. Plus, SLVP pays dividends because of the dividends of its component stocks. Those are things a physical metals fund can’t give investors.
Besides dividends, SLVP’s performance in recent years suggests it may be a fund to invest in precious metals. It has outperformed its rival over the past three- and five-year periods, returning annualized rates of 51% and 17.4%, respectively.
By comparison. AAAU, the physical gold ETF, has returned 25% and 17% in the 5-year and 10-year periods.
If you’re looking to invest in the long -term precious metal bull market, go with SLVP, the silver miner ETF.
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