Silver ETFs on Track for Gold Medal in Performance This Year

“Hooray, Hooray. I’m your silver lining. But now, I’m gold.” (Hat tip to the indie band Rilo Kiley.)

Silver, long associated with runner-up placement, has seen a price acceleration this year putting it well ahead of the growth of precious metal’s favorite child, gold. That’s saying a lot, given how well gold has done in 2025. Year to date, silver prices are up 100%, compared with about 60% for gold. That has ramped up returns for the few silver ETFs on the market. But don’t expect them to attract a flood of new money, at least not from experienced investors.

“The appeal to gold is just bigger. Some of it’s the liquidity,” said Dan Sotiroff, senior manager research analyst for Morningstar, pointing to gold being more heavily traded than silver. “They both have the same basic narrative behind them. They’re a hedge against short-term inflation.”

Silver Surfer

Anyone riding the wave of silver’s price should be aware that it could come crashing down. The metal’s value is more volatile than gold’s, though they are both up over the long term, thanks in part to the recent price surges. Silver’s spot price is up 226% over five years compared with 180% for gold’s, according to data from Apmex. 

Silver’s climb this year comes as investors have been looking for safe-haven investments. But crucially, the supply of new silver to the market is tight due to ever-lower ore grades and regulatory hurdles within the biggest producers, like Mexico, Peru and China, according to Bloomberg. And demand remains high. Like gold, silver has applications in both jewelry and industry, being a key ingredient for many electronics, including solar panels.

This Might Not Ag(e) Well: There are just four silver ETFs categorized by Morningstar as real assets products, while the remaining eight are equities funds (such as those invested in mining companies) or focused on using options:

• The largest (by far) is the roughly $30 billion iShares Silver Trust (SLV), which has attracted $1.4 billion in net flows over a month, according to VettaFi.
• The ProShares Ultra Silver (AGQ) and Ultrashort Silver (ZSL) have the most extreme year-to-date returns, at 238% and -79%, respectively.

Silver’s price increases, and the category’s ETF returns, reflect “the positive side of volatility,” Sotiroff said, urging investors to proceed with caution. “Make sure you understand what you’re getting into … You can lose a lot very quickly.”