Gold and silver ETFs
Funds that hold physical gold or silver, and one that holds gold mining companies (GDX), which moves differently from the metal. 8 funds compared on returns, risk and cost.
Gold and silver ETFs compared
Ordered by fund size. Click a column heading to sort.
| ETF | Domicile | Returns (3Y and 5Y annualised) | Risk | Cost and size | ||||
|---|---|---|---|---|---|---|---|---|
| US | +2.3% | +30.9% | +18.3% | 21.7% | -26.4% | 0.40% | 142 bn | |
| US | +2.5% | +31.1% | +18.5% | 21.6% | -26.4% | 0.25% | 62 bn | |
| Ireland | +2.8% | +31.3% | +18.7% | 20.7% | -24.4% | 0.12% | 39 bn | |
| Ireland | +2.7% | +31.3% | +18.7% | 20.7% | -24.4% | 0.12% | 33 bn | |
| Ireland | +22.0% | +40.7% | +21.3% | 42.3% | -50.9% | 0.19% | 33 bn | |
| US | +2.6% | +31.3% | +18.7% | 21.6% | -26.3% | 0.10% | 31 bn | |
| US | +22.3% | +40.3% | +21.1% | 44.4% | -52.3% | 0.50% | 30 bn | |
| US | +11.7% | +50.1% | +25.1% | 40.3% | -46.5% | 0.51% | 26 bn | |
Total returns with dividends reinvested, in each listing's currency; returns over 3 years and longer are compounded annual returns. Volatility is the annualised standard deviation of returns over 3 years. Worst fall is the largest drop from a peak in the last 5 years. Fund size is in the listing's currency. Past performance does not indicate future returns.
What differs for an investor living in the UAE
- US estate tax. GLD, IAU, GLDM and SLV are US trusts. GLD's and IAU's own annual reports say their shares may be treated as US property for US estate tax, which can apply above US$60,000 of US assets for a person who is not a US citizen or resident, at rates that rise to 40%. The point is not settled. IGLN and the other London-listed lines are issued from outside the US.
- No dividends. Metal pays no income, so there is no US dividend withholding on the physical metal funds. GDX holds mining companies and does pay dividends.
The outcome depends on your nationality, residence and facts, so confirm your own position with a tax adviser. Sources: IRS, nonresidents with US assets; IRS, income tax treaties; gold ETF comparison, with the trusts' filings, checked October 2026. Irish UCITS ETFs for UAE residents.
Compared side by side for UAE residents
Questions
How are these gold and silver etfs ordered?
By fund size, largest first. Click any column heading to sort by returns, volatility, worst fall or cost. We do not label any fund as the best.
Which costs the least each year?
Of the funds listed, GLDM has the lowest expense ratio, 0.10% a year. Cost is the most certain difference between funds that hold similar things.
Should someone in the UAE use a US-listed or an Irish UCITS version?
It depends on your nationality, residence and plans. A US-domiciled ETF counts as a US asset for US estate tax, which can apply above US$60,000 for a person who is not a US citizen or resident; Irish UCITS ETFs generally do not. Confirm your position with a tax adviser.