Global X Silver Miners ETF
ALTAR
Score™		 2.6% info Recommen-
dation		 NEUTRAL
2024E    2025E
P/E
ratio		 26.2x P/Sales
ratio		 2.2x
P/BV
ratio		 1.5x Div.
yield		 1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X Silvers Miners ETF is an exchange-traded fund incorporated in the USA. The seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Index ("Underlying Index").

FUND BASICS
Category Global Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Apr 19, 2010
Assets (mns) $1,040
Currency USD
Expense ratio 65 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 32
Wgt avg mkt cap (mns) $6,962
Large cap (>$10bn) 22.4%
Mid cap ($2-10bn) 43.0%
Small cap (<$2bn) 34.6%
Developed mkts 76.1%
Emerging mkts 23.9%

TOP TEN HOLDINGS
WHEATON PRECIOUS METALS CORP 21.3 %
PAN AMERICAN SILVER CORP 13.5 %
CIA DE MINAS BUENAVENTUR-ADR 7.3 %
INDUSTRIAS PENOLES SAB DE CV 6.2 %
KOREA ZINC CO LTD 5.8 %
FIRST MAJESTIC SILVER CORP 5.2 %
HECLA MINING CO 4.9 %
COEUR D'ALENE MINES CORP 4.3 %
FORTUNA SILVER MINES INC 3.4 %
FRESNILLO PLC 3.1 %
Total 75.1 %

TOP COUNTRY EXPOSURE
CANADA 61.9 %
UNITED STATES 11.5 %
PERU 7.3 %
BRITAIN 6.4 %
MEXICO 6.2 %
SOUTH KOREA 5.8 %
AUSTRALIA 0.9 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-18.6% -24.4% -1.4% -3.9% -3.8%

Market Correlations
versus... Beta R-squared
S&P500 0.92 27%
MSCI EAFE 1.14 39%
MSCI Emg. Mkts. 0.92 27%

Technical Indicators
Recent close $31.27
30d moving avg. $26.05
Annualized volatility 31.2%
Short interest (ETF) 1.7%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 879
Turnover 2.6%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $637

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 177 potential alternatives to the Global X Silver Miners ETF ETF based on the alternatives' overlap in portfolio holdings with SIL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SIL Expense: 65 bp ALTAR Score™: 2.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SIL
Ticker Fund
Name		 Overlap1
vs SIL
(%)		 Expense
ratio
(bp)		 Savings
vs SIL
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SIL
(%)
SILJ ETFMG Prime Junior Silver Miners ETFMG Prime Junior Silver M 44.7 69 -4 1.4 -1.2
SLVP iShares MSCI Global Silver Miners ETF 32.9 39 26 3.9 +1.3
GDXJ VanEck Junior Gold Miners ETF 23.7 52 13 4.9 +2.3
GDX VanEck Gold Miners ETF 13.1 51 14 4.7 +2.1
EPU iShares MSCI Peru and Global Exposure ETF 11.6 59 6 5.6 +3.0
GOAU U.S. Global GO GOLD and Precious Metal Miners ETF 11.5 60 5 6.2 +3.6
GOEX Global X Gold Explorers ETF 9.7 65 0 4.9 +2.3
XME SPDR S&P Metals & Mining ETF 8.0 35 30 7.1 +4.5
COPJ Sprott Junior Copper Miners ETF 6.9 75 -10 9.5 +6.9
RING iShares MSCI Global Gold Miners ETF 4.4 39 26 5.9 +3.3
SETM Sprott Energy Transition Materials ETF 4.3 65 0 5.3 +2.7
ROYA Tema Global Royalties ETF 2.5 75 -10 4.6 +2.1
EWW iShares MSCI Mexico ETF 1.7 50 15 9.8 +7.2
CVAR Cultivar ETF 1.5 87 -22 7.1 +4.5
FXZ First Trust Materials AlphaDEX Fund 1.3 61 4 10.1 +7.5
IGE iShares North American Natural Resources ETF 1.2 41 24 6.5 +3.9
DWX SPDR S&P International Dividend ETF 1.2 45 20 7.2 +4.6
HAP VanEck Natural Resources ETF 1.1 50 15 9.6 +7.0
FLMX Franklin FTSE Mexico ETF 0.8 19 46 10.9 +8.3
FKU First Trust United Kingdom AlphaDEX Fund 0.8 80 -15 7.7 +5.1
SGDJ Sprott Junior Gold Miners ETF 0.8 50 15 5.2 +2.6
SGDM Sprott Gold Miners ETF 0.7 50 15 6.0 +3.4
FM iShares Frontier and Select EM ETF 0.7 80 -15 9.6 +7.0
FDM First Trust Dow Jones Select MicroCap Index Fund 0.7 60 5 8.1 +5.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.6 25 40 7.1 +4.5
EWY iShares MSCI South Korea ETF 0.5 58 7 8.6 +6.1
DFSV Dimensional US Small Cap Value ETF 0.5 31 34 9.1 +6.5
GWX SPDR S&P International Small Cap ETF 0.5 40 25 6.6 +4.0
FLKR Franklin FTSE South Korea ETF 0.5 9 56 9.5 +6.9
NUEM Nuveen ESG Emerging Markets Equity ETF 0.4 36 29 6.9 +4.3
CGGR Capital Group Growth ETF 0.4 39 26 3.4 +0.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.4 49 16 6.7 +4.1
VAW Vanguard Materials ETF 0.4 10 55 6.5 +3.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.4 24 41 7.2 +4.6
IWN iShares Russell 2000 Value ETF 0.3 24 41 5.7 +3.1
VTWV Vanguard Russell 2000 Value ETF 0.3 15 50 6.0 +3.4
DFAT Dimensional U.S. Targeted Value ETF 0.3 28 37 8.5 +5.9
ISMD Inspire Small/Mid Cap ETF 0.3 54 11 6.2 +3.6
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.3 39 26 4.7 +2.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.3 30 35 7.6 +5.0
AVSC Avantis U.S Small Cap Equity ETF 0.3 25 40 5.6 +3.0
DARP Grizzle Growth ETF 0.3 75 -10 3.1 +0.6
DFIS Dimensional International Small Cap ETF 0.3 39 26 6.7 +4.2
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 0.2 29 36 7.5 +4.9
FMAT Fidelity MSCI Materials Index ETF 0.2 8 57 6.5 +4.0
AVEM Avantis Emerging Markets Equity ETF 0.2 33 32 9.3 +6.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.2 30 35 8.7 +6.1
FLLA Franklin FTSE Latin America ETF 0.2 19 46 11.9 +9.3
DISV Dimensional International Small Cap Value ETF 0.2 42 23 9.3 +6.7
IWM iShares Russell 2000 ETF 0.2 19 46 3.7 +1.1
VTWO Vanguard Russell 2000 ETF 0.2 10 55 3.9 +1.3
LDEM iShares ESG MSCI EM Leaders ETF 0.2 17 48 7.9 +5.3
AVDV Avantis International Small Cap Value ETF 0.2 36 29 8.0 +5.4
EMXC iShares MSCI Emerging Markets ex China ETF 0.2 25 40 6.7 +4.1
ISCV iShares Morningstar Small Cap Value ETF 0.2 6 59 8.3 +5.7
STXK Strive Small-Cap ETF 0.2 18 47 5.7 +3.1
DFSI Dimensional International Sustainability Core 1 ETF 0.2 24 41 6.3 +3.7
FNDA Schwab Fundamental US Small Co. Index ETF 0.2 25 40 7.0 +4.4
DFEV Dimensional Emerging Markets Value ETF 0.2 43 22 11.1 +8.5
DFAS Dimensional U.S. Small Cap ETF 0.2 26 39 6.2 +3.6
FEP First Trust Europe AlphaDEX Fund 0.1 80 -15 8.9 +6.3
RNMC First Trust Mid Cap US Equity Select ETF 0.1 60 5 8.1 +5.5
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 33 6.2 +3.6
SCHA Schwab U.S. Small-Cap ETF 0.1 4 61 5.0 +2.4
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 0.1 20 45 7.7 +5.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 33 6.4 +3.8
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 58 7.6 +5.0
IYM iShares U.S. Basic Materials ETF 0.1 40 25 6.7 +4.1
DFAI Dimensional International Core Equity Market ETF 0.1 18 47 7.0 +4.4
SCHC Schwab International Small-Cap Equity ETF 0.1 11 54 6.5 +3.9
EWUS iShares MSCI United Kingdom Small Cap ETF 0.1 59 6 6.3 +3.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 -1 7.4 +4.8
PICK iShares MSCI Global Metals & Mining Producers ETF 0.1 39 26 10.9 +8.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.1 50 15 10.7 +8.1
ISCB iShares Morningstar Small-Cap ETF 0.1 4 61 5.5 +2.9
BKSE BNY Mellon US Small Cap Core Equity ETF 0.1 4 61 5.9 +3.3
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.1 41 24 7.9 +5.3
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 26 6.9 +4.3
EEM iShares MSCI Emerging Markets ETF 0.1 69 -4 7.1 +4.5
QINT American Century Quality Diversified International ETF 0.1 39 26 7.5 +4.9
VBR Vanguard Small Cap Value ETF 0.1 7 58 8.4 +5.8
DES WisdomTree U.S. SmallCap Dividend Fund 0.1 38 27 8.3 +5.7
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 45 6.8 +4.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 56 5.8 +3.2
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 56 7.7 +5.1
JPIN J.P. Morgan Diversified Return International Equity ETF 0.1 37 28 8.8 +6.3
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 16 8.5 +5.9
VB Vanguard Small-Cap ETF 0.1 5 60 5.5 +2.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 58 6.6 +4.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 29 7.6 +5.0
VXF Vanguard Extended Market ETF 0.1 6 59 4.0 +1.4
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 54 7.8 +5.2
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.1 9 56 4.1 +1.5
DFIC Dimensional International Core Equity 2 ETF 0.1 23 42 7.5 +4.9
VBK Vanguard Small-Cap Growth ETF 0.1 7 58 1.5 -1.1
VFVA Vanguard U.S. Value Factor ETF 0.1 13 52 10.9 +8.3
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 0.1 20 45 10.9 +8.3
DFIV Dimensional International Value ETF 0.1 27 38 10.0 +7.4
ISCG iShares Morningstar Small-Cap Growth ETF 0.1 6 59 2.5 -0.1
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 35 6.9 +4.3
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 0.1 7 58 5.8 +3.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 6 9.7 +7.1
ISCF iShares International SmallCap Equity Factor ETF 0.1 23 42 8.8 +6.2
DFAE Dimensional Emerging Core Equity Market ETF 0.1 35 30 7.8 +5.3
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 58 7.0 +4.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 35 7.9 +5.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.1 38 27 8.4 +5.8
VTWG Vanguard Russell 2000 Growth ETF 0.1 15 50 1.8 -0.8
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 46 7.3 +4.7
IWO iShares Russell 2000 Growth ETF 0.1 24 41 1.5 -1.1
EEMA iShares MSCI Emerging Markets Asia ETF 0.1 49 16 6.8 +4.2
NUSC Nuveen ESG Small-Cap ETF 0.0 31 34 5.3 +2.7
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 62 7.0 +4.4
VPL Vanguard FTSE Pacific ETF 0.0 8 57 7.0 +4.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.0 70 -5 6.5 +3.9
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 26 7.4 +4.8
FLGB Franklin FTSE United Kingdom ETF 0.0 9 56 8.6 +6.0
VSGX Vanguard ESG International Stock ETF 0.0 12 53 6.9 +4.3
IEUS iShares MSCI Europe Small-Cap ETF 0.0 42 23 0.0 -2.6
AVUV Avantis U.S. Small Cap Value ETF 0.0 25 40 10.4 +7.8
AVDE Avantis International Equity ETF 0.0 23 42 8.0 +5.4
HFXI IQ FTSE International Equity Currency Neutral ETF 0.0 20 45 6.9 +4.3
SCHE Schwab Emerging Markets Equity ETF 0.0 11 54 7.7 +5.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 31 6.8 +4.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 24 6.8 +4.2
IMFL Invesco International Developed Dynamic Multifactor ETF 0.0 34 31 10.7 +8.1
VXUS Vanguard Total International Stock ETF 0.0 7 58 7.2 +4.6
VEA Vanguard FTSE Developed Markets ETF 0.0 5 60 7.1 +4.5
VWO Vanguard FTSE Emerging Markets ETF 0.0 8 57 7.7 +5.1
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 40 9.2 +6.6
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 61 6.8 +4.2
DFAC Dimensional U.S. Core Equity 2 ETF 0.0 17 48 5.7 +3.1
VYMI Vanguard International High Dividend Yield ETF 0.0 22 43 9.9 +7.3
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.0 20 45 6.9 +4.3
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 57 7.3 +4.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.0 15 50 7.2 +4.6
SCHF Schwab International Equity ETF 0.0 6 59 7.1 +4.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.0 45 20 8.7 +6.1
NANC Unusual Whales Subversive Democratic Trading ETF 0.0 75 -10 3.8 +1.2
DFUV Dimensional US Marketwide Value ETF 0.0 22 43 7.8 +5.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 20 8.6 +6.0
SCZ iShares MSCI EAFE Small-Cap ETF 0.0 40 25 0.0 -2.6
EZM WisdomTree U.S. MidCap Fund 0.0 38 27 8.3 +5.7
ACWI iShares MSCI ACWI ETF 0.0 32 33 5.5 +2.9
VT Vanguard Total World Stock ETF 0.0 7 58 5.9 +3.3
SMMD iShares Russell 2500 ETF 0.0 15 50 6.1 +3.5
DFSU Dimensional US Sustainability Core 1 ETF 0.0 18 47 5.7 +3.1
DFAU Dimensional US Core Equity Market ETF 0.0 12 53 5.4 +2.8
SPEU SPDR Portfolio Europe ETF 0.0 7 58 6.7 +4.1
VGK Vanguard FTSE Europe ETF 0.0 11 54 7.0 +4.4
IWC iShares Micro-Cap ETF 0.0 60 5 -4.4 -7.0
IWV iShares Russell 3000 ETF 0.0 20 45 5.0 +2.4
AVUS Avantis U.S. Equity ETF 0.0 15 50 6.1 +3.5
VTHR Vanguard Russell 3000 ETF 0.0 10 55 5.1 +2.5
IWS iShares Russell Mid-Cap Value ETF 0.0 23 42 6.7 +4.1
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 56 5.1 +2.5
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 40 7.2 +4.6
DFUS Dimensional U.S. Equity ETF 0.0 9 56 5.2 +2.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.0 3 62 5.2 +2.6
BBEU JPMorgan BetaBuilders Europe ETF 0.0 9 56 6.8 +4.3
SCHB Schwab U.S. Broad Market ETF 0.0 3 62 5.3 +2.7
FLEE Franklin FTSE Europe ETF 0.0 9 56 7.0 +4.4
IQSI IQ Candriam International Equity ETF 0.0 15 50 6.5 +3.9
IWR iShares Russell Midcap ETF 0.0 19 46 5.8 +3.2
VTI Vanguard Total Stock Market ETF 0.0 3 62 5.1 +2.5
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.0 25 40 5.7 +3.1
BKIE BNY Mellon International Equity ETF 0.0 4 61 7.0 +4.4
GSID Goldman Sachs MarketBeta International Equity ETF 0.0 20 45 6.8 +4.2
IEUR iShares Core MSCI Europe ETF 0.0 11 54 -1.3 -3.9
VNSE Natixis Vaughan Nelson Select ETF 0.0 80 -15 3.2 +0.6
VONV Vanguard Russell 1000 Value ETF 0.0 8 57 6.8 +4.3
IWD iShares Russell 1000 Value ETF 0.0 19 46 6.7 +4.1
IEFA iShares Core MSCI EAFE ETF 0.0 7 58 2.7 +0.2
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 44 3.9 +1.3
VONE Vanguard Russell 1000 ETF 0.0 8 57 5.3 +2.7
IWB iShares Russell 1000 ETF 0.0 15 50 5.2 +2.6
AVES Avantis Emerging Markets Value ETF 0.0 36 29 12.3 +9.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2019 2020 2021 2022 2023 2024E 2025E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X Silver Miners ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 4.9 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 2.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.33 CATEGORY
AVERAGE		 1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.