ETF Research Center

Global X Silver Miners ETF

ALTAR
Score™

3.9%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	22.9x	P/Sales ratio	3.7x
P/BV ratio	2.3x	Div. yield	0.4%

Description
Performance
Comps
Fundamentals
Valuation
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)	$1,714
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	40
Wgt avg mkt cap (mns)	$13,664
Large cap (>$10bn)	25.0%
Mid cap ($2-10bn)	48.4%
Small cap (<$2bn)	26.5%
Developed mkts	75.5%
Emerging mkts	24.6%

TOP TEN HOLDINGS
Total	74.0 %
WHEATON PRECIOUS METALS CORP	22.9 %
PAN AMERICAN SILVER CORP	12.4 %
OSISKO GOLD ROYALTIES LTD	6.7 %
COEUR D'ALENE MINES CORP	5.9 %
KOREA ZINC CO LTD	5.5 %
INDUSTRIAS PENOLES SAB DE CV	4.6 %
FRESNILLO PLC	4.2 %
HECLA MINING CO	4.0 %
FIRST MAJESTIC SILVER CORP	4.0 %
CIA DE MINAS BUENAVENTUR-ADR	3.8 %

TOP COUNTRY EXPOSURE
	CANADA	66.8 %
	UNITED STATES	11.4 %
	BRITAIN	7.6 %
	SOUTH KOREA	5.1 %
	MEXICO	4.7 %
	PERU	3.8 %
	AUSTRALIA	0.7 %

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
35.8%	27.3%	5.0%	6.2%	0.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.55	8%
MSCI EAFE	0.89	23%
MSCI Emg. Mkts.	0.95	26%

Technical Indicators
Recent close	$46.32
30d moving avg.	$40.94
Annualized volatility	32.0%
Short interest (ETF)	4.5%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	1,369
Turnover	3.7%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$259

FINDING ALTERNATIVE FUNDS

Below is a list of 188 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™:

3.9%

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 ETF	35.3	69	-4	3.1	-0.7
AGMI	Themes Silver Miners ETF	31.2	35	30	6.9	+3.0
SLVP	iShares MSCI Global Silver Miners ETF	21.4	39	26	8.8	+4.9
GDXJ	VanEck Junior Gold Miners ETF	19.4	52	13	5.6	+1.7
GDX	VanEck Gold Miners ETF	13.5	51	14	4.3	+0.4
GOEX	Global X Gold Explorers ETF	10.7	65	0	4.0	+0.1
XME	SPDR S&P Metals & Mining ETF	9.9	35	30	9.0	+5.1
EPU	iShares MSCI Peru and Global Exposure ETF	7.8	59	6	7.4	+3.5
PYZ	Invesco Dorsey Wright Basic Materials Momentum ETF	4.8	60	5	6.9	+3.0
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	4.3	60	5	3.7	-0.2
SETM	Sprott Energy Transition Materials ETF	4.1	65	0	4.3	+0.4
RING	iShares MSCI Global Gold Miners ETF	3.6	39	26	5.5	+1.6
CCNR	ALPS CoreCommodity Natural Resources ETF	2.6	39	26	12.1	+8.2
EWW	iShares MSCI Mexico ETF	2.4	50	15	10.2	+6.4
COPA	Themes Copper Miners ETF	2.4	35	30	7.2	+3.3
SGDM	Sprott Gold Miners ETF	2.4	50	15	3.9	+0.1
FKU	First Trust United Kingdom AlphaDEX Fund	2.3	80	-15	7.4	+3.5
FLMX	Franklin FTSE Mexico ETF	2.2	19	46	10.6	+6.7
IGE	iShares North American Natural Resources ETF	2.2	41	24	8.1	+4.2
BRAZ	Global X Brazil Active ETF	2.1	75	-10	12.9	+9.0
SGDJ	Sprott Junior Gold Miners ETF	1.9	50	15	4.8	+0.9
HAP	VanEck Natural Resources ETF	1.5	50	15	10.0	+6.1
CVAR	Cultivar ETF	1.3	87	-22	7.1	+3.3
FYC	First Trust Small Cap Growth AlphaDEX Fund	1.1	71	-6	0.6	-3.3
FEP	First Trust Europe AlphaDEX Fund	1.0	80	-15	9.4	+5.5
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	1.0	80	-15	10.7	+6.8
VTWV	Vanguard Russell 2000 Value ETF	0.9	15	50	8.4	+4.5
IWN	iShares Russell 2000 Value ETF	0.9	24	41	8.3	+4.4
FPXI	First Trust International Equity Opportunities ETF	0.8	70	-5	3.6	-0.3
NANR	SPDR S&P North American Natural Resources ETF	0.7	35	30	8.7	+4.8
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.7	70	-5	14.9	+11.0
GWX	SPDR S&P International Small Cap ETF	0.7	40	25	6.5	+2.6
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.7	80	-15	10.3	+6.4
VAW	Vanguard Materials ETF	0.6	10	55	6.4	+2.5
FLLA	Franklin FTSE Latin America ETF	0.6	19	46	13.6	+9.7
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.6	80	-15	11.8	+7.9
FMAT	Fidelity MSCI Materials Index ETF	0.5	8	57	6.4	+2.5
FYX	First Trust Small Cap Core AlphaDEX Fund	0.5	61	4	6.8	+2.9
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	0.5	95	-30	0.6	-3.2
FLKR	Franklin FTSE South Korea ETF	0.5	9	56	11.0	+7.1
ISMD	Inspire Small/Mid Cap ETF	0.4	54	11	6.4	+2.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	0.4	29	36	9.1	+5.2
EWY	iShares MSCI South Korea ETF	0.4	58	7	10.4	+6.5
RSSL	Global X Russell 2000 ETF	0.4	8	57	4.8	+0.9
VTWO	Vanguard Russell 2000 ETF	0.4	10	55	4.8	+1.0
IWM	iShares Russell 2000 ETF	0.4	19	46	4.8	+1.0
DFIS	Dimensional International Small Cap ETF	0.4	39	26	7.6	+3.7
DFAT	Dimensional U.S. Targeted Value ETF	0.4	28	37	10.1	+6.2
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.4	39	26	6.9	+3.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.4	49	16	7.2	+3.3
SCHC	Schwab International Small-Cap Equity ETF	0.4	11	54	7.1	+3.2
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	0.4	24	41	8.7	+4.8
FESM	Fidelity Enhanced Small Cap ETF	0.3	28	37	8.2	+4.3
STXK	Strive Small-Cap ETF	0.3	18	47	6.5	+2.6
DFSI	Dimensional International Sustainability Core 1 ETF	0.3	24	41	6.5	+2.6
EWUS	iShares MSCI United Kingdom Small Cap ETF	0.3	59	6	7.4	+3.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.3	39	26	14.3	+10.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.3	25	40	6.6	+2.7
BKSE	BNY Mellon US Small Cap Core Equity ETF	0.3	4	61	6.5	+2.6
AVDV	Avantis International Small Cap Value ETF	0.3	36	29	10.3	+6.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	7	58	7.1	+3.2
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	0.2	9	56	4.8	+0.9
DISV	Dimensional International Small Cap Value ETF	0.2	42	23	9.7	+5.8
SCHA	Schwab U.S. Small-Cap ETF	0.2	4	61	6.5	+2.7
VBR	Vanguard Small Cap Value ETF	0.2	7	58	9.6	+5.7
FAD	First Trust Multi Cap Growth AlphaDEX Fund	0.2	64	1	2.4	-1.5
DFAS	Dimensional U.S. Small Cap ETF	0.2	26	39	6.9	+3.0
INRO	iShares U.S. Industry Rotation Active ETF	0.2	42	23	4.9	+1.0
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.2	46	19	10.6	+6.7
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.2	36	29	8.4	+4.6
DFAI	Dimensional International Core Equity Market ETF	0.2	18	47	7.3	+3.4
DES	WisdomTree U.S. SmallCap Dividend Fund	0.2	38	27	9.8	+5.9
DFIC	Dimensional International Core Equity 2 ETF	0.2	23	42	7.7	+3.8
ISCG	iShares Morningstar Small-Cap Growth ETF	0.2	6	59	3.0	-0.9
ISCB	iShares Morningstar Small-Cap ETF	0.2	4	61	6.5	+2.6
DFSV	Dimensional US Small Cap Value ETF	0.2	31	34	11.1	+7.2
ISCV	iShares Morningstar Small Cap Value ETF	0.2	6	59	9.9	+6.0
EES	WisdomTree U.S. SmallCap Fund	0.2	38	27	9.6	+5.7
XC	WisdomTree Emerging Markets Ex-China Fund	0.2	32	33	6.4	+2.5
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.2	30	35	10.4	+6.5
EMXC	iShares MSCI Emerging Markets ex China ETF	0.2	25	40	8.1	+4.3
FNDA	Schwab Fundamental US Small Co. Index ETF	0.2	25	40	8.4	+4.5
FNDC	Schwab Fundamental International Small Co. Index ETF	0.2	39	26	6.1	+2.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.2	50	15	12.0	+8.1
DFIV	Dimensional International Value ETF	0.1	27	38	10.2	+6.3
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.1	15	50	8.0	+4.1
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.1	17	48	6.2	+2.3
JHEM	John Hancock Multifactor Emerging Markets ETF	0.1	49	16	10.9	+7.0
DFEV	Dimensional Emerging Markets Value ETF	0.1	43	22	14.0	+10.1
VB	Vanguard Small-Cap ETF	0.1	5	60	6.5	+2.6
STXE	Strive Emerging Markets Ex-China ETF	0.1	32	33	8.2	+4.4
BSVO	EA Bridgeway Omni Small-Cap Value ETF	0.1	47	18	10.0	+6.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.1	30	35	10.9	+7.0
SPEM	SPDR Portfolio Emerging Markets ETF	0.1	7	58	11.0	+7.1
VXF	Vanguard Extended Market ETF	0.1	6	59	5.0	+1.2
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	35	8.3	+4.4
VFMO	Vanguard U.S. Momentum Factor ETF	0.1	13	52	3.2	-0.7
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.1	37	28	8.7	+4.8
AVEM	Avantis Emerging Markets Equity ETF	0.1	33	32	9.7	+5.8
ISCF	iShares International SmallCap Equity Factor ETF	0.1	23	42	8.5	+4.6
XCEM	Columbia EM Core ex-China ETF	0.1	16	49	8.6	+4.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.1	45	20	11.1	+7.3
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.1	15	50	10.8	+6.9
EEM	iShares MSCI Emerging Markets ETF	0.1	69	-4	10.8	+6.9
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.1	41	24	9.4	+5.5
BKEM	BNY Mellon Emerging Markets Equity ETF	0.1	11	54	10.6	+6.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.1	36	29	10.4	+6.6
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.1	32	33	9.7	+5.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	56	6.1	+2.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.1	9	56	11.0	+7.1
IEUS	iShares MSCI Europe Small-Cap ETF	0.1	42	23	7.3	+3.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.1	15	50	8.5	+4.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.1	66	-1	10.4	+6.5
UIVM	VictoryShares International Value Momentum ETF	0.1	35	30	9.2	+5.3
CRTC	Xtrackers US National Critical Technologies ETF	0.1	35	30	5.1	+1.2
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	0.1	7	58	6.4	+2.6
AVSC	Avantis U.S Small Cap Equity ETF	0.1	25	40	6.4	+2.5
VSGX	Vanguard ESG International Stock ETF	0.1	12	53	8.0	+4.1
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	35	8.0	+4.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.1	39	26	8.3	+4.4
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.1	20	45	6.2	+2.3
FLGB	Franklin FTSE United Kingdom ETF	0.1	9	56	7.9	+4.0
DLS	WisdomTree International SmallCap Dividend Fund	0.1	58	7	8.6	+4.7
VEA	Vanguard FTSE Developed Markets ETF	0.1	5	60	7.4	+3.5
LDEM	iShares ESG MSCI EM Leaders ETF	0.1	17	48	13.8	+9.9
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	45	5.9	+2.0
FELV	Fidelity Enhanced Large Cap Value ETF	0.1	18	47	7.0	+3.1
VXUS	Vanguard Total International Stock ETF	0.1	7	58	8.2	+4.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.1	59	6	12.4	+8.5
VPL	Vanguard FTSE Pacific ETF	0.1	8	57	7.3	+3.5
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	25	7.1	+3.3
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	58	8.1	+4.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.1	38	27	9.9	+6.0
SPDW	SPDR Portfolio Developed World ex-US ETF	0.1	3	62	7.2	+3.4
DIM	WisdomTree International MidCap Dividend Fund	0.1	58	7	7.7	+3.8
AVSD	Avantis Responsible International Equity ETF	0.1	23	42	5.7	+1.8
DFUV	Dimensional US Marketwide Value ETF	0.0	22	43	8.0	+4.1
EEMA	iShares MSCI Emerging Markets Asia ETF	0.0	49	16	10.7	+6.9
SCHE	Schwab Emerging Markets Equity ETF	0.0	11	54	11.6	+7.7
APIE	ActivePassive International Equity ETF	0.0	45	20	7.6	+3.7
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	48	5.8	+2.0
VWO	Vanguard FTSE Emerging Markets ETF	0.0	8	57	11.0	+7.1
AVDE	Avantis International Equity ETF	0.0	23	42	7.6	+3.8
FLAX	Franklin FTSE Asia Ex Japan ETF	0.0	19	46	10.0	+6.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	47	8.0	+4.1
FNDF	Schwab Fundamental International Large Co. Index ETF	0.0	25	40	9.8	+5.9
DTH	WisdomTree International High Dividend Fund	0.0	58	7	9.0	+5.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.0	35	30	20.3	+16.5
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	8	57	8.3	+4.4
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	30	9.9	+6.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.0	70	-5	9.8	+5.9
ACWX	iShares MSCI ACWI ex U.S. ETF	0.0	34	31	7.9	+4.1
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.0	45	20	9.1	+5.2
SCHF	Schwab International Equity ETF	0.0	6	59	7.5	+3.6
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.0	24	41	7.6	+3.7
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.0	20	45	7.2	+3.3
VGK	Vanguard FTSE Europe ETF	0.0	11	54	7.4	+3.5
VT	Vanguard Total World Stock ETF	0.0	7	58	6.2	+2.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.0	41	24	7.8	+3.9
DCOR	Dimensional US Core Equity 1 ETF	0.0	14	51	5.7	+1.8
SPEU	SPDR Portfolio Europe ETF	0.0	7	58	7.3	+3.5
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	47	5.6	+1.8
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	61	7.2	+3.3
AVUS	Avantis U.S. Equity ETF	0.0	15	50	6.1	+2.2
BBEU	JPMorgan BetaBuilders Europe ETF	0.0	9	56	7.2	+3.3
FLEE	Franklin FTSE Europe ETF	0.0	9	56	7.3	+3.4
IQSI	IQ Candriam International Equity ETF	0.0	15	50	6.6	+2.8
VYMI	Vanguard International High Dividend Yield ETF	0.0	22	43	9.9	+6.0
IWV	iShares Russell 3000 ETF	0.0	20	45	5.0	+1.1
ESGV	Vanguard ESG U.S. Stock ETF	0.0	9	56	5.0	+1.1
EMGF	iShares Emerging Markets Equity Factor ETF	0.0	25	40	12.5	+8.6
VTHR	Vanguard Russell 3000 ETF	0.0	10	55	5.1	+1.2
DFUS	Dimensional U.S. Equity ETF	0.0	9	56	5.1	+1.2
DFAU	Dimensional US Core Equity Market ETF	0.0	12	53	5.3	+1.4
SCHB	Schwab U.S. Broad Market ETF	0.0	3	62	5.3	+1.4
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.0	3	62	5.2	+1.3
VTI	Vanguard Total Stock Market ETF	0.0	3	62	5.1	+1.3
ACWI	iShares MSCI ACWI ETF	0.0	32	33	5.8	+1.9
IEUR	iShares Core MSCI Europe ETF	0.0	11	54	7.3	+3.4
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.0	25	40	6.0	+2.2
FNDB	Schwab Fundamental US Broad Market Index ETF	0.0	25	40	7.5	+3.6
BKIE	BNY Mellon International Equity ETF	0.0	4	61	7.1	+3.3
GSID	Goldman Sachs MarketBeta International Equity ETF	0.0	20	45	7.0	+3.1
DTD	WisdomTree U.S. Total Dividend Fund	0.0	28	37	6.6	+2.7
IEFA	iShares Core MSCI EAFE ETF	0.0	7	58	7.2	+3.3
IPAC	iShares Core MSCI Pacific ETF	0.0	9	56	6.8	+2.9
EBI	Longview Advantage ETF	0.0	35	30	7.0	+3.1
AVES	Avantis Emerging Markets Value ETF	0.0	36	29	12.2	+8.3

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%.

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

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

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

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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

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

	Custom date range	Compare to
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