Key points (as at Q1 2026)
- Silver options on the ASX are more limited than gold, with far fewer listed products.
- Exposure splits into physical silver (the metal) and silver or precious-metals miners (company shares).
- Silver has a larger industrial demand component than gold and has historically been more volatile.
- ETFLens does not currently track a silver ETF, so no live silver figures are quoted here. General information only.
Last updated: Q1 2026. Figures shown for gold funds are computed from ETFLens data as at Q1 2026, sourced from each issuer's published disclosure documents and reviewed quarterly.
Silver sits in an unusual spot for Australian investors. It is both a precious metal, like gold, and an industrial metal used in electronics, solar panels and other manufacturing. That dual role shapes how it behaves. This guide on silver ETF Australia explains the options available on the ASX, the difference between physical silver and silver miners, and how silver compares with gold, all as general information rather than a recommendation to buy any metal or fund.
This article is general information only and not personal financial advice. ETFLens does not hold an Australian Financial Services Licence (AFSL).
Silver ETF options on the ASX
The silver shelf on the ASX is thin. Where gold has several physically backed funds plus a miners fund, silver has had far fewer options. Physically backed silver exposure has historically come through a Global X physical silver product (ticker ETPMAG), which holds silver bullion and tracks the silver price less fees.
ETFLens does not currently track a silver ETF in its dataset. To avoid presenting figures we cannot verify, this guide does not quote a management fee or fund size for any silver product. If you are weighing a specific silver fund, read its product disclosure statement for the current fee, structure and custody arrangements, and check the live spread on the ASX before trading. You can scan the broader commodity and thematic shelf on the ETFLens screener.
Physical silver vs silver miner funds
As with gold, silver exposure comes in two very different forms.
- Physical silver tracks the metal itself. A physically backed fund holds silver bullion in a vault, and its unit price moves with the silver price (adjusted for currency and fees). There is no company risk and no income, because metal pays no dividends.
- Silver and precious-metals miners are company shares. A miner's profits are linked to the silver price but also to its costs, debt and production, so miner shares have historically been more volatile than the metal, moving more than silver in both directions. Past performance is not a reliable indicator of future returns.
The ASX's dedicated metals miner exposure is centred on gold rather than silver; for the gold equivalent, see GDX in our gold ETF Australia guide.
Silver vs gold: what is the difference for investors?
Silver and gold are often grouped together, but they are not interchangeable:
- Industrial demand. A large share of silver demand comes from industry, so its price can respond to the manufacturing cycle in a way gold does not.
- Volatility. Silver's market is smaller than gold's, and its price has historically swung more sharply in both directions. Past performance is not a reliable indicator of future returns.
- Role in a portfolio. Gold is the metal more commonly held for diversification, partly because of its lower historical volatility and deeper market. Silver is sometimes held by investors who want metals exposure with a stronger industrial tilt.
Like gold, a precious metal has almost nothing in common with a broad share fund: a gold ETF and a broad share fund such as VAS overlap approximately 0%, they hold entirely different assets. You can check the overlap between any precious-metals fund and your share ETFs with the ETFLens Overlap Checker.
Key things to look at when comparing silver ETFs
If you are comparing silver products, the same factual points apply as for any metals fund, with no advice on which to choose:
- Management fee (MER), from the product disclosure statement, since ETFLens does not track silver figures.
- Fund size, as a rough liquidity proxy.
- Physical backing, meaning whether the fund holds allocated bullion and how custody works.
- Currency exposure, since silver is priced in US dollars and a fund may be hedged or unhedged.
Whether silver suits your situation depends on your objectives and circumstances, which ETFLens cannot assess.
What drives the silver price
Silver's price reflects two forces that do not always pull in the same direction. As a precious metal, it responds to the same drivers as gold: inflation expectations, real interest rates, the US dollar and investor sentiment. As an industrial metal, a large share of its demand comes from manufacturing, including electronics and solar panels, so it can also move with the global growth cycle. When both forces line up, silver can move sharply; when they conflict, the price can be harder to read than gold's. This dual nature is the main reason silver has historically been more volatile, and it is why some investors treat a silver position as a smaller, higher-risk satellite rather than a core holding. Past performance is not a reliable indicator of future returns, and how silver fits, if at all, depends on your circumstances, which ETFLens cannot assess.
This article is general information only and not personal financial advice. ETFLens does not hold an Australian Financial Services Licence (AFSL). Consider your own objectives, financial situation and needs, or speak with a licensed financial adviser before making investment decisions. Past performance is not a reliable indicator of future returns.