Silver ETFs Outshine Gold with Over 100% Annual Return, More Than Double Bullion’s Gains

Mumbai, July 2: Silver ETFs have left gold far behind over the past year, with returns crossing 100 per cent against gold’s 42 to 43 per cent, a gap of more than 60 percentage points that is turning heads among precious metal investors. 

NSE data for the session on July 2, 2026 shows every silver ETF, from SILVERBEES to TATSILV to SBISILVER, delivering a one-year gain between 103.8 per cent and 105.1 per cent. Gold ETFs, by contrast, are clustered in a narrower band of 42.1 per cent to 43.2 per cent over the same period. Silver has more than doubled the return generated by gold over the last twelve months. 

The divergence is not confined to the annual chart. It showed up again in Thursday’s trading session itself. Silver ETFs rallied harder than their gold counterparts through the day, with SILVERBEES up 2.41 per cent, TATSILV up 2.47 per cent and Axis Silver ETF up 2.48 per cent. Gold ETFs also advanced but by a smaller margin, with GOLDBEES up 1.82 per cent and Axis Gold ETF up 2.12 per cent. Across the listed universe, silver ETFs on the NSE averaged a gain of roughly 2.3 per cent for the day, compared with an average of about 1.85 per cent for gold ETFs. 

Check list of Silver ETFs in India 

Both metals have been swept up in the same macro current. The fragile Iran-US ceasefire has kept safe haven demand elevated through June and into July, lifting bullion and silver prices in tandem with each bout of geopolitical uncertainty. But silver’s outperformance points to a second engine working alongside the safe haven trade. Silver carries a dual identity that gold does not, functioning simultaneously as a store of value and as an industrial input for solar panels, electronics and electric vehicle components. That combination has historically made silver more volatile than gold in both directions, and the current cycle appears to be no exception. 

The scale of the move becomes clearer against the pullback from recent peaks. SILVERBEES, the most liquid silver ETF on the exchange, has a 52-week high of 360 and now trades near 216, a pullback of roughly 40 per cent even after the past year’s gains. GOLDBEES, the largest gold ETF by turnover, has a 52-week high of 148.14 against a current price near 117.56. Both metals have cooled from their highs, but silver’s swings have consistently been sharper than gold’s in both directions. 

Also Read: How to Invest in Silver: 6 Best Ways (2026) 

For retail investors, the return gap raises an obvious question about whether silver’s rally can hold at this pace or whether the metal is simply catching up after years of underperforming gold. Silver has historically traded at a wide ratio to gold, and periods of sharp outperformance have tended to be followed by consolidation rather than a continued runaway rally. Investors chasing the twelve-month number may want to weigh that history against silver’s tendency for sharper corrections once sentiment turns. 

The breadth of the trend is also notable. Nearly a dozen fund houses, including SBI, HDFC, Axis, Nippon India, DSP, Edelweiss and newer entrants like Groww and Tata, now offer silver ETFs on the NSE, and almost all of them are posting near identical one year returns in the 103 to 105 per cent range. That consistency suggests the outperformance is being driven by the underlying price of silver itself rather than by any single fund’s strategy or tracking efficiency. 

For now, the numbers on the exchange tell a clear story. Silver ETFs are not just keeping pace with gold in this precious metals’ rally, they are running well ahead of it, and Thursday’s session suggests that lead is still growing. 

Source

• NSE ETF data, July 2, 2026
• https://www.nseindia.com/market-data/exchange-traded-funds-etf