Silver Miners vs the S&P 500 (SIL): is it outperforming?
Over the past month, SIL has outperformed the S&P 500 by 31.8 points. Here is where that puts it in the sector rotation — updated daily.
Where SIL sits on the rotation map
Silver Miners highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
SIL vs SPY: head-to-head returns
SIL (silver miners) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means SIL won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Silver Miners (SIL) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 14.8 points, but over the past month it has moved decisively ahead of the market — a 31.8-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #2 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, SIL's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. SIL's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Global X Silver Miners ETF, whose 12 tracked holdings are led by COEUR MINING INC, HECLA MINING CO and COMPANIA DE MINAS BUENAVENTURA SAA ADR. Weighted by portfolio, the fund's holdings trade at roughly 27.8× earnings and 7.6× sales. The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside SIL
Top 5 of 12 tracked holdings, by portfolio weight.
Silver Miners vs the market — common questions
Is silver miners outperforming the S&P 500?
Right now, yes: over the past month SIL has outperformed the S&P 500 by 31.8 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is SIL?
SIL is Global X Silver Miners ETF, the fund Zensei uses to measure the silver miners group against the S&P 500 benchmark (SPY).
Which stocks are in SIL?
SIL's largest tracked positions are COEUR MINING INC, HECLA MINING CO, COMPANIA DE MINAS BUENAVENTURA SAA ADR, AYA GOLD & SILVER INC, ENDEAVOUR SILVER CORP — 12 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is silver miners in right now?
As of the latest daily data, silver miners is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track silver miners against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.