Silver Miners vs the S&P 500 (SIL): is it outperforming?
Over the past month, SIL has underperformed the S&P 500 by 10.3 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 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Silver Miners (SIL) is out of favor: it trails the S&P 500 on both rotation windows — 10.3 points behind over the past month and 24.1 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #101 of the 115 groups Zensei tracks.
On the shorter tape, SIL's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SIL's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
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 16.0× earnings and 6.2× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
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, no: over the past month SIL has underperformed the S&P 500 by 10.3 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 lagging quadrant — trailing the S&P 500 on both windows. 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.