Silver Mutual Funds in India
Updated June 2026 · 41 active funds · data from AMFI NAVs
Silver mutual funds are the silver-metal counterpart to gold funds and are a relatively new addition to the Indian market, permitted after SEBI introduced silver ETFs. They are typically structured as Silver Fund-of-Funds or silver savings funds that invest in units of a silver ETF, which holds physical silver of standard purity. Like gold funds, they are passive commodity-linked schemes — there is no active stock selection; the fund aims to track the domestic silver price minus a small expense and tracking gap. Silver's risk-return profile differs from gold in one important way: silver is both a precious metal and an industrial input (used in electronics, solar panels, and electric-vehicle components), so its price reflects investment demand and industrial demand together. That dual nature makes silver historically more volatile than gold, with sharper swings in both directions. Its role in a portfolio is as a diversifier and a tactical commodity exposure, usually a small allocation given the higher volatility. FindMF measures each silver fund against a domestic silver-price (silver-ETF proxy) benchmark and computes returns, volatility, drawdown, and tracking behaviour from AMFI-published NAVs using our disclosed methodology. FindMF covers 41 active silver funds.
Who it suits: Investors who want passive silver exposure as a diversifier or tactical commodity holding and can tolerate higher volatility than gold in exchange for industrial-demand upside.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | Axis Silver ETF Axis | +116.76% | +45.37% | - | 1.05 | -44.3% | - | ₹2.0K Cr |
| 2 | ICICI PRUDENTIAL SILVER ETF ICICI Prudential | +117.46% | +45.35% | - | 0.87 | -44.6% | - | ₹16.9K Cr |
| 3 | DSP Silver ETF DSP | +117.30% | +45.19% | - | 0.93 | -44.5% | 0.59% | ₹2.2K Cr |
| 4 | HDFC Silver ETF HDFC | +116.36% | +45.10% | - | 1.03 | -44.4% | 0.22% | ₹8.1K Cr |
| 5 | Aditya Birla Sun Life Silver ETF Aditya Birla Sun Life | +117.25% | +45.06% | - | 0.83 | -44.4% | - | ₹3.4K Cr |
| 6 | Nippon India Silver ETF Nippon India | +116.64% | +44.95% | - | 0.83 | -44.4% | - | ₹34.7K Cr |
| 7 | Axis Silver Fund of Fund Axis | +113.51% | +44.72% | - | 1.15 | -46.1% | 0.12% | ₹1.2K Cr |
| 8 | UTI Silver ETF Fund of Fund UTI | +113.76% | +44.51% | - | 0.94 | -45.5% | 0.13% | ₹627 Cr |
| 9 | ICICI Prudential Silver ETF FOF ICICI Prudential | +112.88% | +44.50% | - | 0.91 | -45.5% | 0.20% | ₹7.0K Cr |
| 10 | Kotak Silver ETF Fund of Fund Kotak Mahindra | +115.16% | +44.46% | - | 1.09 | -45.6% | 0.59% | ₹981 Cr |
| 11 | HDFC Silver ETF Fund of Fund HDFC | +113.17% | +44.42% | - | 1.12 | -46.0% | 0.22% | ₹4.6K Cr |
| 12 | Aditya Birla Sun Life Silver ETF FOF Aditya Birla Sun Life | +112.69% | +44.30% | - | 0.90 | -45.3% | 0.30% | ₹1.4K Cr |
| 13 | Nippon India Silver ETF FOF Nippon India | +113.09% | +44.18% | - | 0.83 | -43.5% | 0.22% | ₹4.7K Cr |
| 14 | Edelweiss Gold and Silver ETF FOF Edelweiss | +81.30% | +39.24% | - | 1.32 | -34.2% | 0.21% | ₹2.7K Cr |
| 15 | Motilal Oswal Gold and Silver Passive Fund of Funds(Direct Plan) Motilal Oswal | +65.28% | +36.02% | - | 1.26 | -34.2% | 0.20% | ₹1.4K Cr |
| 16 | Motilal Oswal Gold and Silver Passive Fund of Funds(Regular Plan) Motilal Oswal | +64.72% | +35.54% | - | 1.24 | -34.2% | 0.20% | ₹1.2K Cr |
| 17 | SBI Silver ETF SBI | +116.78% | - | - | 1.34 | -44.3% | 0.33% | ₹6.4K Cr |
| 18 | Zerodha Silver ETF Zerodha | +116.76% | - | - | 1.29 | -44.5% | - | ₹1.2K Cr |
| 19 | Mirae Asset Silver ETF Mirae Asset | +116.75% | - | - | 1.11 | -44.4% | - | ₹1.0K Cr |
| 20 | Edelweiss Silver ETF Edelweiss | +116.50% | - | - | 1.13 | -44.4% | 0.14% | ₹1.6K Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are silver funds taxed in India?
Silver mutual funds are taxed as debt funds. For units purchased on or after 1 April 2023, the entire capital gain is added to your income and taxed at your slab rate, regardless of holding period — there is no separate long-term rate and no indexation benefit. A silver FoF held long-term and one sold within months are taxed identically, at your marginal slab rate.
Why is silver more volatile than gold?
Silver has a large industrial-demand component — it is used in electronics, solar panels, and EV manufacturing — on top of its role as a precious metal and store of value. That ties its price to the global economic cycle as well as to investment demand, so silver tends to move more sharply than gold in both rallies and selloffs. FindMF's computed volatility and drawdown figures, derived from AMFI NAVs, let you see this difference for each fund.
What expense ratio is reasonable for a silver fund, and how do I compare them?
Silver funds are passive, so cost and tracking quality are the main differentiators. A silver FoF bears its own expense plus the underlying ETF's expense, so consider total cost; direct plans cost less than regular plans. On FindMF, compare silver funds on expense ratio together with their tracking gap versus the silver-ETF-proxy benchmark — you want low cost and tight tracking of the silver price.
Are silver funds a substitute for gold funds?
FindMF does not recommend one over the other. Gold and silver behave differently — gold is more of a defensive, currency/inflation hedge, while silver carries extra industrial-cyclical risk and reward. Some investors hold both for diversification. Use the side-by-side returns, volatility, and drawdown metrics here, all computed from AMFI NAVs, to compare their historical behaviour.