ICICI Prudential's Silver ETF delivered a 92.7% annual return, outperforming peers and its benchmark index. The fund’s performance highlights the volatility of commodity-linked investments, where short-term gains often differ from long-term trends. Investors should note that rankings change frequently based on the time period observed.
Detailed Coverage
ICICI Prudential's Silver ETF has emerged as the leading fund in its category, recording a 92.7% one-year Compound Annual Growth Rate as of July 27, 2026. This performance places it narrowly ahead of industry peers, with Aditya Birla Sun Life Silver ETF and Kotak Silver ETF following closely at 92.6% and 92.5%, respectively. These figures, reported by data provider ACE MF, reflect the significant price movement in silver over the last twelve months.
Understanding Performance Gaps
The fund's performance stands out primarily due to its deviation from its benchmark. While the ICICI Pru Silver ETF achieved a 92.7% return, the underlying benchmark remained flat with a 0.0% return over the same twelve-month period. This gap is a critical factor for investors to observe, as it suggests the fund's management or specific tracking mechanisms have significantly impacted total returns compared to the index itself. This pattern of consistency is also noted over a three-year timeframe, where the fund reported 42.4% returns against a 0.0% benchmark return.
Commodity Volatility and Timeframes
While the one-year figures for ICICI Prudential appear strong, performance in commodity-linked funds is highly sensitive to the period of analysis. Rankings among these ETFs are not static; for instance, while ICICI Pru Silver ETF leads in long-term annual performance, Kotak Silver ETF has shown better momentum in the one-month window with a 2.5% return. Furthermore, shorter periods such as three months have seen different funds lead with negative returns, such as Axis Silver ETF at -7.9%.
This shift across timeframes highlights the inherent volatility of investing in precious metals. Silver prices are influenced by global industrial demand, central bank policies, and currency fluctuations, which can lead to sharp, unpredictable swings in value. Investors should consider that the high returns seen over a year do not guarantee similar results in the future.
Scale and Market Context
When looking at the broader market, the size of the fund corpus remains an important metric for liquidity and stability. Among the top five silver ETFs in India, Nippon India Silver ETF holds the largest asset base at Rs 30,011.6 crore. The ranking analysis specifically focuses on funds with assets under management above Rs 1,500 crore to ensure a relevant comparison. The key monitorable for investors moving forward will be how these funds manage tracking errors and expenses as market conditions for silver evolve, as well as how their performance holds up when commodity prices experience sustained periods of decline.