Gold vs silver ETFs: All mutual fund schemes in red in September 2026 after a strong run in August — what to know

Gold and silver are two commodities that investors can access through exchange-traded funds (ETFs). Gold ETFs and silver ETFs allow investors to take exposure to these commodities without directly buying physical gold or silver.

But how did gold and silver ETFs perform in September 2026? And which ETFs saw relatively smaller declines during the month?

Which gold ETFs saw smallest declines in September 2026?

Gold ETFs track domestic gold prices. According to Value Research data, domestic gold prices declined 4.84% during September, weighing on gold ETF returns.

Among gold ETFs, The Wealth Company Gold ETF recorded the smallest decline at 4.72%, followed by Bandhan Gold ETF at 4.73%. Angel One Gold ETF, HSBC Gold ETF and Union Gold ETF each fell 4.74%.

The September performance marked a sharp reversal from August, when all the gold ETFs had delivered more than 8% returns. But the decline was broad-based across gold ETFs, with every scheme in the category ending September in negative territory.

Which silver ETFs saw smallest declines in September?

Silver ETFs also declined in September, with domestic silver prices falling 6.65% during the month, according to Value Research data.

Bandhan Silver ETF recorded the lowest decline among the listed silver ETFs at 6.46%. Angel One Silver ETF and Quant Silver ETF followed with declines of 6.47% and 6.49%, respectively.

All silver ETFs also saw a sharp month-on-month reversal after delivering more than 8% returns in August. In September, silver ETFs declined more than gold ETFs, in line with the steeper fall in domestic silver prices.

How have gold and silver ETFs performed over 1- and 3-year periods?

The one-month performance tells only part of the story. According to Value Research data, the gold mutual funds (including ETFs) category delivered returns of 30.44% in the last 1-year and 36.68% in the 3-year period.

The silver funds category delivered 60.04% over one year and 45.47% over three years. Therefore, silver has delivered higher category-level returns than gold funds over both periods. However, past returns do not indicate that the same performance will continue.

These figures represent category-level returns and cover a longer period than the September ETF performance. Investors should therefore look at monthly performance separately from longer-term returns, as commodity prices can move sharply over shorter periods.

Disclaimer: This is purely for educational/informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.