Silver prices have been in an amazing upward trajectory even though the market corrected Tuesday, but exchange traded funds (ETFs) that invest in silver miners have been stuck in a range.

The disparity is a reminder that ETFs that hold miner stocks don’t always trade in lockstep with metals prices.

The Global X Silver Miners ETF (NYSEArca: SIL) was up 5.4% year to date through April 25, according to investment researcher Morningstar. Meanwhile, iShares Silver Trust (NYSEArca: SLV), which holds silver bullion, gained 51.9%. However, the silver ETF pulled back more than 3% in morning trade Tuesday.

The difference can be partly explained by the fact that investing in miner stocks introduces equity-like risks into a portfolio.

In gold, it’s the same story. Market Vectors Gold Miners ETF (NYSEArca: GDX) is trailing SPDR Gold Shares (NYSEArca: GLD).

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