AGMI vs. ABX.TO

Last updated Jul 1, 2026

AGMI (Themes Silver Miners ETF) is Silver fund tracking the STOXX Global Silver Mining Index, while ABX.TO (Barrick Gold Corporation) is a stock. Over the past year, AGMI returned 77.19% vs 81.15% for ABX.TO. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

AGMI vs. ABX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and Barrick Gold Corporation (ABX.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AGMI is traded in USD, while ABX.TO is traded in CAD. To make them comparable, the ABX.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AGMI achieves a -5.19% return, which is significantly higher than ABX.TO's -14.87% return.

AGMI

• 1D: -0.26%
• 1M: -15.37%
• YTD: -5.19%
• 6M: -6.87%
• 1Y: 77.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ABX.TO

• 1D: -0.74%
• 1M: -14.12%
• YTD: -14.87%
• 6M: -16.04%
• 1Y: 81.15%
• 3Y*: 32.47%
• 5Y*: 15.70%
• 10Y*: 7.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGMI vs. ABX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	-5.19%	176.11%	-0.74%
ABX.TO Barrick Gold Corporation	-14.87%	187.00%	-4.37%

Correlation

The correlation between AGMI and ABX.TO is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.73

The correlation between AGMI and ABX.TO has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

AGMI vs. ABX.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGMI

AGMI Risk / Return Rank: 45
AGMI Sharpe Ratio Rank: 50
AGMI Sortino Ratio Rank: 41
AGMI Omega Ratio Rank: 45
AGMI Calmar Ratio Rank: 53
AGMI Martin Ratio Rank: 38

ABX.TO

ABX.TO Risk / Return Rank: 85
ABX.TO Sharpe Ratio Rank: 89
ABX.TO Sortino Ratio Rank: 83
ABX.TO Omega Ratio Rank: 84
ABX.TO Calmar Ratio Rank: 86
ABX.TO Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGMI vs. ABX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Barrick Gold Corporation (ABX.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AGMI	ABX.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.78	-0.28
Sortino ratio: Return per unit of downside risk	1.89	2.20	-0.31
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.26	2.71	-0.45
Martin ratio: Return relative to average drawdown	5.34	6.15	-0.81

AGMI vs. ABX.TO - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.50, which is comparable to the ABX.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of AGMI and ABX.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGMI vs. ABX.TO - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum ABX.TO drawdown of -88.56%. Use the drawdown chart below to compare losses from any high point for AGMI and ABX.TO.

Drawdown Indicators

	AGMI	ABX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-88.56%	+54.16%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-30.10%	-4.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.25%	—
Current Drawdown Current decline from peak	-31.58%	-29.71%	-1.87%
Average Drawdown Average peak-to-trough decline	-9.78%	-48.24%	+38.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.51%	13.24%	+1.27%

Volatility

AGMI vs. ABX.TO - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 19.24% compared to Barrick Gold Corporation (ABX.TO) at 15.23%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than ABX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	ABX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	15.23%	+4.01%
Volatility (6M) Calculated over the trailing 6-month period	44.02%	35.69%	+8.33%
Volatility (1Y) Calculated over the trailing 1-year period	51.85%	45.91%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.98%	35.57%	+9.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	36.48%	+8.50%

Dividends

AGMI vs. ABX.TO - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.67%, more than ABX.TO's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ABX.TO Barrick Gold Corporation	2.42%	1.22%	2.46%	2.27%	5.06%	3.96%	1.33%	0.60%	0.65%	0.72%	0.47%	1.43%
AGMI Themes Silver Miners ETF	4.67%	4.43%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGMI and ABX.TO in my portfolio?

AGMI and ABX.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.