AGMI vs. BNO
AGMI (Themes Silver Miners ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, AGMI returned 110.88% vs 88.71% for BNO. At a 0.03 correlation, their price movements are largely independent. AGMI charges 0.35%/yr vs 0.90%/yr for BNO.
Performance
AGMI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, AGMI achieves a 7.94% return, which is significantly lower than BNO's 85.31% return.
AGMI
- 1D
- 0.32%
- 1M
- 4.50%
- YTD
- 7.94%
- 6M
- 21.60%
- 1Y
- 110.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
AGMI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 7.94% | 176.11% | -0.74% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | -2.85% |
Correlation
The correlation between AGMI and BNO is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since May 6, 2024 | 0.03 |
The correlation between AGMI and BNO shifts across timeframes, from -0.17 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AGMI vs. BNO — Risk / Return Rank
AGMI
BNO
AGMI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and United States Brent Oil Fund LP (BNO). 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.
| AGMI | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.36 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 4.99 | -1.64 |
| Martin ratioReturn relative to average drawdown | 9.00 | 9.39 | -0.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGMI | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 2.15 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.57 | 0.14 | +1.43 |
Drawdowns
AGMI vs. BNO - Drawdown Comparison
The maximum AGMI drawdown since its inception was -33.26%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for AGMI and BNO.
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Drawdown Indicators
| AGMI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.26% | -87.06% | +53.80% |
Max Drawdown (1Y)Largest decline over 1 year | -33.26% | -17.87% | -15.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -22.10% | -12.72% | -9.38% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -40.16% | +30.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.37% | 9.48% | +2.89% |
Volatility
AGMI vs. BNO - Volatility Comparison
Themes Silver Miners ETF (AGMI) has a higher volatility of 17.61% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGMI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.61% | 14.12% | +3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 40.96% | 36.21% | +4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.94% | 41.56% | +7.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.99% | 35.40% | +8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.99% | 36.69% | +7.30% |
AGMI vs. BNO - Expense Ratio Comparison
AGMI has a 0.35% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
AGMI vs. BNO - Dividend Comparison
AGMI's dividend yield for the trailing twelve months is around 4.10%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.10% | 4.43% | 1.81% |
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AGMI and BNO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGMI has higher volatility (17.61%) compared to BNO (14.12%). In terms of maximum drawdown, AGMI dropped -33.26% vs BNO's -87.06%.
On 1-year performance, AGMI leads with 110.88% vs 88.71% for BNO. On fees, AGMI is cheaper at 0.35% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AGMI has performed better with a 110.88% return vs 88.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGMI is cheaper with a 0.35% expense ratio, compared with 0.90% for BNO.
AGMI has the higher dividend yield at 4.10%, compared with 0.00% for BNO.
AGMI is categorized as Silver, while BNO is Oil & Gas. AGMI tracks STOXX Global Silver Mining Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Themes and Concierge Technologies. Their fees differ too: 0.35% for AGMI and 0.90% for BNO.
AGMI currently has the higher Sharpe Ratio (2.28 vs 2.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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