AGMI vs. CZAR

Last updated Jun 4, 2026

AGMI (Themes Silver Miners ETF) and CZAR (Themes Natural Monopoly ETF) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly Index - Benchmark TR Gross. Both are passively managed. Over the past year, AGMI returned 112.77% vs 2.67% for CZAR. At a 0.30 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

AGMI vs. CZAR - Performance Comparison

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

Returns By Period

In the year-to-date period, AGMI achieves a 7.60% return, which is significantly higher than CZAR's -1.18% return.

AGMI

• 1D: -4.74%
• 1M: 3.77%
• YTD: 7.60%
• 6M: 20.09%
• 1Y: 112.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CZAR

• 1D: -0.81%
• 1M: -0.05%
• YTD: -1.18%
• 6M: -0.33%
• 1Y: 2.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGMI vs. CZAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%
CZAR Themes Natural Monopoly ETF	-1.18%	13.32%	8.75%

Correlation

The correlation between AGMI and CZAR is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.30

AGMI vs. CZAR - Sectors Allocation Comparison

Sectors	AGMI	CZAR
Basic Materials	100.0%	3.5%
Technology	0.0%	20.9%
Communication Services	-	2.3%
Consumer Cyclical	-	6.1%
Consumer Defensive	-	5.8%
Energy	-	3.9%
Financial Services	-	17.0%
Healthcare	-	8.2%
Industrials	-	27.3%
Real Estate	-	-
Utilities	-	2.7%

Return for Risk

AGMI vs. CZAR — Risk / Return Rank

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

AGMI

AGMI Risk / Return Rank: 60
AGMI Sharpe Ratio Rank: 70
AGMI Sortino Ratio Rank: 51
AGMI Omega Ratio Rank: 57
AGMI Calmar Ratio Rank: 68
AGMI Martin Ratio Rank: 54

CZAR

CZAR Risk / Return Rank: 12
CZAR Sharpe Ratio Rank: 12
CZAR Sortino Ratio Rank: 11
CZAR Omega Ratio Rank: 11
CZAR Calmar Ratio Rank: 12
CZAR Martin Ratio Rank: 13

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. CZAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Themes Natural Monopoly ETF (CZAR). 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	CZAR	Difference
Sharpe ratio: Return per unit of total volatility	2.32	0.22	+2.10
Sortino ratio: Return per unit of downside risk	2.52	0.39	+2.12
Omega ratio: Gain probability vs. loss probability	1.35	1.05	+0.31
Calmar ratio: Return relative to maximum drawdown	3.41	0.28	+3.13
Martin ratio: Return relative to average drawdown	9.21	0.88	+8.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGMI vs. CZAR - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 2.32, which is higher than the CZAR Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of AGMI and CZAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGMI	CZAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	0.22	+2.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.68	+0.88

Drawdowns

AGMI vs. CZAR - Drawdown Comparison

The maximum AGMI drawdown since its inception was -33.26%, which is greater than CZAR's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for AGMI and CZAR.

Drawdown Indicators

	AGMI	CZAR	Difference
Max Drawdown Largest peak-to-trough decline	-33.26%	-13.38%	-19.88%
Max Drawdown (1Y) Largest decline over 1 year	-33.26%	-9.54%	-23.72%
Current Drawdown Current decline from peak	-22.35%	-3.92%	-18.43%
Average Drawdown Average peak-to-trough decline	-9.14%	-2.18%	-6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.29%	3.05%	+9.24%

Volatility

AGMI vs. CZAR - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 17.62% compared to Themes Natural Monopoly ETF (CZAR) at 3.12%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than CZAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	CZAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.62%	3.12%	+14.50%
Volatility (6M) Calculated over the trailing 6-month period	40.98%	9.85%	+31.13%
Volatility (1Y) Calculated over the trailing 1-year period	48.95%	12.24%	+36.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.04%	15.04%	+29.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.04%	15.04%	+29.00%

AGMI vs. CZAR - Expense Ratio Comparison

Both AGMI and CZAR have an expense ratio of 0.35%.

Dividends

AGMI vs. CZAR - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.12%, more than CZAR's 1.49% yield.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%
CZAR Themes Natural Monopoly ETF	1.49%	1.47%	0.94%

Frequently Asked Questions

Can I hold both AGMI and CZAR in my portfolio?

AGMI and CZAR have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGMI or CZAR?

AGMI has higher volatility (17.62%) compared to CZAR (3.12%). In terms of maximum drawdown, AGMI dropped -33.26% vs CZAR's -13.38%.

Which ETF is better, AGMI or CZAR?

On 1-year performance, AGMI leads with 112.77% vs 2.67% for CZAR. Both ETFs have the same 0.35% expense ratio. On volatility, CZAR has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or CZAR?

Over the 1-year period, AGMI has performed better with a 112.77% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or CZAR?

AGMI and CZAR have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, AGMI or CZAR?

AGMI has the higher dividend yield at 4.12%, compared with 1.49% for CZAR.

What is the main difference between AGMI and CZAR?

AGMI is categorized as Silver, while CZAR is Large Cap Blend Equities. AGMI tracks STOXX Global Silver Mining Index, while CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs 0.22), 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.