AGMI vs. DBP
Compare and contrast key facts about Themes Silver Miners ETF (AGMI) and Invesco DB Precious Metals Fund (DBP).
AGMI and DBP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGMI is a passively managed fund by Themes that tracks the performance of the STOXX Global Silver Mining Index - Benchmark TR Net. It was launched on May 2, 2024. DBP is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Precious Metals Index Excess Return. It was launched on Jan 5, 2007. Both AGMI and DBP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
AGMI vs. DBP - Performance Comparison
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AGMI vs. DBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 8.83% | 176.11% | -0.74% |
DBP Invesco DB Precious Metals Fund | 8.35% | 73.43% | 13.45% |
Returns By Period
In the year-to-date period, AGMI achieves a 8.83% return, which is significantly higher than DBP's 8.35% return.
AGMI
- 1D
- 4.32%
- 1M
- -20.30%
- YTD
- 8.83%
- 6M
- 35.28%
- 1Y
- 144.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBP
- 1D
- 1.23%
- 1M
- -12.21%
- YTD
- 8.35%
- 6M
- 27.71%
- 1Y
- 59.98%
- 3Y*
- 34.55%
- 5Y*
- 21.03%
- 10Y*
- 13.31%
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AGMI vs. DBP - Expense Ratio Comparison
AGMI has a 0.35% expense ratio, which is lower than DBP's 0.78% expense ratio.
Return for Risk
AGMI vs. DBP — Risk / Return Rank
AGMI
DBP
AGMI vs. DBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Invesco DB Precious Metals Fund (DBP). 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 | DBP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.03 | 1.83 | +1.20 |
Sortino ratioReturn per unit of downside risk | 2.99 | 2.14 | +0.85 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.34 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 4.35 | 2.34 | +2.00 |
Martin ratioReturn relative to average drawdown | 15.72 | 8.35 | +7.37 |
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 | DBP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.03 | 1.83 | +1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.79 | 0.45 | +1.34 |
Correlation
The correlation between AGMI and DBP is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
AGMI vs. DBP - Dividend Comparison
AGMI's dividend yield for the trailing twelve months is around 4.07%, more than DBP's 2.25% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.07% | 4.43% | 1.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBP Invesco DB Precious Metals Fund | 2.25% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
Drawdowns
AGMI vs. DBP - Drawdown Comparison
The maximum AGMI drawdown since its inception was -33.26%, smaller than the maximum DBP drawdown of -53.89%. Use the drawdown chart below to compare losses from any high point for AGMI and DBP.
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Drawdown Indicators
| AGMI | DBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.26% | -53.89% | +20.63% |
Max Drawdown (1Y)Largest decline over 1 year | -33.26% | -25.48% | -7.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.48% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.36% | — |
Current DrawdownCurrent decline from peak | -21.46% | -18.35% | -3.11% |
Average DrawdownAverage peak-to-trough decline | -8.18% | -25.47% | +17.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.19% | 7.15% | +2.04% |
Volatility
AGMI vs. DBP - Volatility Comparison
Themes Silver Miners ETF (AGMI) has a higher volatility of 18.58% compared to Invesco DB Precious Metals Fund (DBP) at 11.16%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than DBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGMI | DBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.58% | 11.16% | +7.42% |
Volatility (6M)Calculated over the trailing 6-month period | 42.28% | 30.56% | +11.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.18% | 32.94% | +15.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.49% | 20.56% | +22.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.49% | 18.57% | +24.92% |