AGMI vs. GDXJ

Last updated Jun 24, 2026

AGMI (Themes Silver Miners ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past year, AGMI returned 82.04% vs 51.11% for GDXJ. Their correlation of 0.92 suggests significant overlap in exposure. AGMI charges 0.35%/yr vs 0.52%/yr for GDXJ.

Performance

AGMI vs. GDXJ - Performance Comparison

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

Returns By Period

In the year-to-date period, AGMI achieves a -4.46% return, which is significantly higher than GDXJ's -11.62% return.

AGMI

• 1D: -6.11%
• 1M: -9.96%
• YTD: -4.46%
• 6M: -7.11%
• 1Y: 82.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDXJ

• 1D: -5.24%
• 1M: -9.91%
• YTD: -11.62%
• 6M: -16.20%
• 1Y: 51.11%
• 3Y*: 44.53%
• 5Y*: 17.86%
• 10Y*: 10.91%

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

AGMI vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	-4.46%	176.11%	-0.74%
GDXJ VanEck Junior Gold Miners ETF	-11.62%	172.28%	7.19%

Correlation

The correlation between AGMI and GDXJ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.92

The correlation between AGMI and GDXJ has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

AGMI vs. GDXJ - Sectors Allocation Comparison

Sectors	AGMI	GDXJ
Basic Materials	99.7%	99.5%
Technology	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AGMI vs. GDXJ — 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: 48
AGMI Sortino Ratio Rank: 41
AGMI Omega Ratio Rank: 43
AGMI Calmar Ratio Rank: 51
AGMI Martin Ratio Rank: 40

GDXJ

GDXJ Risk / Return Rank: 28
GDXJ Sharpe Ratio Rank: 28
GDXJ Sortino Ratio Rank: 27
GDXJ Omega Ratio Rank: 29
GDXJ Calmar Ratio Rank: 27
GDXJ Martin Ratio Rank: 26

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. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and VanEck Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.98	+0.61
Sortino ratio: Return per unit of downside risk	1.97	1.45	+0.52
Omega ratio: Gain probability vs. loss probability	1.27	1.20	+0.07
Calmar ratio: Return relative to maximum drawdown	2.40	1.30	+1.10
Martin ratio: Return relative to average drawdown	5.96	3.40	+2.57

AGMI vs. GDXJ - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.59, which is higher than the GDXJ Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of AGMI and GDXJ, 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. GDXJ - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for AGMI and GDXJ.

Drawdown Indicators

	AGMI	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-88.66%	+54.26%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-39.47%	+5.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.77%	—
Current Drawdown Current decline from peak	-31.06%	-35.62%	+4.56%
Average Drawdown Average peak-to-trough decline	-9.57%	-60.40%	+50.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.80%	15.08%	-1.28%

Volatility

AGMI vs. GDXJ - Volatility Comparison

Themes Silver Miners ETF (AGMI) and VanEck Junior Gold Miners ETF (GDXJ) have volatilities of 19.41% and 20.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.41%	20.19%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	44.13%	44.45%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	51.73%	52.42%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.04%	41.71%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.04%	44.30%	+0.74%

AGMI vs. GDXJ - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is lower than GDXJ's 0.52% expense ratio.

Dividends

AGMI vs. GDXJ - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.64%, more than GDXJ's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGMI Themes Silver Miners ETF	4.64%	4.43%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDXJ VanEck Junior Gold Miners ETF	2.63%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%

Frequently Asked Questions

Can I hold both AGMI and GDXJ in my portfolio?

With a correlation of 0.94, AGMI and GDXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AGMI or GDXJ?

GDXJ has higher volatility (20.19%) compared to AGMI (19.41%). In terms of maximum drawdown, AGMI dropped -34.40% vs GDXJ's -88.66%.

Which ETF is better, AGMI or GDXJ?

On 1-year performance, AGMI leads with 82.04% vs 51.11% for GDXJ. On fees, AGMI is cheaper at 0.35% per year. On volatility, AGMI has been the lower-risk option at 19.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or GDXJ?

Over the 1-year period, AGMI has performed better with a 82.04% return vs 51.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or GDXJ?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.52% for GDXJ.

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

AGMI has the higher dividend yield at 4.64%, compared with 2.63% for GDXJ.

What is the main difference between AGMI and GDXJ?

AGMI is categorized as Silver, while GDXJ is Gold. AGMI tracks STOXX Global Silver Mining Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: Themes and VanEck. Their fees differ too: 0.35% for AGMI and 0.52% for GDXJ.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (1.59 vs 0.98), 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.