AGMI vs. GLDM

Last updated Jun 23, 2026

AGMI (Themes Silver Miners ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, AGMI returned 96.26% vs 24.39% for GLDM. A 0.72 correlation means they provide meaningful diversification when combined. AGMI charges 0.35%/yr vs 0.10%/yr for GLDM.

Performance

AGMI vs. GLDM - Performance Comparison

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

Returns By Period

In the year-to-date period, AGMI achieves a 1.75% return, which is significantly higher than GLDM's -2.87% return.

AGMI

• 1D: -1.30%
• 1M: -4.11%
• YTD: 1.75%
• 6M: -0.78%
• 1Y: 96.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

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

AGMI vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	1.75%	176.11%	-0.74%
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	13.86%

Correlation

The correlation between AGMI and GLDM is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.72

The correlation between AGMI and GLDM has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

AGMI vs. GLDM — Risk / Return Rank

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

AGMI

AGMI Risk / Return Rank: 51
AGMI Sharpe Ratio Rank: 58
AGMI Sortino Ratio Rank: 45
AGMI Omega Ratio Rank: 48
AGMI Calmar Ratio Rank: 59
AGMI Martin Ratio Rank: 44

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.90	+0.99
Sortino ratio: Return per unit of downside risk	2.19	1.26	+0.93
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	2.81	1.01	+1.81
Martin ratio: Return relative to average drawdown	7.07	2.74	+4.33

AGMI vs. GLDM - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.89, which is higher than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of AGMI and GLDM, 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. GLDM - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for AGMI and GLDM.

Drawdown Indicators

	AGMI	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-24.35%	-10.05%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-24.35%	-10.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.35%	—
Current Drawdown Current decline from peak	-26.57%	-22.34%	-4.23%
Average Drawdown Average peak-to-trough decline	-9.53%	-6.31%	-3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.66%	8.92%	+4.74%

Volatility

AGMI vs. GLDM - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 18.45% compared to SPDR Gold MiniShares Trust (GLDM) at 8.02%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.45%	8.02%	+10.43%
Volatility (6M) Calculated over the trailing 6-month period	43.68%	24.15%	+19.53%
Volatility (1Y) Calculated over the trailing 1-year period	51.43%	27.34%	+24.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.87%	18.13%	+26.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.87%	17.01%	+27.86%

AGMI vs. GLDM - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

AGMI vs. GLDM - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.35%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.35%	4.43%	1.81%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGMI and GLDM in my portfolio?

AGMI and GLDM have a correlation of 0.77, 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 GLDM?

AGMI has higher volatility (18.45%) compared to GLDM (8.02%). In terms of maximum drawdown, AGMI dropped -34.40% vs GLDM's -24.35%.

Which ETF is better, AGMI or GLDM?

On 1-year performance, AGMI leads with 96.26% vs 24.39% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or GLDM?

Over the 1-year period, AGMI has performed better with a 96.26% return vs 24.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.35% for AGMI.

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

AGMI has the higher dividend yield at 4.35%, compared with 0.00% for GLDM.

What is the main difference between AGMI and GLDM?

AGMI is categorized as Silver, while GLDM is Gold. AGMI tracks STOXX Global Silver Mining Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Themes and State Street. Their fees differ too: 0.35% for AGMI and 0.10% for GLDM.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (1.89 vs 0.90), 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.