AGMI vs. HL

Last updated Jul 1, 2026

AGMI (Themes Silver Miners ETF) is Silver fund tracking the STOXX Global Silver Mining Index, while HL (Hecla Mining Company) is a stock. Over the past year, AGMI returned 77.19% vs 157.90% for HL. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

AGMI vs. HL - Performance Comparison

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

Returns By Period

In the year-to-date period, AGMI achieves a -5.19% return, which is significantly higher than HL's -19.56% return.

AGMI

• 1D: -0.26%
• 1M: -15.37%
• YTD: -5.19%
• 6M: -6.87%
• 1Y: 77.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HL

• 1D: 0.19%
• 1M: -13.17%
• YTD: -19.56%
• 6M: -20.80%
• 1Y: 157.90%
• 3Y*: 44.78%
• 5Y*: 16.35%
• 10Y*: 11.45%

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

AGMI vs. HL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	-5.19%	176.11%	-0.74%
HL Hecla Mining Company	-19.56%	291.70%	3.53%

Correlation

The correlation between AGMI and HL is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.87

The correlation between AGMI and HL has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

AGMI vs. HL — 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: 50
AGMI Sortino Ratio Rank: 41
AGMI Omega Ratio Rank: 45
AGMI Calmar Ratio Rank: 53
AGMI Martin Ratio Rank: 38

HL

HL Risk / Return Rank: 85
HL Sharpe Ratio Rank: 91
HL Sortino Ratio Rank: 87
HL Omega Ratio Rank: 84
HL Calmar Ratio Rank: 84
HL Martin Ratio Rank: 80

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. HL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Hecla Mining Company (HL). 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	HL	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.16	-0.67
Sortino ratio: Return per unit of downside risk	1.89	2.62	-0.73
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	2.26	2.85	-0.59
Martin ratio: Return relative to average drawdown	5.34	5.91	-0.57

AGMI vs. HL - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.50, which is lower than the HL Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of AGMI and HL, 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. HL - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum HL drawdown of -97.92%. Use the drawdown chart below to compare losses from any high point for AGMI and HL.

Drawdown Indicators

	AGMI	HL	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-97.92%	+63.52%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-55.81%	+21.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.45%	—
Current Drawdown Current decline from peak	-31.58%	-51.47%	+19.89%
Average Drawdown Average peak-to-trough decline	-9.78%	-69.91%	+60.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.51%	26.84%	-12.33%

Volatility

AGMI vs. HL - Volatility Comparison

The current volatility for Themes Silver Miners ETF (AGMI) is 19.24%, while Hecla Mining Company (HL) has a volatility of 21.36%. This indicates that AGMI experiences smaller price fluctuations and is considered to be less risky than HL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	HL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	21.36%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	44.02%	54.58%	-10.56%
Volatility (1Y) Calculated over the trailing 1-year period	51.85%	73.45%	-21.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.98%	59.39%	-14.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	62.83%	-17.85%

Dividends

AGMI vs. HL - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.67%, more than HL's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGMI Themes Silver Miners ETF	4.67%	4.43%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HL Hecla Mining Company	0.10%	0.08%	0.81%	0.65%	0.40%	0.72%	0.25%	0.29%	0.42%	0.25%	0.19%	0.53%

Frequently Asked Questions

Can I hold both AGMI and HL in my portfolio?

AGMI and HL have a correlation of 0.88, 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 HL?

HL has higher volatility (21.36%) compared to AGMI (19.24%). In terms of maximum drawdown, AGMI dropped -34.40% vs HL's -97.92%.

Which has better risk-adjusted returns?

HL currently has the higher Sharpe Ratio (2.16 vs 1.50), 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.