AGMI vs. IAUM

Last updated Jun 4, 2026

AGMI (Themes Silver Miners ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, AGMI returned 112.77% vs 32.42% for IAUM. A 0.71 correlation means they provide meaningful diversification when combined. AGMI charges 0.35%/yr vs 0.09%/yr for IAUM.

Performance

AGMI vs. IAUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and iShares Gold Trust Micro (IAUM). 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 IAUM's 3.00% return.

AGMI

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

IAUM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.58%
• 1Y: 32.42%
• 3Y*: 31.53%
• 5Y*: —
• 10Y*: —

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

AGMI vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%
IAUM iShares Gold Trust Micro	3.00%	64.27%	13.93%

Correlation

The correlation between AGMI and IAUM is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.71

The correlation between AGMI and IAUM has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

AGMI vs. IAUM - Sectors Allocation Comparison

Sectors	AGMI	IAUM
Basic Materials	100.0%	-
Technology	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Utilities	-	-

Return for Risk

AGMI vs. IAUM — 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

IAUM

IAUM Risk / Return Rank: 32
IAUM Sharpe Ratio Rank: 33
IAUM Sortino Ratio Rank: 29
IAUM Omega Ratio Rank: 36
IAUM Calmar Ratio Rank: 34
IAUM Martin Ratio Rank: 29

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. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.24	+1.08
Sortino ratio: Return per unit of downside risk	2.52	1.63	+0.88
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	3.41	1.70	+1.71
Martin ratio: Return relative to average drawdown	9.21	4.22	+4.99
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. IAUM - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 2.32, which is higher than the IAUM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of AGMI and IAUM, 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	IAUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.24	+1.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.16	+0.41

Drawdowns

AGMI vs. IAUM - Drawdown Comparison

The maximum AGMI drawdown since its inception was -33.26%, which is greater than IAUM's maximum drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for AGMI and IAUM.

Drawdown Indicators

	AGMI	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-33.26%	-20.87%	-12.39%
Max Drawdown (1Y) Largest decline over 1 year	-33.26%	-19.15%	-14.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.15%	—
Current Drawdown Current decline from peak	-22.35%	-17.68%	-4.67%
Average Drawdown Average peak-to-trough decline	-9.14%	-5.30%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.29%	7.70%	+4.59%

Volatility

AGMI vs. IAUM - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 17.62% compared to iShares Gold Trust Micro (IAUM) at 5.50%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.62%	5.50%	+12.12%
Volatility (6M) Calculated over the trailing 6-month period	40.98%	22.89%	+18.09%
Volatility (1Y) Calculated over the trailing 1-year period	48.95%	26.31%	+22.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.04%	17.86%	+26.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.04%	17.86%	+26.18%

AGMI vs. IAUM - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

AGMI vs. IAUM - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.12%, while IAUM has not paid dividends to shareholders.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGMI and IAUM in my portfolio?

AGMI and IAUM have a correlation of 0.75, 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 IAUM?

AGMI has higher volatility (17.62%) compared to IAUM (5.50%). In terms of maximum drawdown, AGMI dropped -33.26% vs IAUM's -20.87%.

Which ETF is better, AGMI or IAUM?

On 1-year performance, AGMI leads with 112.77% vs 32.42% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or IAUM?

Over the 1-year period, AGMI has performed better with a 112.77% return vs 32.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.35% for AGMI.

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

AGMI has the higher dividend yield at 4.12%, compared with 0.00% for IAUM.

What is the main difference between AGMI and IAUM?

AGMI is categorized as Silver, while IAUM is Gold. AGMI tracks STOXX Global Silver Mining Index, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Themes and iShares. Their fees differ too: 0.35% for AGMI and 0.09% for IAUM.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs 1.24), 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.