AGMI vs. MNS.TO

Last updated Jul 1, 2026

AGMI (Themes Silver Miners ETF) and MNS.TO (Royal Canadian Mint - Canadian Silver Reserves) are both Silver funds - AGMI tracks the STOXX Global Silver Mining Index while MNS.TO tracks the N/A (Physical Bullion). Both are passively managed. Over the past year, AGMI returned 77.19% vs 59.09% for MNS.TO. A 0.67 correlation means they provide meaningful diversification when combined. AGMI charges 0.35%/yr vs 0.45%/yr for MNS.TO.

Performance

AGMI vs. MNS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and Royal Canadian Mint - Canadian Silver Reserves (MNS.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AGMI is traded in USD, while MNS.TO is traded in CAD. To make them comparable, the MNS.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AGMI achieves a -5.19% return, which is significantly higher than MNS.TO's -25.76% return.

AGMI

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

MNS.TO

• 1D: 2.77%
• 1M: -20.90%
• YTD: -25.76%
• 6M: -29.21%
• 1Y: 59.09%
• 3Y*: 39.00%
• 5Y*: 16.91%
• 10Y*: —

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

AGMI vs. MNS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	-5.19%	176.11%	-0.74%
MNS.TO Royal Canadian Mint - Canadian Silver Reserves	-25.76%	173.61%	8.84%

Correlation

The correlation between AGMI and MNS.TO is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.67

The correlation between AGMI and MNS.TO has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

Return for Risk

AGMI vs. MNS.TO — 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

MNS.TO

MNS.TO Risk / Return Rank: 33
MNS.TO Sharpe Ratio Rank: 36
MNS.TO Sortino Ratio Rank: 31
MNS.TO Omega Ratio Rank: 42
MNS.TO Calmar Ratio Rank: 31
MNS.TO 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. MNS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Royal Canadian Mint - Canadian Silver Reserves (MNS.TO). 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	MNS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.05	+0.45
Sortino ratio: Return per unit of downside risk	1.89	1.44	+0.45
Omega ratio: Gain probability vs. loss probability	1.26	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	2.26	1.20	+1.06
Martin ratio: Return relative to average drawdown	5.34	2.80	+2.53

AGMI vs. MNS.TO - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.50, which is higher than the MNS.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of AGMI and MNS.TO, 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. MNS.TO - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum MNS.TO drawdown of -49.67%. Use the drawdown chart below to compare losses from any high point for AGMI and MNS.TO.

Drawdown Indicators

	AGMI	MNS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-49.67%	+15.27%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-49.67%	+15.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-49.67%	—
Current Drawdown Current decline from peak	-31.58%	-45.50%	+13.92%
Average Drawdown Average peak-to-trough decline	-9.78%	-17.27%	+7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.51%	21.13%	-6.62%

Volatility

AGMI vs. MNS.TO - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 19.24% compared to Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) at 14.87%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than MNS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	MNS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	14.87%	+4.37%
Volatility (6M) Calculated over the trailing 6-month period	44.02%	52.95%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	51.85%	56.45%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.98%	35.25%	+9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	31.97%	+13.01%

AGMI vs. MNS.TO - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is lower than MNS.TO's 0.45% expense ratio.

Dividends

AGMI vs. MNS.TO - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.67%, while MNS.TO has not paid dividends to shareholders.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.67%	4.43%	1.81%
MNS.TO Royal Canadian Mint - Canadian Silver Reserves	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGMI and MNS.TO in my portfolio?

AGMI and MNS.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AGMI or MNS.TO?

On fees, AGMI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AGMI or MNS.TO?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.45% for MNS.TO.

What is the main difference between AGMI and MNS.TO?

AGMI tracks STOXX Global Silver Mining Index, while MNS.TO tracks N/A (Physical Bullion). They also come from different issuers: Themes and Royal Canadian Mint. Their fees differ too: 0.35% for AGMI and 0.45% for MNS.TO.