AGMI vs. NFXS

Last updated Jun 24, 2026

AGMI (Themes Silver Miners ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while NFXS is a Inverse Equities fund actively managed by Direxion. AGMI is passively managed, while NFXS is actively managed. Over the past year, AGMI returned 82.04% vs 64.26% for NFXS. At a correlation of -0.15, they often move in opposite directions. AGMI charges 0.35%/yr vs 1.03%/yr for NFXS.

Performance

AGMI vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and Direxion Daily NFLX Bear 1X Shares (NFXS). 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 lower than NFXS's 24.21% return.

AGMI

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

NFXS

• 1D: 0.09%
• 1M: 21.28%
• YTD: 24.21%
• 6M: 24.00%
• 1Y: 64.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGMI vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	-4.46%	176.11%	-16.12%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between AGMI and NFXS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.15

Return for Risk

AGMI vs. NFXS — 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

NFXS

NFXS Risk / Return Rank: 55
NFXS Sharpe Ratio Rank: 65
NFXS Sortino Ratio Rank: 60
NFXS Omega Ratio Rank: 68
NFXS Calmar Ratio Rank: 45
NFXS Martin Ratio Rank: 39

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. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Direxion Daily NFLX Bear 1X Shares (NFXS). 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	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.91	-0.32
Sortino ratio: Return per unit of downside risk	1.97	2.55	-0.58
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.40	2.06	+0.33
Martin ratio: Return relative to average drawdown	5.96	5.64	+0.33

AGMI vs. NFXS - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.59, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of AGMI and NFXS, 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. NFXS - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for AGMI and NFXS.

Drawdown Indicators

	AGMI	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-50.37%	+15.97%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-31.31%	-3.09%
Current Drawdown Current decline from peak	-31.06%	-12.88%	-18.18%
Average Drawdown Average peak-to-trough decline	-9.57%	-31.93%	+22.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.80%	11.45%	+2.35%

Volatility

AGMI vs. NFXS - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 19.41% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.74%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.41%	7.74%	+11.67%
Volatility (6M) Calculated over the trailing 6-month period	44.13%	26.22%	+17.91%
Volatility (1Y) Calculated over the trailing 1-year period	51.73%	33.81%	+17.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.04%	34.65%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.04%	34.65%	+10.39%

AGMI vs. NFXS - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

AGMI vs. NFXS - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.64%, more than NFXS's 3.23% yield.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.64%	4.43%	1.81%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both AGMI and NFXS in my portfolio?

AGMI and NFXS have a correlation of -0.09, 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 NFXS?

AGMI has higher volatility (19.41%) compared to NFXS (7.74%). In terms of maximum drawdown, AGMI dropped -34.40% vs NFXS's -50.37%.

Which ETF is better, AGMI or NFXS?

On 1-year performance, AGMI leads with 82.04% vs 64.26% for NFXS. On fees, AGMI is cheaper at 0.35% per year. On volatility, NFXS has been the lower-risk option at 7.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or NFXS?

Over the 1-year period, AGMI has performed better with a 82.04% return vs 64.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or NFXS?

AGMI is cheaper with a 0.35% expense ratio, compared with 1.03% for NFXS.

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

AGMI has the higher dividend yield at 4.64%, compared with 3.23% for NFXS.

What is the main difference between AGMI and NFXS?

AGMI is categorized as Silver, while NFXS is Inverse Equities. They also come from different issuers: Themes and Direxion. Their fees differ too: 0.35% for AGMI and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.91 vs 1.59), 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.