AGMI vs. SGOL

Last updated Jun 5, 2026

AGMI (Themes Silver Miners ETF) and SGOL (abrdn Physical Gold Shares ETF) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past year, AGMI returned 110.88% vs 32.57% for SGOL. A 0.71 correlation means they provide meaningful diversification when combined. AGMI charges 0.35%/yr vs 0.17%/yr for SGOL.

Performance

AGMI vs. SGOL - Performance Comparison

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

Returns By Period

In the year-to-date period, AGMI achieves a 7.94% return, which is significantly higher than SGOL's 3.85% return.

AGMI

• 1D: 0.32%
• 1M: 4.50%
• YTD: 7.94%
• 6M: 21.60%
• 1Y: 110.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOL

• 1D: 0.85%
• 1M: -1.66%
• YTD: 3.85%
• 6M: 6.30%
• 1Y: 32.57%
• 3Y*: 31.48%
• 5Y*: 18.60%
• 10Y*: 13.40%

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

AGMI vs. SGOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	7.94%	176.11%	-0.74%
SGOL abrdn Physical Gold Shares ETF	3.85%	63.99%	13.86%

Correlation

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

Return for Risk

AGMI vs. SGOL — 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: 71
AGMI Sortino Ratio Rank: 52
AGMI Omega Ratio Rank: 58
AGMI Calmar Ratio Rank: 68
AGMI Martin Ratio Rank: 53

SGOL

SGOL Risk / Return Rank: 34
SGOL Sharpe Ratio Rank: 36
SGOL Sortino Ratio Rank: 31
SGOL Omega Ratio Rank: 39
SGOL Calmar Ratio Rank: 35
SGOL Martin Ratio Rank: 30

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. SGOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and abrdn Physical Gold Shares ETF (SGOL). 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	SGOL	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.24	+1.04
Sortino ratio: Return per unit of downside risk	2.49	1.64	+0.85
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	3.35	1.71	+1.64
Martin ratio: Return relative to average drawdown	9.00	4.20	+4.80
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. SGOL - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 2.28, which is higher than the SGOL Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of AGMI and SGOL, 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	SGOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	1.24	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.55	+1.01

Drawdowns

AGMI vs. SGOL - Drawdown Comparison

The maximum AGMI drawdown since its inception was -33.26%, smaller than the maximum SGOL drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for AGMI and SGOL.

Drawdown Indicators

	AGMI	SGOL	Difference
Max Drawdown Largest peak-to-trough decline	-33.26%	-45.51%	+12.25%
Max Drawdown (1Y) Largest decline over 1 year	-33.26%	-19.14%	-14.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.56%	—
Current Drawdown Current decline from peak	-22.10%	-17.02%	-5.08%
Average Drawdown Average peak-to-trough decline	-9.17%	-18.41%	+9.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.37%	7.78%	+4.59%

Volatility

AGMI vs. SGOL - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 17.61% compared to abrdn Physical Gold Shares ETF (SGOL) at 5.47%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than SGOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	SGOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.61%	5.47%	+12.14%
Volatility (6M) Calculated over the trailing 6-month period	40.96%	22.94%	+18.02%
Volatility (1Y) Calculated over the trailing 1-year period	48.94%	26.32%	+22.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.99%	17.88%	+26.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.99%	15.91%	+28.08%

AGMI vs. SGOL - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is higher than SGOL's 0.17% expense ratio.

Dividends

AGMI vs. SGOL - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.10%, while SGOL has not paid dividends to shareholders.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.10%	4.43%	1.81%
SGOL abrdn Physical Gold Shares ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGMI and SGOL in my portfolio?

AGMI and SGOL 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 SGOL?

AGMI has higher volatility (17.61%) compared to SGOL (5.47%). In terms of maximum drawdown, AGMI dropped -33.26% vs SGOL's -45.51%.

Which ETF is better, AGMI or SGOL?

On 1-year performance, AGMI leads with 110.88% vs 32.57% for SGOL. On fees, SGOL is cheaper at 0.17% per year. On volatility, SGOL has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or SGOL?

Over the 1-year period, AGMI has performed better with a 110.88% return vs 32.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or SGOL?

SGOL is cheaper with a 0.17% expense ratio, compared with 0.35% for AGMI.

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

AGMI has the higher dividend yield at 4.10%, compared with 0.00% for SGOL.

What is the main difference between AGMI and SGOL?

AGMI is categorized as Silver, while SGOL is Gold. AGMI tracks STOXX Global Silver Mining Index, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Themes and abrdn. Their fees differ too: 0.35% for AGMI and 0.17% for SGOL.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.28 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.