AGMI vs. SIL

Last updated Jun 4, 2026

AGMI (Themes Silver Miners ETF) and SIL (Global X Silver Miners ETF) are both Silver funds - AGMI tracks the STOXX Global Silver Mining Index while SIL tracks the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past year, AGMI returned 112.77% vs 91.23% for SIL. With a 0.96 correlation, they move nearly in lockstep. AGMI charges 0.35%/yr vs 0.65%/yr for SIL.

Performance

AGMI vs. SIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and Global X Silver Miners ETF (SIL). 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 SIL's 4.75% return.

AGMI

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

SIL

• 1D: -4.96%
• 1M: 0.68%
• YTD: 4.75%
• 6M: 15.66%
• 1Y: 91.23%
• 3Y*: 49.15%
• 5Y*: 13.96%
• 10Y*: 10.69%

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

AGMI vs. SIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%
SIL Global X Silver Miners ETF	4.75%	166.16%	5.03%

Correlation

The correlation between AGMI and SIL is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.96

The correlation between AGMI and SIL has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

AGMI vs. SIL - Sectors Allocation Comparison

Sectors	AGMI	SIL
Basic Materials	100.0%	99.8%
Technology	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	0.2%
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AGMI vs. SIL — 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

SIL

SIL Risk / Return Rank: 48
SIL Sharpe Ratio Rank: 52
SIL Sortino Ratio Rank: 43
SIL Omega Ratio Rank: 46
SIL Calmar Ratio Rank: 55
SIL Martin Ratio Rank: 43

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. SIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Global X Silver Miners ETF (SIL). 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	SIL	Difference
Sharpe ratio Return per unit of total volatility	2.32	1.83	+0.48
Sortino ratio Return per unit of downside risk	2.52	2.17	+0.35
Omega ratio Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio Return relative to maximum drawdown	3.41	2.79	+0.62
Martin ratio Return relative to average drawdown	9.21	7.14	+2.07
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. SIL - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 2.32, which is comparable to the SIL Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of AGMI and SIL, 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	SIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.83	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.14	+1.43

Drawdowns

AGMI vs. SIL - Drawdown Comparison

The maximum AGMI drawdown since its inception was -33.26%, smaller than the maximum SIL drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for AGMI and SIL.

Drawdown Indicators

	AGMI	SIL	Difference
Max Drawdown Largest peak-to-trough decline	-33.26%	-82.99%	+49.73%
Max Drawdown (1Y) Largest decline over 1 year	-33.26%	-32.91%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.04%	—
Current Drawdown Current decline from peak	-22.35%	-25.87%	+3.52%
Average Drawdown Average peak-to-trough decline	-9.14%	-51.45%	+42.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.29%	12.82%	-0.53%

Volatility

AGMI vs. SIL - Volatility Comparison

Themes Silver Miners ETF (AGMI) and Global X Silver Miners ETF (SIL) have volatilities of 17.62% and 17.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	SIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.62%	17.66%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	40.98%	41.57%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	48.95%	50.01%	-1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.04%	39.21%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.04%	39.60%	+4.44%

AGMI vs. SIL - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is lower than SIL's 0.65% expense ratio.

Dividends

AGMI vs. SIL - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.12%, more than SIL's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIL Global X Silver Miners ETF	1.13%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%

Frequently Asked Questions

Can I hold both AGMI and SIL in my portfolio?

With a correlation of 0.97, AGMI and SIL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AGMI or SIL?

SIL has higher volatility (17.66%) compared to AGMI (17.62%). In terms of maximum drawdown, AGMI dropped -33.26% vs SIL's -82.99%.

Which ETF is better, AGMI or SIL?

On 1-year performance, AGMI leads with 112.77% vs 91.23% for SIL. On fees, AGMI is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or SIL?

Over the 1-year period, AGMI has performed better with a 112.77% return vs 91.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or SIL?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.65% for SIL.

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

AGMI has the higher dividend yield at 4.12%, compared with 1.13% for SIL.

What is the main difference between AGMI and SIL?

AGMI tracks STOXX Global Silver Mining Index, while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: Themes and Global X. Their fees differ too: 0.35% for AGMI and 0.65% for SIL.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs 1.83), 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.