AGMI vs. SLVR

Last updated Jun 24, 2026

AGMI (Themes Silver Miners ETF) and SLVR (Sprott Silver Miners & Physical Silver ETF) are both Silver funds - AGMI tracks the STOXX Global Silver Mining Index while SLVR tracks the Nasdaq Sprott Silver Miners™ Index. Both are passively managed. Over the past year, AGMI returned 82.04% vs 74.96% for SLVR. With a 0.95 correlation, they move nearly in lockstep. AGMI charges 0.35%/yr vs 0.65%/yr for SLVR.

Performance

AGMI vs. SLVR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and Sprott Silver Miners & Physical Silver ETF (SLVR). 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 higher than SLVR's -10.65% return.

AGMI

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

SLVR

• 1D: -6.24%
• 1M: -15.79%
• YTD: -10.65%
• 6M: -13.23%
• 1Y: 74.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGMI vs. SLVR - Yearly Performance Comparison

	2026 (YTD)	2025
AGMI Themes Silver Miners ETF	-4.46%	160.77%
SLVR Sprott Silver Miners & Physical Silver ETF	-10.65%	171.53%

Correlation

The correlation between AGMI and SLVR is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.95

The correlation between AGMI and SLVR has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

AGMI vs. SLVR — 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

SLVR

SLVR Risk / Return Rank: 34
SLVR Sharpe Ratio Rank: 35
SLVR Sortino Ratio Rank: 33
SLVR Omega Ratio Rank: 35
SLVR Calmar Ratio Rank: 38
SLVR Martin Ratio Rank: 31

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. SLVR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Sprott Silver Miners & Physical Silver ETF (SLVR). 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	SLVR	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.17	+0.42
Sortino ratio: Return per unit of downside risk	1.97	1.68	+0.29
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.40	1.81	+0.59
Martin ratio: Return relative to average drawdown	5.96	4.32	+1.65

AGMI vs. SLVR - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 1.59, which is higher than the SLVR Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of AGMI and SLVR, 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. SLVR - Drawdown Comparison

The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum SLVR drawdown of -41.59%. Use the drawdown chart below to compare losses from any high point for AGMI and SLVR.

Drawdown Indicators

	AGMI	SLVR	Difference
Max Drawdown Largest peak-to-trough decline	-34.40%	-41.59%	+7.19%
Max Drawdown (1Y) Largest decline over 1 year	-34.40%	-41.59%	+7.19%
Current Drawdown Current decline from peak	-31.06%	-40.19%	+9.13%
Average Drawdown Average peak-to-trough decline	-9.57%	-10.16%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.80%	17.43%	-3.63%

Volatility

AGMI vs. SLVR - Volatility Comparison

The current volatility for Themes Silver Miners ETF (AGMI) is 19.41%, while Sprott Silver Miners & Physical Silver ETF (SLVR) has a volatility of 21.36%. This indicates that AGMI experiences smaller price fluctuations and is considered to be less risky than SLVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	SLVR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.41%	21.36%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	44.13%	53.78%	-9.65%
Volatility (1Y) Calculated over the trailing 1-year period	51.73%	64.17%	-12.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.04%	58.98%	-13.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.04%	58.98%	-13.94%

AGMI vs. SLVR - Expense Ratio Comparison

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

Dividends

AGMI vs. SLVR - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.64%, more than SLVR's 4.12% yield.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.64%	4.43%	1.81%
SLVR Sprott Silver Miners & Physical Silver ETF	4.12%	3.68%	0.00%

Frequently Asked Questions

Can I hold both AGMI and SLVR in my portfolio?

With a correlation of 0.96, AGMI and SLVR 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 SLVR?

SLVR has higher volatility (21.36%) compared to AGMI (19.41%). In terms of maximum drawdown, AGMI dropped -34.40% vs SLVR's -41.59%.

Which ETF is better, AGMI or SLVR?

On 1-year performance, AGMI leads with 82.04% vs 74.96% for SLVR. On fees, AGMI is cheaper at 0.35% per year. On volatility, AGMI has been the lower-risk option at 19.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGMI or SLVR?

Over the 1-year period, AGMI has performed better with a 82.04% return vs 74.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGMI or SLVR?

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

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

AGMI has the higher dividend yield at 4.64%, compared with 4.12% for SLVR.

What is the main difference between AGMI and SLVR?

AGMI tracks STOXX Global Silver Mining Index, while SLVR tracks Nasdaq Sprott Silver Miners™ Index. They also come from different issuers: Themes and Sprott. Their fees differ too: 0.35% for AGMI and 0.65% for SLVR.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (1.59 vs 1.17), 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.