AGMI vs. SVR-C.TO
AGMI (Themes Silver Miners ETF) and SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) are both Silver funds - AGMI tracks the STOXX Global Silver Mining Index while SVR-C.TO tracks the LBMA Silver Price. Both are passively managed. Over the past year, AGMI returned 77.19% vs 63.83% for SVR-C.TO. A 0.71 correlation means they provide meaningful diversification when combined. AGMI charges 0.35%/yr vs 0.66%/yr for SVR-C.TO.
Performance
AGMI vs. SVR-C.TO - Performance Comparison
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Different Trading Currencies
AGMI is traded in USD, while SVR-C.TO is traded in CAD. To make them comparable, the SVR-C.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 SVR-C.TO's -17.45% return.
AGMI
- 1D
- -0.26%
- 1M
- -15.37%
- YTD
- -5.19%
- 6M
- -6.87%
- 1Y
- 77.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SVR-C.TO
- 1D
- 1.73%
- 1M
- -21.81%
- YTD
- -17.45%
- 6M
- -22.77%
- 1Y
- 63.83%
- 3Y*
- 36.65%
- 5Y*
- 17.03%
- 10Y*
- 11.49%
AGMI vs. SVR-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AGMI Themes Silver Miners ETF | -5.19% | 176.11% | -0.74% |
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged) | -17.45% | 144.05% | 9.30% |
Correlation
The correlation between AGMI and SVR-C.TO is 0.76, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since May 3, 2024 | 0.71 |
The correlation between AGMI and SVR-C.TO has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.
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Return for Risk
AGMI vs. SVR-C.TO — Risk / Return Rank
AGMI
SVR-C.TO
AGMI vs. SVR-C.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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 | SVR-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.26 | +1.00 |
| Martin ratioReturn relative to average drawdown | 5.34 | 2.76 | +2.57 |
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Drawdowns
AGMI vs. SVR-C.TO - Drawdown Comparison
The maximum AGMI drawdown since its inception was -34.40%, smaller than the maximum SVR-C.TO drawdown of -67.24%. Use the drawdown chart below to compare losses from any high point for AGMI and SVR-C.TO.
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Drawdown Indicators
| AGMI | SVR-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.40% | -67.24% | +32.84% |
Max Drawdown (1Y)Largest decline over 1 year | -34.40% | -51.08% | +16.68% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -51.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.08% | — |
Current DrawdownCurrent decline from peak | -31.58% | -49.32% | +17.74% |
Average DrawdownAverage peak-to-trough decline | -9.78% | -40.00% | +30.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.51% | 23.18% | -8.67% |
Volatility
AGMI vs. SVR-C.TO - Volatility Comparison
Themes Silver Miners ETF (AGMI) has a higher volatility of 19.24% compared to iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) at 15.47%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than SVR-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGMI | SVR-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.24% | 15.47% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 44.02% | 56.85% | -12.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.85% | 59.24% | -7.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.98% | 36.71% | +8.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.98% | 32.53% | +12.45% |
AGMI vs. SVR-C.TO - Expense Ratio Comparison
AGMI has a 0.35% expense ratio, which is lower than SVR-C.TO's 0.66% expense ratio.
Dividends
AGMI vs. SVR-C.TO - Dividend Comparison
AGMI's dividend yield for the trailing twelve months is around 4.67%, while SVR-C.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.67% | 4.43% | 1.81% |
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged) | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AGMI and SVR-C.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
AGMI is cheaper with a 0.35% expense ratio, compared with 0.66% for SVR-C.TO.
AGMI tracks STOXX Global Silver Mining Index, while SVR-C.TO tracks LBMA Silver Price. They also come from different issuers: Themes and iShares. Their fees differ too: 0.35% for AGMI and 0.66% for SVR-C.TO.
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