AGMI vs. USO
AGMI (Themes Silver Miners ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - AGMI is a Silver fund tracking the STOXX Global Silver Mining Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, AGMI returned 110.88% vs 97.20% for USO. At a 0.03 correlation, their price movements are largely independent. AGMI charges 0.35%/yr vs 0.86%/yr for USO.
Performance
AGMI vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AGMI achieves a 7.94% return, which is significantly lower than USO's 97.72% return.
AGMI
- 1D
- 0.32%
- 1M
- 4.50%
- YTD
- 7.94%
- 6M
- 21.60%
- 1Y
- 110.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
AGMI vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 7.94% | 176.11% | -0.74% |
USO United States Oil Fund LP | 97.72% | -8.46% | 0.56% |
Correlation
The correlation between AGMI and USO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since May 6, 2024 | 0.03 |
The correlation between AGMI and USO shifts across timeframes, from -0.18 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AGMI vs. USO — Risk / Return Rank
AGMI
USO
AGMI vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 4.79 | -1.44 |
| Martin ratioReturn relative to average drawdown | 9.00 | 9.00 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| AGMI | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 2.21 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.57 | -0.18 | +1.75 |
Drawdowns
AGMI vs. USO - Drawdown Comparison
The maximum AGMI drawdown since its inception was -33.26%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for AGMI and USO.
Loading charts...
Drawdown Indicators
| AGMI | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.26% | -98.19% | +64.93% |
Max Drawdown (1Y)Largest decline over 1 year | -33.26% | -20.39% | -12.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -22.10% | -85.45% | +63.35% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -75.30% | +66.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.37% | 10.84% | +1.53% |
Volatility
AGMI vs. USO - Volatility Comparison
Themes Silver Miners ETF (AGMI) has a higher volatility of 17.61% compared to United States Oil Fund LP (USO) at 14.97%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AGMI | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.61% | 14.97% | +2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 40.96% | 38.35% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.94% | 44.32% | +4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.99% | 36.09% | +7.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.99% | 39.00% | +4.99% |
AGMI vs. USO - Expense Ratio Comparison
AGMI has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
AGMI vs. USO - Dividend Comparison
AGMI's dividend yield for the trailing twelve months is around 4.10%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.10% | 4.43% | 1.81% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AGMI and USO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGMI has higher volatility (17.61%) compared to USO (14.97%). In terms of maximum drawdown, AGMI dropped -33.26% vs USO's -98.19%.
On 1-year performance, AGMI leads with 110.88% vs 97.20% for USO. On fees, AGMI is cheaper at 0.35% per year. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AGMI has performed better with a 110.88% return vs 97.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGMI is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.
AGMI has the higher dividend yield at 4.10%, compared with 0.00% for USO.
AGMI is categorized as Silver, while USO is Oil & Gas. AGMI tracks STOXX Global Silver Mining Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Themes and USCF. Their fees differ too: 0.35% for AGMI and 0.86% for USO.
AGMI currently has the higher Sharpe Ratio (2.28 vs 2.21), 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.
Find the right allocation for AGMI and USO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer