AGMI vs. USRD

Last updated Apr 2, 2026

Compare and contrast key facts about Themes Silver Miners ETF (AGMI) and Themes US R&D Champions ETF (USRD).

AGMI and USRD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGMI is a passively managed fund by Themes that tracks the performance of the STOXX Global Silver Mining Index - Benchmark TR Net. It was launched on May 2, 2024. USRD is a passively managed fund by Themes that tracks the performance of the Solactive US R&D Champions Index. It was launched on Dec 12, 2023. Both AGMI and USRD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

AGMI vs. USRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Silver Miners ETF (AGMI) and Themes US R&D Champions ETF (USRD). The values are adjusted to include any dividend payments, if applicable.

AGMI vs. USRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGMI Themes Silver Miners ETF	8.83%	176.11%	-0.74%
USRD Themes US R&D Champions ETF	-5.32%	12.44%	8.84%

Returns By Period

In the year-to-date period, AGMI achieves a 8.83% return, which is significantly higher than USRD's -5.32% return.

AGMI

• 1D: 4.32%
• 1M: -20.30%
• YTD: 8.83%
• 6M: 35.28%
• 1Y: 144.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USRD

• 1D: 0.72%
• 1M: -5.18%
• YTD: -5.32%
• 6M: -5.65%
• 1Y: 14.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGMI vs. USRD - Expense Ratio Comparison

AGMI has a 0.35% expense ratio, which is higher than USRD's 0.29% expense ratio.

AGMI

Themes Silver Miners ETF

USRD

Themes US R&D Champions ETF

Return for Risk

AGMI vs. USRD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGMI

AGMI Risk / Return Rank: 95
AGMI Sharpe Ratio Rank: 97
AGMI Sortino Ratio Rank: 94
AGMI Omega Ratio Rank: 93
AGMI Calmar Ratio Rank: 95
AGMI Martin Ratio Rank: 95

USRD

USRD Risk / Return Rank: 34
USRD Sharpe Ratio Rank: 33
USRD Sortino Ratio Rank: 34
USRD Omega Ratio Rank: 34
USRD Calmar Ratio Rank: 36
USRD Martin Ratio Rank: 32

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. USRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Silver Miners ETF (AGMI) and Themes US R&D Champions ETF (USRD). 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	USRD	Difference
Sharpe ratio Return per unit of total volatility	3.03	0.67	+2.36
Sortino ratio Return per unit of downside risk	2.99	1.08	+1.90
Omega ratio Gain probability vs. loss probability	1.44	1.15	+0.29
Calmar ratio Return relative to maximum drawdown	4.35	1.09	+3.26
Martin ratio Return relative to average drawdown	15.72	3.28	+12.45
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. USRD - Sharpe Ratio Comparison

The current AGMI Sharpe Ratio is 3.03, which is higher than the USRD Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of AGMI and USRD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGMI	USRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	0.67	+2.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	0.59	+1.21

Correlation

The correlation between AGMI and USRD is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AGMI vs. USRD - Dividend Comparison

AGMI's dividend yield for the trailing twelve months is around 4.07%, more than USRD's 0.45% yield.

	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.07%	4.43%	1.81%
USRD Themes US R&D Champions ETF	0.45%	0.42%	2.44%

Drawdowns

AGMI vs. USRD - Drawdown Comparison

The maximum AGMI drawdown since its inception was -33.26%, which is greater than USRD's maximum drawdown of -23.79%. Use the drawdown chart below to compare losses from any high point for AGMI and USRD.

Drawdown Indicators

	AGMI	USRD	Difference
Max Drawdown Largest peak-to-trough decline	-33.26%	-23.79%	-9.47%
Max Drawdown (1Y) Largest decline over 1 year	-33.26%	-13.49%	-19.77%
Current Drawdown Current decline from peak	-21.46%	-10.03%	-11.43%
Average Drawdown Average peak-to-trough decline	-8.18%	-3.81%	-4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.19%	4.48%	+4.71%

Volatility

AGMI vs. USRD - Volatility Comparison

Themes Silver Miners ETF (AGMI) has a higher volatility of 18.58% compared to Themes US R&D Champions ETF (USRD) at 6.71%. This indicates that AGMI's price experiences larger fluctuations and is considered to be riskier than USRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGMI	USRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.58%	6.71%	+11.87%
Volatility (6M) Calculated over the trailing 6-month period	42.28%	12.70%	+29.58%
Volatility (1Y) Calculated over the trailing 1-year period	48.18%	22.03%	+26.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.49%	19.13%	+24.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.49%	19.13%	+24.36%