AUMI vs. OPGSX

Last updated Jun 13, 2026

AUMI (Themes Gold Miners ETF) and OPGSX (Invesco Gold & Special Minerals Fund) are both funds - AUMI is a Gold fund tracking the Solactive Global Pure Gold Miners Index, while OPGSX is a Precious Metals fund managed by Invesco. Over the past year, AUMI returned 38.38% vs 42.61% for OPGSX. Their correlation of 0.86 suggests significant overlap in exposure. AUMI charges 0.35%/yr vs 1.05%/yr for OPGSX.

Performance

AUMI vs. OPGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Gold Miners ETF (AUMI) and Invesco Gold & Special Minerals Fund (OPGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUMI achieves a -11.62% return, which is significantly lower than OPGSX's -8.04% return.

AUMI

• 1D: 2.52%
• 1M: -18.86%
• YTD: -11.62%
• 6M: -9.97%
• 1Y: 38.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OPGSX

• 1D: 5.36%
• 1M: -18.70%
• YTD: -8.04%
• 6M: -7.21%
• 1Y: 42.61%
• 3Y*: 33.13%
• 5Y*: 13.30%
• 10Y*: 13.34%

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

AUMI vs. OPGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AUMI Themes Gold Miners ETF	-11.62%	164.18%	30.61%	10.23%
OPGSX Invesco Gold & Special Minerals Fund	-8.04%	131.03%	13.05%	9.74%

Correlation

The correlation between AUMI and OPGSX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.86

The correlation between AUMI and OPGSX has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

Return for Risk

AUMI vs. OPGSX — Risk / Return Rank

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

AUMI

AUMI Risk / Return Rank: 25
AUMI Sharpe Ratio Rank: 25
AUMI Sortino Ratio Rank: 25
AUMI Omega Ratio Rank: 28
AUMI Calmar Ratio Rank: 24
AUMI Martin Ratio Rank: 24

OPGSX

OPGSX Risk / Return Rank: 22
OPGSX Sharpe Ratio Rank: 23
OPGSX Sortino Ratio Rank: 22
OPGSX Omega Ratio Rank: 25
OPGSX Calmar Ratio Rank: 23
OPGSX Martin Ratio Rank: 19

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.

AUMI vs. OPGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Gold Miners ETF (AUMI) and Invesco Gold & Special Minerals Fund (OPGSX). 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.

	AUMI	OPGSX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.07	-0.29
Sortino ratio: Return per unit of downside risk	1.24	1.54	-0.29
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio: Return relative to maximum drawdown	0.98	1.39	-0.40
Martin ratio: Return relative to average drawdown	2.81	3.89	-1.08

AUMI vs. OPGSX - Sharpe Ratio Comparison

The current AUMI Sharpe Ratio is 0.78, which is comparable to the OPGSX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of AUMI and OPGSX, 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

AUMI vs. OPGSX - Drawdown Comparison

The maximum AUMI drawdown since its inception was -39.28%, smaller than the maximum OPGSX drawdown of -80.04%. Use the drawdown chart below to compare losses from any high point for AUMI and OPGSX.

Drawdown Indicators

	AUMI	OPGSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-80.04%	+40.76%
Max Drawdown (1Y) Largest decline over 1 year	-39.28%	-34.52%	-4.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-47.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.09%	—
Current Drawdown Current decline from peak	-33.51%	-31.01%	-2.50%
Average Drawdown Average peak-to-trough decline	-7.35%	-29.29%	+21.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.72%	11.81%	+1.91%

Volatility

AUMI vs. OPGSX - Volatility Comparison

Themes Gold Miners ETF (AUMI) has a higher volatility of 17.47% compared to Invesco Gold & Special Minerals Fund (OPGSX) at 15.14%. This indicates that AUMI's price experiences larger fluctuations and is considered to be riskier than OPGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUMI	OPGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.47%	15.14%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	40.45%	36.82%	+3.63%
Volatility (1Y) Calculated over the trailing 1-year period	49.48%	44.53%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.24%	33.91%	+8.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.24%	33.04%	+9.20%

AUMI vs. OPGSX - Expense Ratio Comparison

AUMI has a 0.35% expense ratio, which is lower than OPGSX's 1.05% expense ratio.

Dividends

AUMI vs. OPGSX - Dividend Comparison

AUMI's dividend yield for the trailing twelve months is around 0.98%, more than OPGSX's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AUMI Themes Gold Miners ETF	0.98%	0.86%	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OPGSX Invesco Gold & Special Minerals Fund	0.46%	0.43%	0.86%	0.81%	0.45%	3.56%	1.55%	0.29%	0.00%	2.78%	7.21%

Frequently Asked Questions

Can I hold both AUMI and OPGSX in my portfolio?

AUMI and OPGSX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUMI or OPGSX?

AUMI has higher volatility (17.47%) compared to OPGSX (15.14%). In terms of maximum drawdown, AUMI dropped -39.28% vs OPGSX's -80.04%.

Which has better risk-adjusted returns?

OPGSX currently has the higher Sharpe Ratio (1.07 vs 0.78), 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.