DBP vs. AGMI

Last updated Jun 4, 2026

DBP (Invesco DB Precious Metals Fund) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return, while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, DBP returned 42.65% vs 112.77% for AGMI. A 0.78 correlation means they provide meaningful diversification when combined. DBP charges 0.78%/yr vs 0.35%/yr for AGMI.

Performance

DBP vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Themes Silver Miners ETF (AGMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBP achieves a 2.13% return, which is significantly lower than AGMI's 7.60% return.

DBP

• 1D: -1.42%
• 1M: -1.48%
• YTD: 2.13%
• 6M: 8.68%
• 1Y: 42.65%
• 3Y*: 32.54%
• 5Y*: 17.43%
• 10Y*: 12.31%

AGMI

• 1D: -4.74%
• 1M: 3.77%
• YTD: 7.60%
• 6M: 20.09%
• 1Y: 112.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DBP vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBP Invesco DB Precious Metals Fund	2.13%	73.43%	13.45%
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%

Correlation

The correlation between DBP and AGMI is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.78

The correlation between DBP and AGMI has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

DBP vs. AGMI - Sectors Allocation Comparison

Sectors	DBP	AGMI
Financial Services	100.5%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

DBP vs. AGMI — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 34
DBP Sharpe Ratio Rank: 36
DBP Sortino Ratio Rank: 30
DBP Omega Ratio Rank: 40
DBP Calmar Ratio Rank: 34
DBP Martin Ratio Rank: 28

AGMI

AGMI Risk / Return Rank: 60
AGMI Sharpe Ratio Rank: 70
AGMI Sortino Ratio Rank: 51
AGMI Omega Ratio Rank: 57
AGMI Calmar Ratio Rank: 68
AGMI Martin Ratio Rank: 54

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.

DBP vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) and Themes Silver Miners ETF (AGMI). 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.

	DBP	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.32	-1.00
Sortino ratio: Return per unit of downside risk	1.65	2.52	-0.87
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	1.68	3.41	-1.73
Martin ratio: Return relative to average drawdown	4.01	9.21	-5.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBP vs. AGMI - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.32, which is lower than the AGMI Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DBP and AGMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBP	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.32	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.56	-1.13

Drawdowns

DBP vs. AGMI - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than AGMI's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for DBP and AGMI.

Drawdown Indicators

	DBP	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-33.26%	-20.63%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-33.26%	+7.78%
Max Drawdown (3Y) Largest decline over 3 years	-25.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	—	—
Current Drawdown Current decline from peak	-23.04%	-22.35%	-0.69%
Average Drawdown Average peak-to-trough decline	-25.42%	-9.14%	-16.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.67%	12.29%	-1.62%

Volatility

DBP vs. AGMI - Volatility Comparison

The current volatility for Invesco DB Precious Metals Fund (DBP) is 7.57%, while Themes Silver Miners ETF (AGMI) has a volatility of 17.62%. This indicates that DBP experiences smaller price fluctuations and is considered to be less risky than AGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBP	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	17.62%	-10.05%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	40.98%	-11.11%
Volatility (1Y) Calculated over the trailing 1-year period	32.57%	48.95%	-16.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	44.04%	-23.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	44.04%	-25.32%

DBP vs. AGMI - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

DBP vs. AGMI - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.38%, less than AGMI's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBP Invesco DB Precious Metals Fund	2.38%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%

Frequently Asked Questions

Can I hold both DBP and AGMI in my portfolio?

DBP and AGMI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBP or AGMI?

AGMI has higher volatility (17.62%) compared to DBP (7.57%). In terms of maximum drawdown, DBP dropped -53.89% vs AGMI's -33.26%.

Which ETF is better, DBP or AGMI?

On 1-year performance, AGMI leads with 112.77% vs 42.65% for DBP. On fees, AGMI is cheaper at 0.35% per year. On volatility, DBP has been the lower-risk option at 7.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBP or AGMI?

Over the 1-year period, AGMI has performed better with a 112.77% return vs 42.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBP or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.78% for DBP.

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

AGMI has the higher dividend yield at 4.12%, compared with 2.38% for DBP.

What is the main difference between DBP and AGMI?

DBP is categorized as Precious Metals, while AGMI is Silver. DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Invesco and Themes. Their fees differ too: 0.78% for DBP and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs 1.32), 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.