DBP vs. AGMI
Compare and contrast key facts about Invesco DB Precious Metals Fund (DBP) and Themes Silver Miners ETF (AGMI).
DBP and AGMI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBP is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Precious Metals Index Excess Return. It was launched on Jan 5, 2007. 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. Both DBP and AGMI 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
DBP vs. AGMI - Performance Comparison
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DBP vs. AGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 7.03% | 73.43% | 13.45% |
AGMI Themes Silver Miners ETF | 4.33% | 176.11% | -0.74% |
Returns By Period
In the year-to-date period, DBP achieves a 7.03% return, which is significantly higher than AGMI's 4.33% return.
DBP
- 1D
- 4.37%
- 1M
- -13.22%
- YTD
- 7.03%
- 6M
- 26.77%
- 1Y
- 57.78%
- 3Y*
- 34.01%
- 5Y*
- 20.74%
- 10Y*
- 13.17%
AGMI
- 1D
- 7.31%
- 1M
- -24.71%
- YTD
- 4.33%
- 6M
- 30.88%
- 1Y
- 134.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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DBP vs. AGMI - Expense Ratio Comparison
DBP has a 0.78% expense ratio, which is higher than AGMI's 0.35% expense ratio.
Return for Risk
DBP vs. AGMI — Risk / Return Rank
DBP
AGMI
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 ratioReturn per unit of total volatility | 1.76 | 2.82 | -1.05 |
Sortino ratioReturn per unit of downside risk | 2.08 | 2.86 | -0.78 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.42 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.33 | 3.96 | -1.63 |
Martin ratioReturn relative to average drawdown | 8.43 | 14.50 | -6.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBP | AGMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 2.82 | -1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.01 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.71 | -1.26 |
Correlation
The correlation between DBP and AGMI is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DBP vs. AGMI - Dividend Comparison
DBP's dividend yield for the trailing twelve months is around 2.28%, less than AGMI's 4.24% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBP Invesco DB Precious Metals Fund | 2.28% | 2.44% | 4.21% | 4.47% | 0.45% | 0.00% | 0.00% | 1.26% | 1.24% | 0.12% |
AGMI Themes Silver Miners ETF | 4.24% | 4.43% | 1.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| DBP | AGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (5Y)Largest decline over 5 years | -25.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.36% | — | — |
Current DrawdownCurrent decline from peak | -19.34% | -24.71% | +5.37% |
Average DrawdownAverage peak-to-trough decline | -25.47% | -8.15% | -17.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.06% | 9.09% | -2.03% |
Volatility
DBP vs. AGMI - Volatility Comparison
The current volatility for Invesco DB Precious Metals Fund (DBP) is 12.31%, while Themes Silver Miners ETF (AGMI) has a volatility of 19.65%. 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.
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Volatility by Period
| DBP | AGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.31% | 19.65% | -7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 30.54% | 42.10% | -11.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.93% | 48.05% | -15.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 43.43% | -22.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 43.43% | -24.86% |