DGZ vs. AGMI

Last updated Jun 4, 2026

DGZ (DB Gold Short Exchange Traded Notes) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - DGZ is a Inverse Commodities fund tracking the Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, DGZ returned -15.32% vs 112.77% for AGMI. At a correlation of -0.33, they often move in opposite directions. DGZ charges 0.75%/yr vs 0.35%/yr for AGMI.

Performance

DGZ vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DB Gold Short Exchange Traded Notes (DGZ) 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, DGZ achieves a 2.71% return, which is significantly lower than AGMI's 7.60% return.

DGZ

• 1D: 4.82%
• 1M: 16.59%
• YTD: 2.71%
• 6M: 4.61%
• 1Y: -15.32%
• 3Y*: -16.62%
• 5Y*: -10.05%
• 10Y*: -8.68%

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)

DGZ vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DGZ DB Gold Short Exchange Traded Notes	2.71%	-32.55%	-9.56%
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%

Correlation

The correlation between DGZ and AGMI is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since May 6, 2024	-0.33

Return for Risk

DGZ vs. AGMI — Risk / Return Rank

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

DGZ

DGZ Risk / Return Rank: 7
DGZ Sharpe Ratio Rank: 7
DGZ Sortino Ratio Rank: 8
DGZ Omega Ratio Rank: 8
DGZ Calmar Ratio Rank: 5
DGZ Martin Ratio Rank: 5

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.

DGZ vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DB Gold Short Exchange Traded Notes (DGZ) 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.

	DGZ	AGMI	Difference
Sharpe ratio Return per unit of total volatility	-0.23	2.32	-2.55
Sortino ratio Return per unit of downside risk	0.11	2.52	-2.41
Omega ratio Gain probability vs. loss probability	1.01	1.35	-0.34
Calmar ratio Return relative to maximum drawdown	-0.40	3.41	-3.81
Martin ratio Return relative to average drawdown	-0.70	9.21	-9.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGZ vs. AGMI - Sharpe Ratio Comparison

The current DGZ Sharpe Ratio is -0.23, which is lower than the AGMI Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DGZ 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

	DGZ	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.23	2.32	-2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	1.56	-1.88

Drawdowns

DGZ vs. AGMI - Drawdown Comparison

The maximum DGZ drawdown since its inception was -86.32%, which is greater than AGMI's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for DGZ and AGMI.

Drawdown Indicators

	DGZ	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-33.26%	-53.06%
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	-33.26%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-59.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.49%	—	—
Current Drawdown Current decline from peak	-82.41%	-22.35%	-60.06%
Average Drawdown Average peak-to-trough decline	-57.74%	-9.14%	-48.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.80%	12.29%	+9.51%

Volatility

DGZ vs. AGMI - Volatility Comparison

DB Gold Short Exchange Traded Notes (DGZ) has a higher volatility of 45.00% compared to Themes Silver Miners ETF (AGMI) at 17.62%. This indicates that DGZ's price experiences larger fluctuations and is considered to be riskier than AGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGZ	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.00%	17.62%	+27.38%
Volatility (6M) Calculated over the trailing 6-month period	54.96%	40.98%	+13.98%
Volatility (1Y) Calculated over the trailing 1-year period	66.38%	48.95%	+17.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.24%	44.04%	-8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.40%	44.04%	-16.64%

DGZ vs. AGMI - Expense Ratio Comparison

DGZ has a 0.75% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

DGZ vs. AGMI - Dividend Comparison

DGZ has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.12%.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%
DGZ DB Gold Short Exchange Traded Notes	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DGZ and AGMI in my portfolio?

DGZ and AGMI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGZ or AGMI?

DGZ has higher volatility (45.00%) compared to AGMI (17.62%). In terms of maximum drawdown, DGZ dropped -86.32% vs AGMI's -33.26%.

Which ETF is better, DGZ or AGMI?

On 1-year performance, AGMI leads with 112.77% vs -15.32% for DGZ. On fees, AGMI is cheaper at 0.35% per year. On volatility, AGMI has been the lower-risk option at 17.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGZ or AGMI?

Over the 1-year period, AGMI has performed better with a 112.77% return vs -15.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGZ or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.75% for DGZ.

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

AGMI has the higher dividend yield at 4.12%, compared with 0.00% for DGZ.

What is the main difference between DGZ and AGMI?

DGZ is categorized as Inverse Commodities, while AGMI is Silver. DGZ tracks Deutsche Bank Liquid Commodity Index - Optimum Yield Gold Excess Return (-100%), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Deutsche Bank and Themes. Their fees differ too: 0.75% for DGZ and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs -0.23), 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.