DULL vs. AGMI

Last updated Jun 4, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, DULL returned -69.39% vs 112.77% for AGMI. At a correlation of -0.71, they often move in opposite directions. DULL charges 0.95%/yr vs 0.35%/yr for AGMI.

Performance

DULL vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) 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, DULL achieves a -29.67% return, which is significantly lower than AGMI's 7.60% return.

DULL

• 1D: 2.86%
• 1M: 3.73%
• YTD: -29.67%
• 6M: -35.43%
• 1Y: -69.39%
• 3Y*: -61.47%
• 5Y*: —
• 10Y*: —

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)

DULL vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-29.67%	-80.59%	-33.83%
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%

Correlation

The correlation between DULL and AGMI is -0.75, 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	-0.75
Correlation (All Time) Calculated using the full available price history since May 6, 2024	-0.71

The correlation between DULL and AGMI has been stable across timeframes, ranging from -0.75 to -0.71 - a consistent structural relationship.

Return for Risk

DULL vs. AGMI — Risk / Return Rank

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

DULL

DULL Risk / Return Rank: 2
DULL Sharpe Ratio Rank: 2
DULL Sortino Ratio Rank: 1
DULL Omega Ratio Rank: 1
DULL Calmar Ratio Rank: 2
DULL Martin Ratio Rank: 3

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.

DULL vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) 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.

	DULL	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	2.32	-3.21
Sortino ratio: Return per unit of downside risk	-1.67	2.52	-4.19
Omega ratio: Gain probability vs. loss probability	0.81	1.35	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.85	3.41	-4.26
Martin ratio: Return relative to average drawdown	-1.24	9.21	-10.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DULL vs. AGMI - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.89, which is lower than the AGMI Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DULL 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

	DULL	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	2.32	-3.21
Sharpe Ratio (All Time) Calculated using the full available price history	-1.05	1.56	-2.61

Drawdowns

DULL vs. AGMI - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than AGMI's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for DULL and AGMI.

Drawdown Indicators

	DULL	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-33.26%	-63.86%
Max Drawdown (1Y) Largest decline over 1 year	-81.97%	-33.26%	-48.71%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-95.46%	-22.35%	-73.11%
Average Drawdown Average peak-to-trough decline	-59.30%	-9.14%	-50.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.01%	12.29%	+43.72%

Volatility

DULL vs. AGMI - Volatility Comparison

MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Themes Silver Miners ETF (AGMI) have volatilities of 16.82% and 17.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.82%	17.62%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	66.66%	40.98%	+25.68%
Volatility (1Y) Calculated over the trailing 1-year period	78.11%	48.95%	+29.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.97%	44.04%	+13.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.97%	44.04%	+13.93%

DULL vs. AGMI - Expense Ratio Comparison

DULL has a 0.95% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

DULL vs. AGMI - Dividend Comparison

DULL 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%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DULL and AGMI in my portfolio?

DULL and AGMI have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DULL or AGMI?

AGMI has higher volatility (17.62%) compared to DULL (16.82%). In terms of maximum drawdown, DULL dropped -97.12% vs AGMI's -33.26%.

Which ETF is better, DULL or AGMI?

On 1-year performance, AGMI leads with 112.77% vs -69.39% for DULL. On fees, AGMI is cheaper at 0.35% per year. On volatility, DULL has been the lower-risk option at 16.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or AGMI?

Over the 1-year period, AGMI has performed better with a 112.77% return vs -69.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.95% for DULL.

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

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

What is the main difference between DULL and AGMI?

DULL is categorized as Inverse Commodities, while AGMI is Silver. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: REX and Themes. Their fees differ too: 0.95% for DULL and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs -0.89), 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.