DUST vs. AGMI
DUST (Direxion Daily Gold Miners Bear 2X Shares) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, DUST returned -72.70% vs 76.22% for AGMI. Their -0.91 correlation means they have often moved in opposite directions in the past. DUST charges 1.07%/yr vs 0.35%/yr for AGMI.
Performance
DUST vs. AGMI - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -13.22% return, which is significantly lower than AGMI's -7.42% return.
DUST
- 1D
- 6.62%
- 1M
- 8.88%
- 6M
- 12.29%
- YTD
- -13.22%
- 1Y
- -72.70%
- 3Y*
- -60.67%
- 5Y*
- -47.24%
- 10Y*
- -48.81%
- ALL TIME*
- -48.48%
AGMI
- 1D
- -3.04%
- 1M
- -5.64%
- 6M
- -18.36%
- YTD
- -7.42%
- 1Y
- 76.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 51.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $44.21K | $85.02K | $152.26K | |
| $30.19M | $36.63M | $44.10M |
DUST vs. AGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -88.72% | -13.22% |
AGMI Themes Silver Miners ETF | -7.42% | 176.11% | -0.74% |
Correlation
The correlation between DUST and AGMI is -0.94, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.94 |
Correlation (All Time) Calculated using the full available price history since May 3, 2024 | -0.91 |
The correlation between DUST and AGMI has been stable across timeframes, ranging from -0.94 to -0.91 - a consistent structural relationship.
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Return for Risk
DUST vs. AGMI — Risk / Return Rank
DUST
AGMI
DUST vs. AGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) 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.
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.
| DUST | AGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.19 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.25 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.16 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.09 | 4.43 | -5.52 |
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Drawdowns
DUST vs. AGMI - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than AGMI's maximum drawdown of -35.67%. Use the drawdown chart below to compare losses from any high point for DUST and AGMI.
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Drawdown Indicators
| DUST | AGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -35.67% | -64.33% |
Max Drawdown (1Y)Largest decline over 1 year | -85.03% | -35.67% | -49.36% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -33.19% | -66.81% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -10.67% | -72.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 17.38% | +50.86% |
Volatility
DUST vs. AGMI - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to Themes Silver Miners ETF (AGMI) at 13.27%. This indicates that DUST'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.
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Volatility by Period
| DUST | AGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 13.27% | +12.58% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 43.55% | +33.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 52.89% | +43.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 44.95% | +28.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 44.95% | +41.70% |
DUST vs. AGMI - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than AGMI's 0.35% expense ratio.
Dividends
DUST vs. AGMI - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 4.37%, less than AGMI's 4.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.78% | 4.43% | 1.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.37% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
Frequently Asked Questions
DUST and AGMI have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (25.85%) compared to AGMI (13.27%). In terms of maximum drawdown, DUST dropped -100.00% vs AGMI's -35.67%.
On 1-year performance, AGMI leads with 76.22% vs -72.70% for DUST. On fees, AGMI is cheaper at 0.35% per year. On volatility, AGMI has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AGMI has performed better with a 76.22% return vs -72.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGMI is cheaper with a 0.35% expense ratio, compared with 1.07% for DUST.
AGMI has the higher dividend yield at 4.78%, compared with 4.37% for DUST.
DUST is categorized as Leveraged Equities, while AGMI is Silver. DUST tracks NYSE Arca Gold Miners Index (-300%), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Direxion and Themes. Their fees differ too: 1.07% for DUST and 0.35% for AGMI.
AGMI currently has the higher Sharpe Ratio (1.46 vs -0.76), 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.
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