GLL vs. AGMI

Last updated Aug 2, 2026

GLL (ProShares UltraShort Gold) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, GLL returned -39.14% vs 76.22% for AGMI. Their -0.73 correlation means they have often moved in opposite directions in the past. GLL charges 0.95%/yr vs 0.35%/yr for AGMI.

Performance

GLL vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Gold (GLL) 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, GLL achieves a 1.34% return, which is significantly higher than AGMI's -7.42% return.

GLL

• 1D: 3.15%
• 1M: 3.39%
• 6M: 33.97%
• YTD: 1.34%
• 1Y: -39.14%
• 3Y*: -38.51%
• 5Y*: -27.47%
• 10Y*: -20.49%
• ALL TIME*: -21.77%

AGMI

• 1D: -3.04%
• 1M: -5.64%
• 6M: -18.36%
• YTD: -7.42%
• 1Y: 76.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 51.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AGMI Themes Silver Miners ETF	$44.21K	$85.02K	$152.26K
GLL ProShares UltraShort Gold	$38.26M	$37.47M	$59.93M

GLL vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLL ProShares UltraShort Gold	1.34%	-62.81%	-19.65%
AGMI Themes Silver Miners ETF	-7.42%	176.11%	-0.74%

Correlation

The correlation between GLL and AGMI is -0.80, 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.	-0.80
Correlation (All Time) Calculated using the full available price history since May 3, 2024	-0.73

The correlation between GLL and AGMI has been stable across timeframes, ranging from -0.80 to -0.73 - a consistent structural relationship.

Return for Risk

GLL vs. AGMI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GLL

GLL Risk / Return Rank: 4
GLL Sharpe Ratio Rank: 3
GLL Sortino Ratio Rank: 3
GLL Omega Ratio Rank: 3
GLL Calmar Ratio Rank: 4
GLL Martin Ratio Rank: 5

AGMI

AGMI Risk / Return Rank: 55
AGMI Sharpe Ratio Rank: 63
AGMI Sortino Ratio Rank: 53
AGMI Omega Ratio Rank: 56
AGMI Calmar Ratio Rank: 62
AGMI Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GLL vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) 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.

	GLL	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.46	-2.21
Sortino ratio: Return per unit of downside risk	-1.06	1.87	-2.93
Omega ratio: Gain probability vs. loss probability	0.88	1.25	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.65	2.16	-2.81
Martin ratio: Return relative to average drawdown	-0.94	4.43	-5.37

GLL vs. AGMI - Sharpe Ratio Comparison

The current GLL Sharpe Ratio is -0.75, which is lower than the AGMI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GLL 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.

Drawdowns

GLL vs. AGMI - Drawdown Comparison

The maximum GLL drawdown since its inception was -99.24%, which is greater than AGMI's maximum drawdown of -35.67%. Use the drawdown chart below to compare losses from any high point for GLL and AGMI.

Drawdown Indicators

	GLL	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-99.24%	-35.67%	-63.57%
Max Drawdown (1Y) Largest decline over 1 year	-64.23%	-35.67%	-28.56%
Max Drawdown (3Y) Largest decline over 3 years	-87.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.76%	—	—
Current Drawdown Current decline from peak	-98.74%	-33.19%	-65.55%
Average Drawdown Average peak-to-trough decline	-85.23%	-10.67%	-74.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.60%	17.38%	+27.22%

Volatility

GLL vs. AGMI - Volatility Comparison

ProShares UltraShort Gold (GLL) and Themes Silver Miners ETF (AGMI) have volatilities of 12.63% and 13.27%, 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

	GLL	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.63%	13.27%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	45.01%	43.55%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	55.39%	52.89%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.88%	44.95%	-8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.48%	44.95%	-12.47%

GLL vs. AGMI - Expense Ratio Comparison

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

Dividends

GLL vs. AGMI - Dividend Comparison

GLL has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.78%.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.78%	4.43%	1.81%
GLL ProShares UltraShort Gold	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLL and AGMI in my portfolio?

GLL and AGMI have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLL or AGMI?

AGMI has higher volatility (13.27%) compared to GLL (12.63%). In terms of maximum drawdown, GLL dropped -99.24% vs AGMI's -35.67%.

Which ETF is better, GLL or AGMI?

On 1-year performance, AGMI leads with 76.22% vs -39.14% for GLL. On fees, AGMI is cheaper at 0.35% per year. On volatility, GLL has been the lower-risk option at 12.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLL or AGMI?

Over the 1-year period, AGMI has performed better with a 76.22% return vs -39.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLL or AGMI?

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

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

AGMI has the higher dividend yield at 4.78%, compared with 0.00% for GLL.

What is the main difference between GLL and AGMI?

GLL is categorized as Leveraged Commodities, while AGMI is Silver. GLL tracks Bloomberg Gold (-200%), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.95% for GLL and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (1.46 vs -0.75), 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.