ION vs. AGMI

Last updated Jul 1, 2026

ION (Proshares S&P Global Core Battery Metals ETF) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, ION returned 78.17% vs 77.19% for AGMI. A 0.59 correlation means they provide meaningful diversification when combined. ION charges 0.58%/yr vs 0.35%/yr for AGMI.

Performance

ION vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) 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, ION achieves a -1.19% return, which is significantly higher than AGMI's -5.19% return.

ION

• 1D: 1.88%
• 1M: -15.33%
• YTD: -1.19%
• 6M: -1.36%
• 1Y: 78.17%
• 3Y*: 13.08%
• 5Y*: —
• 10Y*: —

AGMI

• 1D: -0.26%
• 1M: -15.37%
• YTD: -5.19%
• 6M: -6.87%
• 1Y: 77.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ION vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ION Proshares S&P Global Core Battery Metals ETF	-1.19%	108.37%	-18.36%
AGMI Themes Silver Miners ETF	-5.19%	176.11%	-0.74%

Correlation

The correlation between ION and AGMI is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.59

The correlation between ION and AGMI has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

ION vs. AGMI - Sectors Allocation Comparison

Sectors	ION	AGMI
Basic Materials	13.8%	99.8%
Financial Services	9.9%	-
Consumer Cyclical	3.6%	-
Energy	2.5%	-
Real Estate	2.3%	-
Healthcare	1.9%	-
Industrials	1.7%	-
Communication Services	-	-
Consumer Defensive	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

ION vs. AGMI — Risk / Return Rank

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

ION

ION Risk / Return Rank: 64
ION Sharpe Ratio Rank: 73
ION Sortino Ratio Rank: 60
ION Omega Ratio Rank: 58
ION Calmar Ratio Rank: 69
ION Martin Ratio Rank: 60

AGMI

AGMI Risk / Return Rank: 45
AGMI Sharpe Ratio Rank: 50
AGMI Sortino Ratio Rank: 41
AGMI Omega Ratio Rank: 45
AGMI Calmar Ratio Rank: 53
AGMI Martin Ratio Rank: 38

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.

ION vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.

	ION	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.50	+0.49
Sortino ratio: Return per unit of downside risk	2.42	1.89	+0.53
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.93	2.26	+0.67
Martin ratio: Return relative to average drawdown	9.15	5.34	+3.82

ION vs. AGMI - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 1.99, which is higher than the AGMI Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of ION 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

ION vs. AGMI - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, which is greater than AGMI's maximum drawdown of -34.40%. Use the drawdown chart below to compare losses from any high point for ION and AGMI.

Drawdown Indicators

	ION	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-34.40%	-17.68%
Max Drawdown (1Y) Largest decline over 1 year	-26.85%	-34.40%	+7.55%
Max Drawdown (3Y) Largest decline over 3 years	-46.47%	—	—
Current Drawdown Current decline from peak	-25.47%	-31.58%	+6.11%
Average Drawdown Average peak-to-trough decline	-23.60%	-9.78%	-13.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.57%	14.51%	-5.94%

Volatility

ION vs. AGMI - Volatility Comparison

The current volatility for Proshares S&P Global Core Battery Metals ETF (ION) is 13.79%, while Themes Silver Miners ETF (AGMI) has a volatility of 19.24%. This indicates that ION 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.

Volatility by Period

	ION	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.79%	19.24%	-5.45%
Volatility (6M) Calculated over the trailing 6-month period	32.01%	44.02%	-12.01%
Volatility (1Y) Calculated over the trailing 1-year period	39.57%	51.85%	-12.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.57%	44.98%	-13.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.57%	44.98%	-13.41%

ION vs. AGMI - Expense Ratio Comparison

ION has a 0.58% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

ION vs. AGMI - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.50%, less than AGMI's 4.67% yield.

Position	TTM	2025	2024	2023	2022
AGMI Themes Silver Miners ETF	4.67%	4.43%	1.81%	0.00%	0.00%
ION Proshares S&P Global Core Battery Metals ETF	1.50%	1.63%	1.74%	2.23%	0.13%

Frequently Asked Questions

Can I hold both ION and AGMI in my portfolio?

ION and AGMI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ION or AGMI?

AGMI has higher volatility (19.24%) compared to ION (13.79%). In terms of maximum drawdown, ION dropped -52.08% vs AGMI's -34.40%.

Which ETF is better, ION or AGMI?

On 1-year performance, ION leads with 78.17% vs 77.19% for AGMI. On fees, AGMI is cheaper at 0.35% per year. On volatility, ION has been the lower-risk option at 13.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ION or AGMI?

Over the 1-year period, ION has performed better with a 78.17% return vs 77.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ION or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.58% for ION.

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

AGMI has the higher dividend yield at 4.67%, compared with 1.50% for ION.

What is the main difference between ION and AGMI?

ION is categorized as Lithium & Battery Metals, while AGMI is Silver. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.58% for ION and 0.35% for AGMI.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (1.99 vs 1.50), 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.