LBO vs. AGMI

Last updated Jun 4, 2026

LBO (WHITEWOLF Publicly Listed Private Equity ETF) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - LBO is a Financials Equities fund actively managed by White Wolf, while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. LBO is actively managed, while AGMI is passively managed. Over the past year, LBO returned -13.50% vs 112.77% for AGMI. At a 0.21 correlation, their price movements are largely independent. LBO charges 0.70%/yr vs 0.35%/yr for AGMI.

Performance

LBO vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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, LBO achieves a -14.28% return, which is significantly lower than AGMI's 7.60% return.

LBO

• 1D: -3.31%
• 1M: -6.31%
• YTD: -14.28%
• 6M: -13.74%
• 1Y: -13.50%
• 3Y*: —
• 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)

LBO vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LBO WHITEWOLF Publicly Listed Private Equity ETF	-14.28%	-6.41%	21.94%
AGMI Themes Silver Miners ETF	7.60%	176.11%	-0.74%

Correlation

The correlation between LBO and AGMI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.21

LBO vs. AGMI - Sectors Allocation Comparison

Sectors	LBO	AGMI
Financial Services	96.0%	-
Industrials	4.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

LBO vs. AGMI — Risk / Return Rank

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

LBO

LBO Risk / Return Rank: 4
LBO Sharpe Ratio Rank: 4
LBO Sortino Ratio Rank: 4
LBO Omega Ratio Rank: 4
LBO Calmar Ratio Rank: 5
LBO 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.

LBO vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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.

	LBO	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	2.32	-2.95
Sortino ratio: Return per unit of downside risk	-0.75	2.52	-3.27
Omega ratio: Gain probability vs. loss probability	0.91	1.35	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.46	3.41	-3.87
Martin ratio: Return relative to average drawdown	-0.95	9.21	-10.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LBO vs. AGMI - Sharpe Ratio Comparison

The current LBO Sharpe Ratio is -0.63, which is lower than the AGMI Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of LBO 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

	LBO	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	2.32	-2.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.56	-1.33

Drawdowns

LBO vs. AGMI - Drawdown Comparison

The maximum LBO drawdown since its inception was -31.40%, smaller than the maximum AGMI drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for LBO and AGMI.

Drawdown Indicators

	LBO	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-33.26%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-29.19%	-33.26%	+4.07%
Current Drawdown Current decline from peak	-24.64%	-22.35%	-2.29%
Average Drawdown Average peak-to-trough decline	-8.34%	-9.14%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.23%	12.29%	+1.94%

Volatility

LBO vs. AGMI - Volatility Comparison

The current volatility for WHITEWOLF Publicly Listed Private Equity ETF (LBO) is 5.68%, while Themes Silver Miners ETF (AGMI) has a volatility of 17.62%. This indicates that LBO 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

	LBO	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	17.62%	-11.94%
Volatility (6M) Calculated over the trailing 6-month period	18.11%	40.98%	-22.87%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	48.95%	-27.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	44.04%	-22.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	44.04%	-22.84%

LBO vs. AGMI - Expense Ratio Comparison

LBO has a 0.70% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

LBO vs. AGMI - Dividend Comparison

LBO's dividend yield for the trailing twelve months is around 7.95%, more than AGMI's 4.12% yield.

Position	TTM	2025	2024	2023
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%	0.00%
LBO WHITEWOLF Publicly Listed Private Equity ETF	7.95%	7.04%	5.79%	1.20%

Frequently Asked Questions

Can I hold both LBO and AGMI in my portfolio?

LBO and AGMI have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBO or AGMI?

AGMI has higher volatility (17.62%) compared to LBO (5.68%). In terms of maximum drawdown, LBO dropped -31.40% vs AGMI's -33.26%.

Which ETF is better, LBO or AGMI?

On 1-year performance, AGMI leads with 112.77% vs -13.50% for LBO. On fees, AGMI is cheaper at 0.35% per year. On volatility, LBO has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LBO or AGMI?

Over the 1-year period, AGMI has performed better with a 112.77% return vs -13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LBO or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.70% for LBO.

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

LBO has the higher dividend yield at 7.95%, compared with 4.12% for AGMI.

What is the main difference between LBO and AGMI?

LBO is categorized as Financials Equities, while AGMI is Silver. They also come from different issuers: White Wolf and Themes. Their fees differ too: 0.70% for LBO and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs -0.63), 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.