MMA.AX vs. AGMI

Last updated Jun 5, 2026

MMA.AX (Maronan Metals Limited) is a stock, while AGMI (Themes Silver Miners ETF) is Silver fund tracking the STOXX Global Silver Mining Index. Over the past year, MMA.AX returned 55.10% vs 72.17% for AGMI. At a 0.09 correlation, their price movements are largely independent.

Performance

MMA.AX vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Maronan Metals Limited (MMA.AX) and Themes Silver Miners ETF (AGMI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MMA.AX is traded in AUD, while AGMI is traded in USD. To make them comparable, the AGMI values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MMA.AX achieves a -9.52% return, which is significantly lower than AGMI's -7.83% return.

MMA.AX

• 1D: -2.56%
• 1M: 15.15%
• YTD: -9.52%
• 6M: 20.63%
• 1Y: 55.10%
• 3Y*: 19.09%
• 5Y*: —
• 10Y*: —

AGMI

• 1D: 0.59%
• 1M: -13.91%
• YTD: -7.83%
• 6M: 4.46%
• 1Y: 72.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMA.AX vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMA.AX Maronan Metals Limited	-9.52%	100.00%	-23.64%
AGMI Themes Silver Miners ETF	-7.83%	156.06%	6.01%

Correlation

The correlation between MMA.AX and AGMI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.09

Return for Risk

MMA.AX vs. AGMI — Risk / Return Rank

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

MMA.AX

MMA.AX Risk / Return Rank: 63
MMA.AX Sharpe Ratio Rank: 63
MMA.AX Sortino Ratio Rank: 67
MMA.AX Omega Ratio Rank: 62
MMA.AX Calmar Ratio Rank: 64
MMA.AX Martin Ratio Rank: 61

AGMI

AGMI Risk / Return Rank: 52
AGMI Sharpe Ratio Rank: 57
AGMI Sortino Ratio Rank: 46
AGMI Omega Ratio Rank: 52
AGMI Calmar Ratio Rank: 59
AGMI Martin Ratio Rank: 46

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.

MMA.AX vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Maronan Metals Limited (MMA.AX) 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.

	MMA.AX	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.58	-0.89
Sortino ratio: Return per unit of downside risk	1.56	1.95	-0.38
Omega ratio: Gain probability vs. loss probability	1.18	1.27	-0.10
Calmar ratio: Return relative to maximum drawdown	1.10	2.24	-1.14
Martin ratio: Return relative to average drawdown	2.11	5.76	-3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMA.AX vs. AGMI - Sharpe Ratio Comparison

The current MMA.AX Sharpe Ratio is 0.69, which is lower than the AGMI Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of MMA.AX 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

	MMA.AX	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	1.58	-0.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.38	-1.34

Drawdowns

MMA.AX vs. AGMI - Drawdown Comparison

The maximum MMA.AX drawdown since its inception was -55.64%, which is greater than AGMI's maximum drawdown of -32.37%. Use the drawdown chart below to compare losses from any high point for MMA.AX and AGMI.

Drawdown Indicators

	MMA.AX	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-55.64%	-32.37%	-23.27%
Max Drawdown (1Y) Largest decline over 1 year	-55.64%	-32.37%	-23.27%
Max Drawdown (3Y) Largest decline over 3 years	-55.64%	—	—
Current Drawdown Current decline from peak	-42.86%	-29.07%	-13.79%
Average Drawdown Average peak-to-trough decline	-33.78%	-8.22%	-25.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.05%	12.56%	+16.49%

Volatility

MMA.AX vs. AGMI - Volatility Comparison

Maronan Metals Limited (MMA.AX) has a higher volatility of 22.77% compared to Themes Silver Miners ETF (AGMI) at 16.65%. This indicates that MMA.AX'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.

Volatility by Period

	MMA.AX	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.77%	16.65%	+6.12%
Volatility (6M) Calculated over the trailing 6-month period	70.73%	38.52%	+32.21%
Volatility (1Y) Calculated over the trailing 1-year period	88.97%	46.07%	+42.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.70%	40.11%	+35.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.70%	40.11%	+35.59%

Dividends

MMA.AX vs. AGMI - Dividend Comparison

MMA.AX has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.55%.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.55%	4.43%	1.81%
MMA.AX Maronan Metals Limited	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMA.AX and AGMI in my portfolio?

MMA.AX and AGMI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.