OUNZ vs. AGMI

Last updated Jun 3, 2026

OUNZ (VanEck Merk Gold Trust) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt), while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, OUNZ returned 32.40% vs 125.57% for AGMI. A 0.71 correlation means they provide meaningful diversification when combined. OUNZ charges 0.25%/yr vs 0.35%/yr for AGMI.

Performance

OUNZ vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold Trust (OUNZ) 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, OUNZ achieves a 4.03% return, which is significantly lower than AGMI's 12.96% return.

OUNZ

• 1D: 0.19%
• 1M: -2.62%
• YTD: 4.03%
• 6M: 6.46%
• 1Y: 32.40%
• 3Y*: 31.70%
• 5Y*: 18.81%
• 10Y*: 13.33%

AGMI

• 1D: 2.76%
• 1M: 6.81%
• YTD: 12.96%
• 6M: 25.76%
• 1Y: 125.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OUNZ vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OUNZ VanEck Merk Gold Trust	4.03%	63.95%	13.76%
AGMI Themes Silver Miners ETF	12.96%	176.11%	-0.74%

Correlation

The correlation between OUNZ and AGMI is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.71

The correlation between OUNZ and AGMI has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

OUNZ vs. AGMI - Sectors Allocation Comparison

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

Return for Risk

OUNZ vs. AGMI — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 34
OUNZ Sharpe Ratio Rank: 34
OUNZ Sortino Ratio Rank: 30
OUNZ Omega Ratio Rank: 37
OUNZ Calmar Ratio Rank: 37
OUNZ Martin Ratio Rank: 31

AGMI

AGMI Risk / Return Rank: 67
AGMI Sharpe Ratio Rank: 79
AGMI Sortino Ratio Rank: 56
AGMI Omega Ratio Rank: 62
AGMI Calmar Ratio Rank: 78
AGMI Martin Ratio Rank: 61

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.

OUNZ vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold Trust (OUNZ) 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.

	OUNZ	AGMI	Difference
Sharpe ratio Return per unit of total volatility	1.23	2.59	-1.36
Sortino ratio Return per unit of downside risk	1.63	2.71	-1.08
Omega ratio Gain probability vs. loss probability	1.25	1.38	-0.14
Calmar ratio Return relative to maximum drawdown	1.87	4.09	-2.21
Martin ratio Return relative to average drawdown	4.71	11.14	-6.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUNZ vs. AGMI - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 1.23, which is lower than the AGMI Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of OUNZ 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

	OUNZ	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.59	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.66	-1.00

Drawdowns

OUNZ vs. AGMI - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -21.77%, smaller than the maximum AGMI drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for OUNZ and AGMI.

Drawdown Indicators

	OUNZ	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-33.26%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-33.26%	+14.12%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.76%	—	—
Current Drawdown Current decline from peak	-16.84%	-18.49%	+1.65%
Average Drawdown Average peak-to-trough decline	-7.57%	-9.12%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	12.21%	-4.60%

Volatility

OUNZ vs. AGMI - Volatility Comparison

The current volatility for VanEck Merk Gold Trust (OUNZ) is 5.77%, while Themes Silver Miners ETF (AGMI) has a volatility of 16.98%. This indicates that OUNZ 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

	OUNZ	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	16.98%	-11.21%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	40.71%	-17.75%
Volatility (1Y) Calculated over the trailing 1-year period	26.50%	48.86%	-22.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	43.94%	-26.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	43.94%	-27.98%

OUNZ vs. AGMI - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than AGMI's 0.35% expense ratio.

Dividends

OUNZ vs. AGMI - Dividend Comparison

OUNZ has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 3.92%.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	3.92%	4.43%	1.81%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OUNZ and AGMI in my portfolio?

OUNZ and AGMI have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUNZ or AGMI?

AGMI has higher volatility (16.98%) compared to OUNZ (5.77%). In terms of maximum drawdown, OUNZ dropped -21.77% vs AGMI's -33.26%.

Which ETF is better, OUNZ or AGMI?

On 1-year performance, AGMI leads with 125.57% vs 32.40% for OUNZ. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or AGMI?

Over the 1-year period, AGMI has performed better with a 125.57% return vs 32.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or AGMI?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.35% for AGMI.

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

AGMI has the higher dividend yield at 3.92%, compared with 0.00% for OUNZ.

What is the main difference between OUNZ and AGMI?

OUNZ is categorized as Precious Metals, while AGMI is Silver. OUNZ tracks LBMA Gold Price PM ($/ozt), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Merk and Themes. Their fees differ too: 0.25% for OUNZ and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.59 vs 1.23), 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.