PSLV vs. AGMI

Last updated Jun 5, 2026

PSLV (Sprott Physical Silver Trust) and AGMI (Themes Silver Miners ETF) are both Silver funds - PSLV tracks the No Index (Physical Silver) while AGMI tracks the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, PSLV returned 102.24% vs 110.88% for AGMI. Their correlation of 0.81 suggests significant overlap in exposure. PSLV charges 0.51%/yr vs 0.35%/yr for AGMI.

Performance

PSLV vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) 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, PSLV achieves a -0.89% return, which is significantly lower than AGMI's 7.94% return.

PSLV

• 1D: 0.90%
• 1M: -0.64%
• YTD: -0.89%
• 6M: 23.11%
• 1Y: 102.24%
• 3Y*: 42.33%
• 5Y*: 18.65%
• 10Y*: 14.02%

AGMI

• 1D: 0.32%
• 1M: 4.50%
• YTD: 7.94%
• 6M: 21.60%
• 1Y: 110.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSLV vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSLV Sprott Physical Silver Trust	-0.89%	145.08%	7.82%
AGMI Themes Silver Miners ETF	7.94%	176.11%	-0.74%

Correlation

The correlation between PSLV and AGMI is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.81

The correlation between PSLV and AGMI has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

PSLV vs. AGMI — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 47
PSLV Sharpe Ratio Rank: 52
PSLV Sortino Ratio Rank: 39
PSLV Omega Ratio Rank: 54
PSLV Calmar Ratio Rank: 52
PSLV Martin Ratio Rank: 37

AGMI

AGMI Risk / Return Rank: 60
AGMI Sharpe Ratio Rank: 71
AGMI Sortino Ratio Rank: 52
AGMI Omega Ratio Rank: 58
AGMI Calmar Ratio Rank: 68
AGMI Martin Ratio Rank: 53

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.

PSLV vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) 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.

	PSLV	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.28	-0.52
Sortino ratio: Return per unit of downside risk	1.99	2.49	-0.51
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.53	3.35	-0.82
Martin ratio: Return relative to average drawdown	5.58	9.00	-3.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSLV vs. AGMI - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 1.76, which is comparable to the AGMI Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PSLV 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

	PSLV	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.28	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	1.57	-1.39

Drawdowns

PSLV vs. AGMI - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than AGMI's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for PSLV and AGMI.

Drawdown Indicators

	PSLV	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-33.26%	-46.12%
Max Drawdown (1Y) Largest decline over 1 year	-40.65%	-33.26%	-7.39%
Max Drawdown (3Y) Largest decline over 3 years	-40.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.79%	—	—
Current Drawdown Current decline from peak	-35.53%	-22.10%	-13.43%
Average Drawdown Average peak-to-trough decline	-58.15%	-9.17%	-48.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.38%	12.37%	+6.01%

Volatility

PSLV vs. AGMI - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 16.60%, while Themes Silver Miners ETF (AGMI) has a volatility of 17.61%. This indicates that PSLV 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

	PSLV	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.60%	17.61%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	57.34%	40.96%	+16.38%
Volatility (1Y) Calculated over the trailing 1-year period	58.49%	48.94%	+9.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.64%	43.99%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.14%	43.99%	-12.85%

PSLV vs. AGMI - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

PSLV vs. AGMI - Dividend Comparison

PSLV has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.10%.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.10%	4.43%	1.81%
PSLV Sprott Physical Silver Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSLV and AGMI in my portfolio?

PSLV and AGMI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSLV or AGMI?

AGMI has higher volatility (17.61%) compared to PSLV (16.60%). In terms of maximum drawdown, PSLV dropped -79.38% vs AGMI's -33.26%.

Which ETF is better, PSLV or AGMI?

On 1-year performance, AGMI leads with 110.88% vs 102.24% for PSLV. On fees, AGMI is cheaper at 0.35% per year. On volatility, PSLV has been the lower-risk option at 16.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSLV or AGMI?

Over the 1-year period, AGMI has performed better with a 110.88% return vs 102.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSLV or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.51% for PSLV.

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

AGMI has the higher dividend yield at 4.10%, compared with 0.00% for PSLV.

What is the main difference between PSLV and AGMI?

PSLV tracks No Index (Physical Silver), while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Sprott and Themes. Their fees differ too: 0.51% for PSLV and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.28 vs 1.76), 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.