SBT.TO vs. AGMI
SBT.TO (Purpose Silver Bullion Fund) and AGMI (Themes Silver Miners ETF) are both Silver funds - SBT.TO tracks the LBMA Silver Price while AGMI tracks the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, SBT.TO returned 57.19% vs 84.02% for AGMI. A 0.58 correlation means they provide meaningful diversification when combined. SBT.TO charges 0.36%/yr vs 0.35%/yr for AGMI.
Performance
SBT.TO vs. AGMI - Performance Comparison
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Different Trading Currencies
SBT.TO is traded in CAD, while AGMI is traded in USD. To make them comparable, the AGMI values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SBT.TO achieves a -18.66% return, which is significantly lower than AGMI's -1.63% return.
SBT.TO
- 1D
- 2.14%
- 1M
- -22.62%
- YTD
- -18.66%
- 6M
- -23.97%
- 1Y
- 57.19%
- 3Y*
- 34.43%
- 5Y*
- 15.33%
- 10Y*
- 11.27%
AGMI
- 1D
- -0.12%
- 1M
- -12.75%
- YTD
- -1.63%
- 6M
- -3.32%
- 1Y
- 84.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBT.TO vs. AGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SBT.TO Purpose Silver Bullion Fund | -18.66% | 137.07% | 6.72% |
AGMI Themes Silver Miners ETF | -1.63% | 163.50% | 4.23% |
Correlation
The correlation between SBT.TO and AGMI is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since May 3, 2024 | 0.58 |
The correlation between SBT.TO and AGMI shifts across timeframes, from 0.58 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SBT.TO vs. AGMI — Risk / Return Rank
SBT.TO
AGMI
SBT.TO vs. AGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Silver Bullion Fund (SBT.TO) 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.
| SBT.TO | AGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.27 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.55 | -1.46 |
| Martin ratioReturn relative to average drawdown | 2.45 | 5.98 | -3.53 |
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Drawdowns
SBT.TO vs. AGMI - Drawdown Comparison
The maximum SBT.TO drawdown since its inception was -52.39%, which is greater than AGMI's maximum drawdown of -33.07%. Use the drawdown chart below to compare losses from any high point for SBT.TO and AGMI.
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Drawdown Indicators
| SBT.TO | AGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -33.07% | -19.32% |
Max Drawdown (1Y)Largest decline over 1 year | -52.39% | -33.07% | -19.32% |
Max Drawdown (3Y)Largest decline over 3 years | -52.39% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -52.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.39% | — | — |
Current DrawdownCurrent decline from peak | -50.25% | -28.91% | -21.34% |
Average DrawdownAverage peak-to-trough decline | -17.17% | -9.22% | -7.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.42% | 14.10% | +9.32% |
Volatility
SBT.TO vs. AGMI - Volatility Comparison
The current volatility for Purpose Silver Bullion Fund (SBT.TO) is 16.91%, while Themes Silver Miners ETF (AGMI) has a volatility of 19.24%. This indicates that SBT.TO 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.
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Volatility by Period
| SBT.TO | AGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.91% | 19.24% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 59.53% | 44.05% | +15.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.18% | 51.63% | +9.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.75% | 45.02% | -7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.39% | 45.02% | +22.37% |
SBT.TO vs. AGMI - Expense Ratio Comparison
SBT.TO has a 0.36% expense ratio, which is higher than AGMI's 0.35% expense ratio.
Dividends
SBT.TO vs. AGMI - Dividend Comparison
SBT.TO has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.67%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.67% | 4.43% | 1.81% |
SBT.TO Purpose Silver Bullion Fund | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBT.TO and AGMI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGMI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGMI is cheaper with a 0.35% expense ratio, compared with 0.36% for SBT.TO.
SBT.TO tracks LBMA Silver Price, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Purpose Investments and Themes. Their fees differ too: 0.36% for SBT.TO and 0.35% for AGMI.
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