SLVO vs. AGMI

Last updated Jun 4, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and AGMI (Themes Silver Miners ETF) are both Silver funds - SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index while AGMI tracks the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, SLVO returned 62.53% vs 112.77% for AGMI. A 0.77 correlation means they provide meaningful diversification when combined. SLVO charges 0.65%/yr vs 0.35%/yr for AGMI.

Performance

SLVO vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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, SLVO achieves a 13.49% return, which is significantly higher than AGMI's 7.60% return.

SLVO

• 1D: -1.17%
• 1M: 4.05%
• YTD: 13.49%
• 6M: 17.86%
• 1Y: 62.53%
• 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)

SLVO vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	13.49%	71.20%	1.24%
AGMI Themes Silver Miners ETF	7.60%	176.11%	-10.78%

Correlation

The correlation between SLVO and AGMI is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.77

The correlation between SLVO and AGMI has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.

Return for Risk

SLVO vs. AGMI — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 66
SLVO Sharpe Ratio Rank: 62
SLVO Sortino Ratio Rank: 48
SLVO Omega Ratio Rank: 72
SLVO Calmar Ratio Rank: 72
SLVO Martin Ratio Rank: 77

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.

SLVO vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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.

	SLVO	AGMI	Difference
Sharpe ratio Return per unit of total volatility	2.13	2.32	-0.19
Sortino ratio Return per unit of downside risk	2.39	2.52	-0.13
Omega ratio Gain probability vs. loss probability	1.44	1.35	+0.08
Calmar ratio Return relative to maximum drawdown	3.65	3.41	+0.24
Martin ratio Return relative to average drawdown	15.01	9.21	+5.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLVO vs. AGMI - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 2.13, which is comparable to the AGMI Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of SLVO 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

	SLVO	AGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.32	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.56	+0.05

Drawdowns

SLVO vs. AGMI - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum AGMI drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for SLVO and AGMI.

Drawdown Indicators

	SLVO	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-33.26%	+16.03%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-33.26%	+16.03%
Current Drawdown Current decline from peak	-3.22%	-22.35%	+19.13%
Average Drawdown Average peak-to-trough decline	-3.13%	-9.14%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	12.29%	-8.11%

Volatility

SLVO vs. AGMI - Volatility Comparison

The current volatility for UBS ETRACS Silver Shares Covered Call ETN (SLVO) is 6.39%, while Themes Silver Miners ETF (AGMI) has a volatility of 17.62%. This indicates that SLVO 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

	SLVO	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	17.62%	-11.23%
Volatility (6M) Calculated over the trailing 6-month period	27.33%	40.98%	-13.65%
Volatility (1Y) Calculated over the trailing 1-year period	29.53%	48.95%	-19.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.23%	44.04%	-18.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.23%	44.04%	-18.81%

SLVO vs. AGMI - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

SLVO vs. AGMI - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 46.44%, more than AGMI's 4.12% yield.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.12%	4.43%	1.81%
SLVO UBS ETRACS Silver Shares Covered Call ETN	46.44%	19.35%	14.45%

Frequently Asked Questions

Can I hold both SLVO and AGMI in my portfolio?

SLVO and AGMI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVO or AGMI?

AGMI has higher volatility (17.62%) compared to SLVO (6.39%). In terms of maximum drawdown, SLVO dropped -17.23% vs AGMI's -33.26%.

Which ETF is better, SLVO or AGMI?

On 1-year performance, AGMI leads with 112.77% vs 62.53% for SLVO. On fees, AGMI is cheaper at 0.35% per year. On volatility, SLVO has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or AGMI?

Over the 1-year period, AGMI has performed better with a 112.77% return vs 62.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 46.44%, compared with 4.12% for AGMI.

What is the main difference between SLVO and AGMI?

SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: UBS and Themes. Their fees differ too: 0.65% for SLVO and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (2.32 vs 2.13), 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.