SLVP vs. AGMI

Last updated Jun 24, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and AGMI (Themes Silver Miners ETF) are both Silver funds - SLVP tracks the MSCI ACWI Select Silver Miners Investable Market Index while AGMI tracks the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, SLVP returned 78.29% vs 82.04% for AGMI. With a 0.97 correlation, they move nearly in lockstep. SLVP charges 0.39%/yr vs 0.35%/yr for AGMI.

Performance

SLVP vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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, SLVP achieves a -9.48% return, which is significantly lower than AGMI's -4.46% return.

SLVP

• 1D: -5.62%
• 1M: -11.26%
• YTD: -9.48%
• 6M: -13.08%
• 1Y: 78.29%
• 3Y*: 50.10%
• 5Y*: 15.83%
• 10Y*: 11.46%

AGMI

• 1D: -6.11%
• 1M: -9.96%
• YTD: -4.46%
• 6M: -7.11%
• 1Y: 82.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLVP vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVP iShares MSCI Global Silver and Metals Miners ETF	-9.48%	202.84%	2.22%
AGMI Themes Silver Miners ETF	-4.46%	176.11%	-0.74%

Correlation

The correlation between SLVP and AGMI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.97

The correlation between SLVP and AGMI has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

SLVP vs. AGMI - Sectors Allocation Comparison

Sectors	SLVP	AGMI
Basic Materials	99.7%	99.7%
Financial Services	0.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

SLVP vs. AGMI — Risk / Return Rank

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

SLVP

SLVP Risk / Return Rank: 39
SLVP Sharpe Ratio Rank: 42
SLVP Sortino Ratio Rank: 37
SLVP Omega Ratio Rank: 39
SLVP Calmar Ratio Rank: 43
SLVP Martin Ratio Rank: 36

AGMI

AGMI Risk / Return Rank: 45
AGMI Sharpe Ratio Rank: 48
AGMI Sortino Ratio Rank: 41
AGMI Omega Ratio Rank: 43
AGMI Calmar Ratio Rank: 51
AGMI Martin Ratio Rank: 40

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.

SLVP vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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.

	SLVP	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.59	-0.17
Sortino ratio: Return per unit of downside risk	1.86	1.97	-0.11
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	2.07	2.40	-0.33
Martin ratio: Return relative to average drawdown	5.23	5.96	-0.73

SLVP vs. AGMI - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.42, which is comparable to the AGMI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SLVP 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.

Drawdowns

SLVP vs. AGMI - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, which is greater than AGMI's maximum drawdown of -34.40%. Use the drawdown chart below to compare losses from any high point for SLVP and AGMI.

Drawdown Indicators

	SLVP	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-34.40%	-46.07%
Max Drawdown (1Y) Largest decline over 1 year	-38.06%	-34.40%	-3.66%
Max Drawdown (3Y) Largest decline over 3 years	-38.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	—	—
Current Drawdown Current decline from peak	-34.70%	-31.06%	-3.64%
Average Drawdown Average peak-to-trough decline	-46.75%	-9.57%	-37.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.00%	13.80%	+1.20%

Volatility

SLVP vs. AGMI - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) and Themes Silver Miners ETF (AGMI) have volatilities of 19.48% and 19.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVP	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.48%	19.41%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	45.96%	44.13%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	55.40%	51.73%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.31%	45.04%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.55%	45.04%	-2.49%

SLVP vs. AGMI - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

SLVP vs. AGMI - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 2.28%, less than AGMI's 4.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGMI Themes Silver Miners ETF	4.64%	4.43%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.28%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%

Frequently Asked Questions

Can I hold both SLVP and AGMI in my portfolio?

With a correlation of 0.98, SLVP and AGMI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SLVP or AGMI?

SLVP has higher volatility (19.48%) compared to AGMI (19.41%). In terms of maximum drawdown, SLVP dropped -80.47% vs AGMI's -34.40%.

Which ETF is better, SLVP or AGMI?

On 1-year performance, AGMI leads with 82.04% vs 78.29% for SLVP. On fees, AGMI is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or AGMI?

Over the 1-year period, AGMI has performed better with a 82.04% return vs 78.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVP or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 0.39% for SLVP.

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

AGMI has the higher dividend yield at 4.64%, compared with 2.28% for SLVP.

What is the main difference between SLVP and AGMI?

SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.39% for SLVP and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (1.59 vs 1.42), 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.