SLVR vs. AGMI

Last updated Jun 24, 2026

SLVR (Sprott Silver Miners & Physical Silver ETF) and AGMI (Themes Silver Miners ETF) are both Silver funds - SLVR tracks the Nasdaq Sprott Silver Miners™ Index while AGMI tracks the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, SLVR returned 74.96% vs 82.04% for AGMI. With a 0.95 correlation, they move nearly in lockstep. SLVR charges 0.65%/yr vs 0.35%/yr for AGMI.

Performance

SLVR vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Silver Miners & Physical Silver ETF (SLVR) 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, SLVR achieves a -10.65% return, which is significantly lower than AGMI's -4.46% return.

SLVR

• 1D: -6.24%
• 1M: -15.79%
• YTD: -10.65%
• 6M: -13.23%
• 1Y: 74.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SLVR vs. AGMI - Yearly Performance Comparison

	2026 (YTD)	2025
SLVR Sprott Silver Miners & Physical Silver ETF	-10.65%	171.53%
AGMI Themes Silver Miners ETF	-4.46%	160.77%

Correlation

The correlation between SLVR and AGMI is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.95

The correlation between SLVR and AGMI has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

SLVR vs. AGMI — Risk / Return Rank

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

SLVR

SLVR Risk / Return Rank: 34
SLVR Sharpe Ratio Rank: 35
SLVR Sortino Ratio Rank: 33
SLVR Omega Ratio Rank: 35
SLVR Calmar Ratio Rank: 38
SLVR Martin Ratio Rank: 31

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.

SLVR vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Silver Miners & Physical Silver ETF (SLVR) 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.

	SLVR	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.59	-0.42
Sortino ratio: Return per unit of downside risk	1.68	1.97	-0.29
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.81	2.40	-0.59
Martin ratio: Return relative to average drawdown	4.32	5.96	-1.65

SLVR vs. AGMI - Sharpe Ratio Comparison

The current SLVR Sharpe Ratio is 1.17, which is comparable to the AGMI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SLVR 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

SLVR vs. AGMI - Drawdown Comparison

The maximum SLVR drawdown since its inception was -41.59%, which is greater than AGMI's maximum drawdown of -34.40%. Use the drawdown chart below to compare losses from any high point for SLVR and AGMI.

Drawdown Indicators

	SLVR	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-41.59%	-34.40%	-7.19%
Max Drawdown (1Y) Largest decline over 1 year	-41.59%	-34.40%	-7.19%
Current Drawdown Current decline from peak	-40.19%	-31.06%	-9.13%
Average Drawdown Average peak-to-trough decline	-10.16%	-9.57%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.43%	13.80%	+3.63%

Volatility

SLVR vs. AGMI - Volatility Comparison

Sprott Silver Miners & Physical Silver ETF (SLVR) has a higher volatility of 21.36% compared to Themes Silver Miners ETF (AGMI) at 19.41%. This indicates that SLVR's price experiences larger fluctuations and is considered to be riskier than AGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVR	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.36%	19.41%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	53.78%	44.13%	+9.65%
Volatility (1Y) Calculated over the trailing 1-year period	64.17%	51.73%	+12.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.98%	45.04%	+13.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.98%	45.04%	+13.94%

SLVR vs. AGMI - Expense Ratio Comparison

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

Dividends

SLVR vs. AGMI - Dividend Comparison

SLVR's dividend yield for the trailing twelve months is around 4.12%, less than AGMI's 4.64% yield.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.64%	4.43%	1.81%
SLVR Sprott Silver Miners & Physical Silver ETF	4.12%	3.68%	0.00%

Frequently Asked Questions

Can I hold both SLVR and AGMI in my portfolio?

With a correlation of 0.96, SLVR 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, SLVR or AGMI?

SLVR has higher volatility (21.36%) compared to AGMI (19.41%). In terms of maximum drawdown, SLVR dropped -41.59% vs AGMI's -34.40%.

Which ETF is better, SLVR or AGMI?

On 1-year performance, AGMI leads with 82.04% vs 74.96% for SLVR. On fees, AGMI is cheaper at 0.35% per year. On volatility, AGMI has been the lower-risk option at 19.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVR or AGMI?

Over the 1-year period, AGMI has performed better with a 82.04% return vs 74.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVR or AGMI?

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

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

AGMI has the higher dividend yield at 4.64%, compared with 4.12% for SLVR.

What is the main difference between SLVR and AGMI?

SLVR tracks Nasdaq Sprott Silver Miners™ Index, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: Sprott and Themes. Their fees differ too: 0.65% for SLVR and 0.35% for AGMI.

Which has better risk-adjusted returns?

AGMI currently has the higher Sharpe Ratio (1.59 vs 1.17), 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.