SLVX vs. AGMI

Last updated Jun 15, 2026

SLVX (Nicholas Silver Income ETF) and AGMI (Themes Silver Miners ETF) are both Silver funds. SLVX is actively managed, while AGMI is passively managed. With a 0.96 correlation, they move nearly in lockstep. SLVX charges 1.16%/yr vs 0.35%/yr for AGMI.

Performance

SLVX vs. AGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Silver Income ETF (SLVX) and Themes Silver Miners ETF (AGMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SLVX

• 1D: 3.40%
• 1M: -14.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AGMI

• 1D: 3.84%
• 1M: -7.84%
• YTD: 0.92%
• 6M: 6.16%
• 1Y: 89.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLVX vs. AGMI - Yearly Performance Comparison

	2026 (YTD)
SLVX Nicholas Silver Income ETF	-19.87%
AGMI Themes Silver Miners ETF	-12.70%

Correlation

The correlation between SLVX 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 (All Time) Calculated using the full available price history since Feb 18, 2026	0.96

Return for Risk

SLVX vs. AGMI — Risk / Return Rank

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

SLVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AGMI

AGMI Risk / Return Rank: 55
AGMI Sharpe Ratio Rank: 63
AGMI Sortino Ratio Rank: 49
AGMI Omega Ratio Rank: 55
AGMI Calmar Ratio Rank: 61
AGMI Martin Ratio Rank: 48

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.

SLVX vs. AGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Silver Income ETF (SLVX) 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.

	SLVX	AGMI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.82	—
Sortino ratio: Return per unit of downside risk	—	2.14	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.69	—
Martin ratio: Return relative to average drawdown	—	6.98	—

Drawdowns

SLVX vs. AGMI - Drawdown Comparison

The maximum SLVX drawdown since its inception was -40.32%, which is greater than AGMI's maximum drawdown of -34.40%. Use the drawdown chart below to compare losses from any high point for SLVX and AGMI.

Drawdown Indicators

	SLVX	AGMI	Difference
Max Drawdown Largest peak-to-trough decline	-40.32%	-34.40%	-5.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.40%	—
Current Drawdown Current decline from peak	-34.17%	-27.17%	-7.00%
Average Drawdown Average peak-to-trough decline	-20.61%	-9.39%	-11.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	13.23%	—

Volatility

Volatility by Period

	SLVX	AGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	62.23%	50.83%	+11.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.23%	44.77%	+17.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.23%	44.77%	+17.46%

SLVX vs. AGMI - Expense Ratio Comparison

SLVX has a 1.16% expense ratio, which is higher than AGMI's 0.35% expense ratio.

Dividends

SLVX vs. AGMI - Dividend Comparison

SLVX's dividend yield for the trailing twelve months is around 8.00%, more than AGMI's 4.39% yield.

Position	TTM	2025	2024
AGMI Themes Silver Miners ETF	4.39%	4.43%	1.81%
SLVX Nicholas Silver Income ETF	8.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLVX and AGMI in my portfolio?

With a correlation of 0.96, SLVX 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 ETF is better, SLVX or AGMI?

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.

Which ETF is cheaper, SLVX or AGMI?

AGMI is cheaper with a 0.35% expense ratio, compared with 1.16% for SLVX.

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

SLVX has the higher dividend yield at 8.00%, compared with 4.39% for AGMI.

What is the main difference between SLVX and AGMI?

They also come from different issuers: Nicholas Wealth and Themes. Their fees differ too: 1.16% for SLVX and 0.35% for AGMI.