SPPP vs. AGMI
SPPP (Sprott Physical Platinum and Palladium Trust) and AGMI (Themes Silver Miners ETF) are both exchange-traded funds - SPPP is a Precious Metals fund actively managed by Sprott, while AGMI is a Silver fund tracking the STOXX Global Silver Mining Index. SPPP is actively managed, while AGMI is passively managed. Over the past year, SPPP returned 39.19% vs 112.77% for AGMI. A 0.68 correlation means they provide meaningful diversification when combined. SPPP charges 1.02%/yr vs 0.35%/yr for AGMI.
Performance
SPPP vs. AGMI - Performance Comparison
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Returns By Period
In the year-to-date period, SPPP achieves a -14.37% return, which is significantly lower than AGMI's 7.60% return.
SPPP
- 1D
- -4.12%
- 1M
- -6.42%
- YTD
- -14.37%
- 6M
- -2.30%
- 1Y
- 39.19%
- 3Y*
- 5.59%
- 5Y*
- -6.33%
- 10Y*
- 8.53%
AGMI
- 1D
- -4.74%
- 1M
- 3.77%
- YTD
- 7.60%
- 6M
- 20.09%
- 1Y
- 112.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPPP vs. AGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPPP Sprott Physical Platinum and Palladium Trust | -14.37% | 89.43% | -7.01% |
AGMI Themes Silver Miners ETF | 7.60% | 176.11% | -0.74% |
Correlation
The correlation between SPPP and AGMI is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since May 6, 2024 | 0.68 |
The correlation between SPPP and AGMI has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.
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Return for Risk
SPPP vs. AGMI — Risk / Return Rank
SPPP
AGMI
SPPP vs. AGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) 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.
| SPPP | AGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.35 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 3.41 | -2.36 |
| Martin ratioReturn relative to average drawdown | 2.23 | 9.21 | -6.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPPP | AGMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.77 | 2.32 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.18 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 1.56 | -1.47 |
Drawdowns
SPPP vs. AGMI - Drawdown Comparison
The maximum SPPP drawdown since its inception was -59.09%, which is greater than AGMI's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for SPPP and AGMI.
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Drawdown Indicators
| SPPP | AGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.09% | -33.26% | -25.83% |
Max Drawdown (1Y)Largest decline over 1 year | -37.42% | -33.26% | -4.16% |
Max Drawdown (3Y)Largest decline over 3 years | -37.42% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -58.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -59.09% | — | — |
Current DrawdownCurrent decline from peak | -36.14% | -22.35% | -13.79% |
Average DrawdownAverage peak-to-trough decline | -26.48% | -9.14% | -17.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.60% | 12.29% | +5.31% |
Volatility
SPPP vs. AGMI - Volatility Comparison
The current volatility for Sprott Physical Platinum and Palladium Trust (SPPP) is 10.71%, while Themes Silver Miners ETF (AGMI) has a volatility of 17.62%. This indicates that SPPP 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
| SPPP | AGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.71% | 17.62% | -6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 45.53% | 40.98% | +4.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.97% | 48.95% | +2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.89% | 44.04% | -9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.10% | 44.04% | -10.94% |
SPPP vs. AGMI - Expense Ratio Comparison
SPPP has a 1.02% expense ratio, which is higher than AGMI's 0.35% expense ratio.
Dividends
SPPP vs. AGMI - Dividend Comparison
SPPP has not paid dividends to shareholders, while AGMI's dividend yield for the trailing twelve months is around 4.12%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AGMI Themes Silver Miners ETF | 4.12% | 4.43% | 1.81% |
SPPP Sprott Physical Platinum and Palladium Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPPP and AGMI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGMI has higher volatility (17.62%) compared to SPPP (10.71%). In terms of maximum drawdown, SPPP dropped -59.09% vs AGMI's -33.26%.
On 1-year performance, AGMI leads with 112.77% vs 39.19% for SPPP. On fees, AGMI is cheaper at 0.35% per year. On volatility, SPPP has been the lower-risk option at 10.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AGMI has performed better with a 112.77% return vs 39.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGMI is cheaper with a 0.35% expense ratio, compared with 1.02% for SPPP.
AGMI has the higher dividend yield at 4.12%, compared with 0.00% for SPPP.
SPPP is categorized as Precious Metals, while AGMI is Silver. They also come from different issuers: Sprott and Themes. Their fees differ too: 1.02% for SPPP and 0.35% for AGMI.
AGMI currently has the higher Sharpe Ratio (2.32 vs 0.77), 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.
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