SSLN.L vs. AGMI
SSLN.L (iShares Physical Silver ETC) and AGMI (Themes Silver Miners ETF) are both Silver funds - SSLN.L tracks the LBMA Silver Price while AGMI tracks the STOXX Global Silver Mining Index. Both are passively managed. Over the past year, SSLN.L returned 113.86% vs 114.26% for AGMI. A 0.68 correlation means they provide meaningful diversification when combined. SSLN.L charges 0.20%/yr vs 0.35%/yr for AGMI.
Performance
SSLN.L vs. AGMI - Performance Comparison
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Different Trading Currencies
SSLN.L is traded in GBp, while AGMI is traded in USD. To make them comparable, the AGMI values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SSLN.L achieves a 2.69% return, which is significantly lower than AGMI's 8.00% return.
SSLN.L
- 1D
- -3.04%
- 1M
- -2.09%
- YTD
- 2.69%
- 6M
- 23.96%
- 1Y
- 113.86%
- 3Y*
- 41.85%
- 5Y*
- 22.87%
- 10Y*
- 16.77%
AGMI
- 1D
- -4.49%
- 1M
- 4.61%
- YTD
- 8.00%
- 6M
- 19.46%
- 1Y
- 114.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SSLN.L vs. AGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SSLN.L iShares Physical Silver ETC | 2.69% | 130.26% | 9.85% |
AGMI Themes Silver Miners ETF | 8.00% | 156.44% | -0.47% |
Correlation
The correlation between SSLN.L and AGMI is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 6, 2024 | 0.68 |
The correlation between SSLN.L and AGMI has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.
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Return for Risk
SSLN.L vs. AGMI — Risk / Return Rank
SSLN.L
AGMI
SSLN.L vs. AGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Silver ETC (SSLN.L) 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.
| SSLN.L | AGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 3.53 | -0.60 |
| Martin ratioReturn relative to average drawdown | 6.46 | 9.67 | -3.21 |
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
| SSLN.L | AGMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.45 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 1.52 | -1.35 |
Drawdowns
SSLN.L vs. AGMI - Drawdown Comparison
The maximum SSLN.L drawdown since its inception was -69.95%, which is greater than AGMI's maximum drawdown of -32.57%. Use the drawdown chart below to compare losses from any high point for SSLN.L and AGMI.
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Drawdown Indicators
| SSLN.L | AGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.95% | -32.57% | -37.38% |
Max Drawdown (1Y)Largest decline over 1 year | -38.72% | -32.57% | -6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -38.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -38.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.72% | — | — |
Current DrawdownCurrent decline from peak | -33.93% | -22.01% | -11.92% |
Average DrawdownAverage peak-to-trough decline | -45.32% | -8.90% | -36.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.56% | 11.86% | +5.70% |
Volatility
SSLN.L vs. AGMI - Volatility Comparison
iShares Physical Silver ETC (SSLN.L) and Themes Silver Miners ETF (AGMI) have volatilities of 16.55% and 16.84%, 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.
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Volatility by Period
| SSLN.L | AGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.55% | 16.84% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 52.03% | 39.03% | +13.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.53% | 47.00% | +7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.31% | 41.80% | -8.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.70% | 41.80% | -12.10% |
SSLN.L vs. AGMI - Expense Ratio Comparison
SSLN.L has a 0.20% expense ratio, which is lower than AGMI's 0.35% expense ratio.
Dividends
SSLN.L vs. AGMI - Dividend Comparison
SSLN.L 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% |
SSLN.L iShares Physical Silver ETC | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SSLN.L and AGMI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSLN.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSLN.L is cheaper with a 0.20% expense ratio, compared with 0.35% for AGMI.
SSLN.L tracks LBMA Silver Price, while AGMI tracks STOXX Global Silver Mining Index. They also come from different issuers: iShares and Themes. Their fees differ too: 0.20% for SSLN.L and 0.35% for AGMI.
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