AGMI vs SPY
Themes Silver Miners ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. AGMI delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | AGMI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $12M | $821.1B | |
| Dividend Yield | 4.77% | 1.01% | |
| Holdings | 47 | 505 | |
| YTD Return | +12.59% | +14.24% | |
| 1Y Return | +88.64% | +21.71% | |
| 3Y Return (annualized) | - | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 42.3% | 15.3% | |
| Max Drawdown | -35.7% | -56.5% | |
| Fund Family | Themes ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 3, 2024 | Jan 22, 1993 |
AGMI vs SPY Performance
Themes Silver Miners ETF (AGMI) is a ETF from Themes ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AGMI returned +88.64% while SPY returned +21.71%. Year to date, AGMI is up 12.59% versus a gain of 14.24% for SPY.
Risk: Volatility and Drawdowns
AGMI has been the more volatile fund, with annualized monthly volatility of 42.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -35.7% for AGMI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.16. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AGMI charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, AGMI currently yields 4.77% against 1.01% for SPY.
Holdings Overlap
AGMI and SPY share 1 holdings out of 540 unique holdings combined, representing a 0.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in AGMI | Weight in SPY | Difference |
|---|---|---|---|
| NEM | 9.68% | 0.16% | 9.52% |
Frequently Asked Questions
Which is cheaper, AGMI or SPY?
AGMI has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, AGMI or SPY?
Over the past year AGMI returned +88.64% vs +21.71% for SPY, so AGMI leads on 1-year performance. Over the longest common window we track (2 years), AGMI annualized +64.55% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, AGMI or SPY?
AGMI has been the more volatile fund at 42.3% annualized versus 15.3% for SPY. Worst drawdown: AGMI -35.7% vs SPY -56.5%.
Should I hold both AGMI and SPY?
AGMI and SPY have a monthly-return correlation of 0.16, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AGMI and SPY?
AGMI and SPY share 1 common holdings with a 0.2% weight overlap. Combined, they hold 540 unique securities.
Which pays a higher dividend, AGMI or SPY?
AGMI yields 4.77% while SPY yields 1.01%, so AGMI currently pays the higher dividend yield.
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