The dominance ratio is the ratio of the first higher-order mode eigenvalue of a system to the fundamental eigenvalue, k1/k0. It can be used to determine how well coupled the neutrons in a multiplying system are, as well as the computational difficulty of the power iteration method in a Monte Carlo simulation. The purpose of this study is to investigate the University of New Mexico’s (UNM’s) AGN-201M reactor’s unusually low dominance ratio of 0.632. The AGN-201M reactor is a small, thermal spectrum reactor located at the UNM. It is moderated by polyethylene, reflected by graphite, and uses fuel comprised of uranium microspheres embedded in polyethylene plates that are separated by an aluminum baffle. The investigation included a parametric study of the reactor’s fuel geometry, fuel density, and reflector thickness to examine their impact on the reactor’s dominance ratio. In addition, neutronically similar systems were examined to identify common causes for systems with low dominance ratios. The reason for the small dominance ratio of the AGN-201M reactor when compared to large thermal reactors was determined to be because of its size and fuel plate composition. The reflector’s effect on the dominance ratio is small in comparison to the other factors but was found to have a nonzero effect. Furthermore, the AGN-201M was found to have a significantly lower dominance ratio than systems with which it shares a very high ( > 95%) degree of neutronic similarity. However, the two most similar systems were close in size to the core of the AGN-201M reactor and were moderated with polyethylene as well.