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ProShares Ultra Silver (AGQ) Sharpe Ratio: 1.28

ETF · Currency in USD · Last updated Jun 3, 2026

The ProShares Ultra Silver (AGQ) is a leveraged exchange-traded fund that seeks daily investment results corresponding to two times (2x) the daily performance of the Bloomberg Silver Subindex, a benchmark for silver futures. AGQ achieves its leveraged exposure primarily through COMEX silver futures contracts and swap agreements. Because returns compound daily, the fund is intended for short-term tactical trading rather than buy-and-hold investing, and performance over periods longer than a single day can diverge significantly from 2x the underlying index's return. AGQ was launched on December 1, 2008, and is managed by ProShares.

AGQ's Sharpe Ratio of 1.28 indicates that for each unit of volatility, it generates 1.28 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 3, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets.

AGQ Sharpe Ratio Rank

AGQ Sharpe Ratio Rank: 35.435
Below Average

AGQ ranks above 35.4% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

AGQ Sharpe Ratio Market Positioning

The chart shows AGQ's Sharpe Ratio relative to all ETFs on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.91 or lower
  • Yellow zone (middle 50%): 0.91 to 2.51
  • Green zone (top 25%): 2.51 or higher
  • Top 1%: 7.84+
  • Median: 1.76 — half of all investments score higher

How it compares to other similar ETFs

The table compares ProShares Ultra Silver's Sharpe Ratio with other ETFs in the Silver, Leveraged Commodities, Precious Metals category across multiple time periods, showing how AGQ's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 3, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
AGMIThemes Silver Miners ETF2.59
SLVPiShares MSCI Global Silver and Metals Miners ETF2.41
SILJAmplify Junior Silver Miners ETF2.33
SLVRSprott Silver Miners & Physical Silver ETF2.23
SLVOUBS ETRACS Silver Shares Covered Call ETN2.22
UCOProShares Ultra Bloomberg Crude Oil2.08
SILGlobal X Silver Miners ETF2.08
SIVRabrdn Physical Silver Shares ETF1.98
SLViShares Silver Trust1.97
OILUMicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN1.88
AGQProShares Ultra Silver1.28

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows AGQ's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when AGQ consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

How does AGQ fit in your portfolio?

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