AGQ vs. BNO

Last updated Jun 4, 2026

AGQ (ProShares Ultra Silver) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, AGQ returned 11.35%/yr vs 13.60%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.90%/yr for BNO.

Performance

AGQ vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -30.83% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, AGQ has underperformed BNO with an annualized return of 11.35%, while BNO has yielded a comparatively higher 13.60% annualized return.

AGQ

• 1D: -5.25%
• 1M: -1.76%
• YTD: -30.83%
• 6M: -5.75%
• 1Y: 142.76%
• 3Y*: 54.17%
• 5Y*: 15.27%
• 10Y*: 11.35%

BNO

• 1D: 1.99%
• 1M: -10.29%
• YTD: 90.47%
• 6M: 86.00%
• 1Y: 91.89%
• 3Y*: 27.93%
• 5Y*: 24.16%
• 10Y*: 13.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGQ vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGQ ProShares Ultra Silver	-30.83%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between AGQ and BNO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010	0.18

The correlation between AGQ and BNO shifts across timeframes, from -0.11 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AGQ vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGQ

AGQ Risk / Return Rank: 36
AGQ Sharpe Ratio Rank: 32
AGQ Sortino Ratio Rank: 36
AGQ Omega Ratio Rank: 51
AGQ Calmar Ratio Rank: 37
AGQ Martin Ratio Rank: 26

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGQ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and United States Brent Oil Fund LP (BNO). 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.

	AGQ	BNO	Difference
Sharpe ratio Return per unit of total volatility	1.19	2.23	-1.04
Sortino ratio Return per unit of downside risk	1.91	2.73	-0.81
Omega ratio Gain probability vs. loss probability	1.32	1.38	-0.05
Calmar ratio Return relative to maximum drawdown	1.88	5.17	-3.28
Martin ratio Return relative to average drawdown	3.59	9.76	-6.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGQ vs. BNO - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.19, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of AGQ and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGQ	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.23	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.69	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.37	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.14	-0.06

Drawdowns

AGQ vs. BNO - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for AGQ and BNO.

Drawdown Indicators

	AGQ	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-87.06%	-11.10%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-17.87%	-58.34%
Max Drawdown (3Y) Largest decline over 3 years	-76.21%	-23.75%	-52.46%
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	-33.70%	-42.51%
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	-75.18%	-1.07%
Current Drawdown Current decline from peak	-85.31%	-10.29%	-75.02%
Average Drawdown Average peak-to-trough decline	-79.86%	-40.17%	-39.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.92%	9.45%	+30.47%

Volatility

AGQ vs. BNO - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 33.51% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.51%	14.22%	+19.29%
Volatility (6M) Calculated over the trailing 6-month period	133.70%	36.10%	+97.60%
Volatility (1Y) Calculated over the trailing 1-year period	120.79%	41.46%	+79.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.68%	35.38%	+39.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.66%	36.68%	+28.98%

AGQ vs. BNO - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

AGQ vs. BNO - Dividend Comparison

Neither AGQ nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AGQ and BNO in my portfolio?

AGQ and BNO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGQ or BNO?

AGQ has higher volatility (33.51%) compared to BNO (14.22%). In terms of maximum drawdown, AGQ dropped -98.16% vs BNO's -87.06%.

Which ETF is better, AGQ or BNO?

On 10-year performance, BNO leads with 13.60% vs 11.35% for AGQ. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or BNO?

Over the 10-year period, BNO has performed better with a 13.60% return vs 11.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 0.93% for AGQ.

Which ETF pays a higher dividend yield, AGQ or BNO?

AGQ and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between AGQ and BNO?

AGQ is categorized as Silver, while BNO is Oil & Gas. AGQ tracks Bloomberg Silver Subindex (200%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.93% for AGQ and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 1.19), 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.