AGQ vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Silver (AGQ) and Bitcoin (BTC-USD).

AGQ is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (200%). It was launched on Dec 1, 2008.

Performance

AGQ vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

AGQ vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGQ ProShares Ultra Silver	-23.34%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Returns By Period

In the year-to-date period, AGQ achieves a -23.34% return, which is significantly lower than BTC-USD's -21.63% return. Over the past 10 years, AGQ has underperformed BTC-USD with an annualized return of 14.25%, while BTC-USD has yielded a comparatively higher 66.45% annualized return.

AGQ

• 1D: -0.50%
• 1M: -32.70%
• YTD: -23.34%
• 6M: 51.96%
• 1Y: 163.54%
• 3Y*: 56.15%
• 5Y*: 22.66%
• 10Y*: 14.25%

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

AGQ vs. BTC-USD — Risk / Return Rank

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

AGQ

AGQ Risk / Return Rank: 73
AGQ Sharpe Ratio Rank: 75
AGQ Sortino Ratio Rank: 76
AGQ Omega Ratio Rank: 86
AGQ Calmar Ratio Rank: 76
AGQ Martin Ratio Rank: 55

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	1.40	-0.44	+1.84
Sortino ratio Return per unit of downside risk	2.00	-0.38	+2.38
Omega ratio Gain probability vs. loss probability	1.35	0.96	+0.39
Calmar ratio Return relative to maximum drawdown	2.07	-1.11	+3.17
Martin ratio Return relative to average drawdown	5.57	-1.99	+7.56
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. BTC-USD - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.40, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of AGQ and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGQ	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	-0.44	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.05	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.97	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.19	-1.10

Correlation

The correlation between AGQ and BTC-USD is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

AGQ vs. BTC-USD - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for AGQ and BTC-USD.

Drawdown Indicators

	AGQ	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-85.30%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-49.65%	-26.56%
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	-76.67%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	-83.80%	+7.55%
Current Drawdown Current decline from peak	-83.72%	-45.02%	-38.70%
Average Drawdown Average peak-to-trough decline	-79.83%	-41.99%	-37.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.27%	27.60%	+0.67%

Volatility

AGQ vs. BTC-USD - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 34.37% compared to Bitcoin (BTC-USD) at 13.58%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.37%	13.58%	+20.79%
Volatility (6M) Calculated over the trailing 6-month period	132.42%	35.98%	+96.44%
Volatility (1Y) Calculated over the trailing 1-year period	117.90%	36.76%	+81.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.01%	46.90%	+26.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.67%	56.70%	+7.97%