AGQ vs. DBE
AGQ (ProShares Ultra Silver) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, AGQ returned 2.74%/yr vs 11.75%/yr for DBE. Their 0.21 correlation means their historical movements had little consistent relationship. AGQ charges 0.93%/yr vs 0.78%/yr for DBE.
Performance
AGQ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -56.47% return, which is significantly lower than DBE's 63.93% return. Over the past 10 years, AGQ has underperformed DBE with an annualized return of 2.74%, while DBE has yielded a comparatively higher 11.75% annualized return.
AGQ
- 1D
- 5.20%
- 1M
- -6.10%
- 6M
- -59.38%
- YTD
- -56.47%
- 1Y
- 34.47%
- 3Y*
- 33.27%
- 5Y*
- 9.81%
- 10Y*
- 2.74%
- ALL TIME*
- 2.22%
DBE
- 1D
- -4.28%
- 1M
- 11.01%
- 6M
- 47.49%
- YTD
- 63.93%
- 1Y
- 55.67%
- 3Y*
- 13.55%
- 5Y*
- 16.46%
- 10Y*
- 11.75%
- ALL TIME*
- 2.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.55M | $131.30M | $272.55M | |
| $1.35M | $1.09M | $1.64M |
AGQ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -56.47% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
DBE Invesco DB Energy Fund | 63.93% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between AGQ and DBE is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.21 |
The correlation between AGQ and DBE shifts across timeframes, from -0.13 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AGQ vs. DBE — Risk / Return Rank
AGQ
DBE
AGQ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Invesco DB Energy Fund (DBE). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AGQ | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.26 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 2.26 | -1.86 |
| Martin ratioReturn relative to average drawdown | 0.67 | 7.03 | -6.37 |
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Drawdowns
AGQ vs. DBE - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for AGQ and DBE.
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Drawdown Indicators
| AGQ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -86.69% | -11.47% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -24.72% | -60.41% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -24.72% | -60.41% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -38.74% | -46.39% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -60.84% | -24.29% |
Current DrawdownCurrent decline from peak | -90.76% | -37.77% | -52.99% |
Average DrawdownAverage peak-to-trough decline | -79.94% | -57.12% | -22.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.96% | 7.95% | +44.01% |
Volatility
AGQ vs. DBE - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 22.46% compared to Invesco DB Energy Fund (DBE) at 15.88%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.46% | 15.88% | +6.58% |
Volatility (6M)Calculated over the trailing 6-month period | 90.17% | 33.82% | +56.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.56% | 37.86% | +87.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 30.19% | +46.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.42% | 28.64% | +37.78% |
AGQ vs. DBE - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
AGQ vs. DBE - Dividend Comparison
AGQ has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
AGQ and DBE have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.46%) compared to DBE (15.88%). In terms of maximum drawdown, AGQ dropped -98.16% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.75% vs 2.74% for AGQ. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 15.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.75% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.93% for AGQ.
DBE has the higher dividend yield at 2.36%, compared with 0.00% for AGQ.
AGQ is categorized as Silver, while DBE is Oil & Gas. AGQ tracks Bloomberg Silver Subindex (200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.93% for AGQ and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.48 vs 0.28), 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.
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