AGQ vs. GBTC
AGQ (ProShares Ultra Silver) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, AGQ returned 1.23%/yr vs 50.99%/yr for GBTC. Their 0.16 correlation means their historical movements had little consistent relationship. AGQ charges 0.93%/yr vs 1.50%/yr for GBTC.
Performance
AGQ vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -58.79% return, which is significantly lower than GBTC's -28.72% return. Over the past 10 years, AGQ has underperformed GBTC with an annualized return of 1.23%, while GBTC has yielded a comparatively higher 50.99% annualized return.
AGQ
- 1D
- -4.43%
- 1M
- -6.44%
- 6M
- -60.08%
- YTD
- -58.79%
- 1Y
- 31.87%
- 3Y*
- 28.23%
- 5Y*
- 8.02%
- 10Y*
- 1.23%
- ALL TIME*
- 1.91%
GBTC
- 1D
- -2.85%
- 1M
- 4.80%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -46.91%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $125.84M | $135.44M | $281.05M | |
| $75.53M | $74.63M | $101.29M |
AGQ vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -58.79% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between AGQ and GBTC is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.16 |
The correlation between AGQ and GBTC shifts across timeframes, from 0.16 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AGQ vs. GBTC — Risk / Return Rank
AGQ
GBTC
AGQ vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.82 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.88 | +1.25 |
| Martin ratioReturn relative to average drawdown | 0.62 | -1.34 | +1.97 |
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Drawdowns
AGQ vs. GBTC - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for AGQ and GBTC.
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Drawdown Indicators
| AGQ | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -89.91% | -8.25% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -53.75% | -31.38% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -53.75% | -31.38% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -85.42% | +0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -89.91% | +4.78% |
Current DrawdownCurrent decline from peak | -91.25% | -50.49% | -40.76% |
Average DrawdownAverage peak-to-trough decline | -79.93% | -43.51% | -36.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.43% | 34.92% | +16.51% |
Volatility
AGQ vs. GBTC - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 22.86% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.06%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.86% | 9.06% | +13.80% |
Volatility (6M)Calculated over the trailing 6-month period | 127.92% | 33.68% | +94.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.49% | 44.36% | +81.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.26% | 60.60% | +15.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.42% | 81.27% | -14.85% |
AGQ vs. GBTC - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
AGQ vs. GBTC - Dividend Comparison
Neither AGQ nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
AGQ and GBTC have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.86%) compared to GBTC (9.06%). In terms of maximum drawdown, AGQ dropped -98.16% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 50.99% vs 1.23% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, GBTC has been the lower-risk option at 9.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 50.99% return vs 1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGQ is cheaper with a 0.93% expense ratio, compared with 1.50% for GBTC.
AGQ and GBTC have nearly identical dividend yields, around 0.00%.
AGQ is categorized as Silver, while GBTC is Cryptocurrency. AGQ tracks Bloomberg Silver Subindex (200%), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.93% for AGQ and 1.50% for GBTC.
AGQ currently has the higher Sharpe Ratio (0.26 vs -1.06), 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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