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 7.54%/yr vs 48.94%/yr for GBTC. At a 0.16 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 1.50%/yr for GBTC.
Performance
AGQ vs. GBTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AGQ achieves a -45.64% return, which is significantly lower than GBTC's -29.58% return. Over the past 10 years, AGQ has underperformed GBTC with an annualized return of 7.54%, while GBTC has yielded a comparatively higher 48.94% annualized return.
AGQ
- 1D
- -8.53%
- 1M
- -36.83%
- YTD
- -45.64%
- 6M
- -31.28%
- 1Y
- 69.32%
- 3Y*
- 39.74%
- 5Y*
- 9.46%
- 10Y*
- 7.54%
GBTC
- 1D
- -2.09%
- 1M
- -22.74%
- YTD
- -29.58%
- 6M
- -33.89%
- 1Y
- -43.81%
- 3Y*
- 52.63%
- 5Y*
- 9.63%
- 10Y*
- 48.94%
AGQ vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -45.64% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
GBTC Grayscale Bitcoin Trust ETF | -29.58% | -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 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.16 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| AGQ | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.84 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | -0.84 | +1.72 |
| Martin ratioReturn relative to average drawdown | 1.69 | -1.49 | +3.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| AGQ | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.57 | -1.00 | +1.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.16 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.11 | 0.60 | -0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.66 | -0.61 |
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.
Loading charts...
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 | -78.94% | -52.45% | -26.49% |
Max Drawdown (3Y)Largest decline over 3 years | -78.94% | -52.45% | -26.49% |
Max Drawdown (5Y)Largest decline over 5 years | -78.94% | -85.42% | +6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -78.94% | -89.91% | +10.97% |
Current DrawdownCurrent decline from peak | -88.46% | -51.09% | -37.37% |
Average DrawdownAverage peak-to-trough decline | -79.85% | -43.42% | -36.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.07% | 29.34% | +11.73% |
Volatility
AGQ vs. GBTC - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 35.33% compared to Grayscale Bitcoin Trust ETF (GBTC) at 11.72%. 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.
Loading charts...
Volatility by Period
| AGQ | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 35.33% | 11.72% | +23.61% |
Volatility (6M)Calculated over the trailing 6-month period | 134.97% | 34.45% | +100.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.14% | 44.14% | +78.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.13% | 62.26% | +12.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 82.21% | -16.33% |
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 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (35.33%) compared to GBTC (11.72%). In terms of maximum drawdown, AGQ dropped -98.16% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 48.94% vs 7.54% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, GBTC has been the lower-risk option at 11.72%. 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 48.94% return vs 7.54%. 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 (0.57 vs -1.00), 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.
Find the right allocation for AGQ and GBTC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer