AGQ vs. GBUG

Last updated Jun 4, 2026

AGQ (ProShares Ultra Silver) and GBUG (Sprott Active Gold & Silver Miners ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while GBUG is a Gold fund actively managed by Sprott. AGQ is passively managed, while GBUG is actively managed. Over the past year, AGQ returned 142.76% vs 61.69% for GBUG. A 0.75 correlation means they provide meaningful diversification when combined. AGQ charges 0.93%/yr vs 0.89%/yr for GBUG.

Performance

AGQ vs. GBUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Sprott Active Gold & Silver Miners ETF (GBUG). 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 GBUG's -2.59% 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%

GBUG

• 1D: -3.86%
• 1M: -0.28%
• YTD: -2.59%
• 6M: 6.69%
• 1Y: 61.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGQ vs. GBUG - Yearly Performance Comparison

	2026 (YTD)	2025
AGQ ProShares Ultra Silver	-30.83%	256.52%
GBUG Sprott Active Gold & Silver Miners ETF	-2.59%	119.00%

Correlation

The correlation between AGQ and GBUG is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.75

The correlation between AGQ and GBUG has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

Return for Risk

AGQ vs. GBUG — 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

GBUG

GBUG Risk / Return Rank: 35
GBUG Sharpe Ratio Rank: 36
GBUG Sortino Ratio Rank: 32
GBUG Omega Ratio Rank: 36
GBUG Calmar Ratio Rank: 39
GBUG Martin Ratio Rank: 33

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. GBUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Sprott Active Gold & Silver Miners ETF (GBUG). 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	GBUG	Difference
Sharpe ratio Return per unit of total volatility	1.19	1.30	-0.11
Sortino ratio Return per unit of downside risk	1.91	1.72	+0.20
Omega ratio Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio Return relative to maximum drawdown	1.88	1.93	-0.05
Martin ratio Return relative to average drawdown	3.59	4.98	-1.39
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. GBUG - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.19, which is comparable to the GBUG Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of AGQ and GBUG, 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	GBUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.30	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.71	-1.63

Drawdowns

AGQ vs. GBUG - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than GBUG's maximum drawdown of -32.10%. Use the drawdown chart below to compare losses from any high point for AGQ and GBUG.

Drawdown Indicators

	AGQ	GBUG	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-32.10%	-66.06%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-32.10%	-44.11%
Max Drawdown (3Y) Largest decline over 3 years	-76.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	—	—
Current Drawdown Current decline from peak	-85.31%	-26.84%	-58.47%
Average Drawdown Average peak-to-trough decline	-79.86%	-7.62%	-72.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.92%	12.42%	+27.50%

Volatility

AGQ vs. GBUG - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 33.51% compared to Sprott Active Gold & Silver Miners ETF (GBUG) at 15.39%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than GBUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	GBUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.51%	15.39%	+18.12%
Volatility (6M) Calculated over the trailing 6-month period	133.70%	39.40%	+94.30%
Volatility (1Y) Calculated over the trailing 1-year period	120.79%	47.61%	+73.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.68%	47.38%	+27.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.66%	47.38%	+18.28%

AGQ vs. GBUG - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is higher than GBUG's 0.89% expense ratio.

Dividends

AGQ vs. GBUG - Dividend Comparison

AGQ has not paid dividends to shareholders, while GBUG's dividend yield for the trailing twelve months is around 1.60%.

Position	TTM	2025
AGQ ProShares Ultra Silver	0.00%	0.00%
GBUG Sprott Active Gold & Silver Miners ETF	1.60%	1.56%

Frequently Asked Questions

Can I hold both AGQ and GBUG in my portfolio?

AGQ and GBUG have a correlation of 0.75, 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 GBUG?

AGQ has higher volatility (33.51%) compared to GBUG (15.39%). In terms of maximum drawdown, AGQ dropped -98.16% vs GBUG's -32.10%.

Which ETF is better, AGQ or GBUG?

On 1-year performance, AGQ leads with 142.76% vs 61.69% for GBUG. On fees, GBUG is cheaper at 0.89% per year. On volatility, GBUG has been the lower-risk option at 15.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or GBUG?

Over the 1-year period, AGQ has performed better with a 142.76% return vs 61.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or GBUG?

GBUG is cheaper with a 0.89% expense ratio, compared with 0.93% for AGQ.

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

GBUG has the higher dividend yield at 1.60%, compared with 0.00% for AGQ.

What is the main difference between AGQ and GBUG?

AGQ is categorized as Silver, while GBUG is Gold. They also come from different issuers: ProShares and Sprott. Their fees differ too: 0.93% for AGQ and 0.89% for GBUG.

Which has better risk-adjusted returns?

GBUG currently has the higher Sharpe Ratio (1.30 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.