AGQ vs. GDXU
AGQ (ProShares Ultra Silver) and GDXU (MicroSectors Gold Miners 3X Leveraged ETN) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, AGQ returned 15.27%/yr vs -10.91%/yr for GDXU. A 0.77 correlation means they provide meaningful diversification when combined. AGQ charges 0.93%/yr vs 0.95%/yr for GDXU.
Performance
AGQ vs. GDXU - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -30.83% return, which is significantly higher than GDXU's -43.81% 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%
GDXU
- 1D
- -10.63%
- 1M
- -11.26%
- YTD
- -43.81%
- 6M
- -33.96%
- 1Y
- 72.31%
- 3Y*
- 46.61%
- 5Y*
- -10.91%
- 10Y*
- —
AGQ vs. GDXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -30.83% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 18.90% |
GDXU MicroSectors Gold Miners 3X Leveraged ETN | -43.81% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.66% |
Correlation
The correlation between AGQ and GDXU is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.77 |
The correlation between AGQ and GDXU has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.
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Return for Risk
AGQ vs. GDXU — Risk / Return Rank
AGQ
GDXU
AGQ vs. GDXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU). 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 | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.98 | +0.90 |
| Martin ratioReturn relative to average drawdown | 3.59 | 2.00 | +1.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGQ | GDXU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 0.53 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.10 | +0.30 |
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 | -0.09 | +0.17 |
Drawdowns
AGQ vs. GDXU - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for AGQ and GDXU.
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Drawdown Indicators
| AGQ | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -94.39% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -76.21% | -73.99% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -76.21% | -73.99% | -2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -76.21% | -92.93% | +16.72% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | — | — |
Current DrawdownCurrent decline from peak | -85.31% | -73.92% | -11.39% |
Average DrawdownAverage peak-to-trough decline | -79.86% | -69.77% | -10.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.92% | 36.23% | +3.69% |
Volatility
AGQ vs. GDXU - Volatility Comparison
The current volatility for ProShares Ultra Silver (AGQ) is 33.51%, while MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a volatility of 46.45%. This indicates that AGQ experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.51% | 46.45% | -12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 133.70% | 118.07% | +15.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.79% | 137.57% | -16.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.68% | 110.85% | -36.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.66% | 110.02% | -44.36% |
AGQ vs. GDXU - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than GDXU's 0.95% expense ratio.
Dividends
AGQ vs. GDXU - Dividend Comparison
Neither AGQ nor GDXU has paid dividends to shareholders.
Frequently Asked Questions
AGQ and GDXU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (46.45%) compared to AGQ (33.51%). In terms of maximum drawdown, AGQ dropped -98.16% vs GDXU's -94.39%.
On 5-year performance, AGQ leads with 15.27% vs -10.91% for GDXU. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 33.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AGQ has performed better with a 15.27% return vs -10.91%. 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 0.95% for GDXU.
AGQ and GDXU have nearly identical dividend yields, around 0.00%.
AGQ is categorized as Silver, while GDXU is Leveraged Equities. AGQ tracks Bloomberg Silver Subindex (200%), while GDXU tracks S-Network MicroSectors Gold Miners Index. They also come from different issuers: ProShares and BMO. Their fees differ too: 0.93% for AGQ and 0.95% for GDXU.
AGQ currently has the higher Sharpe Ratio (1.19 vs 0.53), 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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