AGQ vs. GLL
AGQ (ProShares Ultra Silver) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, AGQ returned 2.22%/yr vs -20.82%/yr for GLL. Their -0.79 correlation means they have often moved in opposite directions in the past. AGQ charges 0.93%/yr vs 0.95%/yr for GLL.
Performance
AGQ vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -58.62% return, which is significantly lower than GLL's 1.26% return. Over the past 10 years, AGQ has outperformed GLL with an annualized return of 2.22%, while GLL has yielded a comparatively lower -20.82% annualized return.
AGQ
- 1D
- 0.41%
- 1M
- -10.75%
- 6M
- -56.75%
- YTD
- -58.62%
- 1Y
- 30.52%
- 3Y*
- 31.04%
- 5Y*
- 8.28%
- 10Y*
- 2.22%
- ALL TIME*
- 1.93%
GLL
- 1D
- -0.08%
- 1M
- 3.32%
- 6M
- 23.22%
- YTD
- 1.26%
- 1Y
- -39.18%
- 3Y*
- -38.64%
- 5Y*
- -27.51%
- 10Y*
- -20.82%
- ALL TIME*
- -21.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $128.99M | $130.80M | $276.69M | |
| $40.14M | $37.19M | $59.19M |
AGQ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -58.62% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
GLL ProShares UltraShort Gold | 1.26% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between AGQ and GLL is -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.79 |
The correlation between AGQ and GLL has been stable across timeframes, ranging from -0.82 to -0.77 - a consistent structural relationship.
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Return for Risk
AGQ vs. GLL — Risk / Return Rank
AGQ
GLL
AGQ vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.89 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.61 | +0.97 |
| Martin ratioReturn relative to average drawdown | 0.59 | -0.89 | +1.48 |
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Drawdowns
AGQ vs. GLL - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for AGQ and GLL.
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Drawdown Indicators
| AGQ | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -99.24% | +1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -64.23% | -20.90% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -87.95% | +2.82% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -89.76% | +4.63% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -95.76% | +10.63% |
Current DrawdownCurrent decline from peak | -91.21% | -98.74% | +7.53% |
Average DrawdownAverage peak-to-trough decline | -79.94% | -85.24% | +5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.70% | 44.13% | +7.57% |
Volatility
AGQ vs. GLL - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 22.16% compared to ProShares UltraShort Gold (GLL) at 11.92%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.16% | 11.92% | +10.24% |
Volatility (6M)Calculated over the trailing 6-month period | 90.26% | 41.51% | +48.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.73% | 55.36% | +70.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.29% | 36.89% | +39.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.44% | 32.49% | +33.95% |
AGQ vs. GLL - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than GLL's 0.95% expense ratio.
Dividends
AGQ vs. GLL - Dividend Comparison
Neither AGQ nor GLL has paid dividends to shareholders.
Frequently Asked Questions
AGQ and GLL have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.16%) compared to GLL (11.92%). In terms of maximum drawdown, AGQ dropped -98.16% vs GLL's -99.24%.
On 10-year performance, AGQ leads with 2.22% vs -20.82% for GLL. On fees, AGQ is cheaper at 0.93% per year. On volatility, GLL has been the lower-risk option at 11.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGQ has performed better with a 2.22% return vs -20.82%. 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 GLL.
AGQ and GLL have nearly identical dividend yields, around 0.00%.
AGQ is categorized as Silver, while GLL is Leveraged Commodities. AGQ tracks Bloomberg Silver Subindex (200%), while GLL tracks Bloomberg Gold (-200%). Their fees differ too: 0.93% for AGQ and 0.95% for GLL.
AGQ currently has the higher Sharpe Ratio (0.24 vs -0.71), 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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