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 2.09%/yr vs -20.94%/yr for GLL. At a correlation of -0.79, they often move in opposite directions. 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 -57.13% return, which is significantly lower than GLL's 1.15% return. Over the past 10 years, AGQ has outperformed GLL with an annualized return of 2.09%, while GLL has yielded a comparatively lower -20.94% annualized return.
AGQ
- 1D
- 3.91%
- 1M
- -26.67%
- 6M
- -71.12%
- YTD
- -57.13%
- 1Y
- 25.57%
- 3Y*
- 27.47%
- 5Y*
- 7.36%
- 10Y*
- 2.09%
GLL
- 1D
- -2.61%
- 1M
- 7.00%
- 6M
- 14.60%
- YTD
- 1.15%
- 1Y
- -39.42%
- 3Y*
- -38.23%
- 5Y*
- -27.27%
- 10Y*
- -20.94%
AGQ vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -57.13% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
GLL ProShares UltraShort Gold | 1.15% | -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 -0.81, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.81 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 | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.89 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | -0.61 | +0.91 |
| Martin ratioReturn relative to average drawdown | 0.54 | -0.89 | +1.43 |
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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 | -84.08% | -65.10% | -18.98% |
Max Drawdown (3Y)Largest decline over 3 years | -84.08% | -87.95% | +3.87% |
Max Drawdown (5Y)Largest decline over 5 years | -84.08% | -89.76% | +5.68% |
Max Drawdown (10Y)Largest decline over 10 years | -84.08% | -95.76% | +11.68% |
Current DrawdownCurrent decline from peak | -90.90% | -98.74% | +7.84% |
Average DrawdownAverage peak-to-trough decline | -79.90% | -85.20% | +5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.82% | 44.22% | +3.60% |
Volatility
AGQ vs. GLL - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 27.43% compared to ProShares UltraShort Gold (GLL) at 13.80%. 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 | 27.43% | 13.80% | +13.63% |
Volatility (6M)Calculated over the trailing 6-month period | 131.17% | 46.52% | +84.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.84% | 55.04% | +69.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.05% | 36.70% | +39.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.31% | 32.43% | +33.88% |
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 -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (27.43%) compared to GLL (13.80%). In terms of maximum drawdown, AGQ dropped -98.16% vs GLL's -99.24%.
On 10-year performance, AGQ leads with 2.09% vs -20.94% for GLL. On fees, AGQ is cheaper at 0.93% per year. On volatility, GLL has been the lower-risk option at 13.80%. 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 2.09% return vs -20.94%. 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 (0.21 vs -0.72), 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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