AGQ vs. GSIB

Last updated Jun 10, 2026

AGQ (ProShares Ultra Silver) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while GSIB is a Financials Equities fund actively managed by Themes. AGQ is passively managed, while GSIB is actively managed. Over the past year, AGQ returned 69.32% vs 41.35% for GSIB. At a 0.32 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.35%/yr for GSIB.

Performance

AGQ vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -45.64% return, which is significantly lower than GSIB's 10.48% 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%

GSIB

• 1D: 0.08%
• 1M: 4.13%
• YTD: 10.48%
• 6M: 15.45%
• 1Y: 41.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGQ vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AGQ ProShares Ultra Silver	-45.64%	360.71%	23.92%	-3.48%
GSIB Themes Global Systemically Important Banks ETF	10.48%	61.67%	32.86%	1.75%

Correlation

The correlation between AGQ and GSIB is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.32

Return for Risk

AGQ vs. GSIB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGQ

AGQ Risk / Return Rank: 27
AGQ Sharpe Ratio Rank: 20
AGQ Sortino Ratio Rank: 31
AGQ Omega Ratio Rank: 43
AGQ Calmar Ratio Rank: 22
AGQ Martin Ratio Rank: 18

GSIB

GSIB Risk / Return Rank: 76
GSIB Sharpe Ratio Rank: 84
GSIB Sortino Ratio Rank: 84
GSIB Omega Ratio Rank: 77
GSIB Calmar Ratio Rank: 67
GSIB Martin Ratio Rank: 65

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. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Themes Global Systemically Important Banks ETF (GSIB). 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	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	0.57	2.39	-1.82
Sortino ratio: Return per unit of downside risk	1.51	3.33	-1.82
Omega ratio: Gain probability vs. loss probability	1.25	1.40	-0.15
Calmar ratio: Return relative to maximum drawdown	0.88	2.99	-2.11
Martin ratio: Return relative to average drawdown	1.69	10.53	-8.83
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. GSIB - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.57, which is lower than the GSIB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of AGQ and GSIB, 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	GSIB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	2.39	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	2.33	-2.28

Drawdowns

AGQ vs. GSIB - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for AGQ and GSIB.

Drawdown Indicators

	AGQ	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-17.71%	-80.45%
Max Drawdown (1Y) Largest decline over 1 year	-78.94%	-13.90%	-65.04%
Max Drawdown (3Y) Largest decline over 3 years	-78.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.94%	—	—
Current Drawdown Current decline from peak	-88.46%	-1.05%	-87.41%
Average Drawdown Average peak-to-trough decline	-79.85%	-2.05%	-77.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.07%	3.94%	+37.13%

Volatility

AGQ vs. GSIB - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 35.33% compared to Themes Global Systemically Important Banks ETF (GSIB) at 4.58%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.33%	4.58%	+30.75%
Volatility (6M) Calculated over the trailing 6-month period	134.97%	14.12%	+120.85%
Volatility (1Y) Calculated over the trailing 1-year period	122.14%	17.35%	+104.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.13%	18.44%	+56.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.88%	18.44%	+47.44%

AGQ vs. GSIB - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is higher than GSIB's 0.35% expense ratio.

Dividends

AGQ vs. GSIB - Dividend Comparison

AGQ has not paid dividends to shareholders, while GSIB's dividend yield for the trailing twelve months is around 1.73%.

Position	TTM	2025	2024
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%
GSIB Themes Global Systemically Important Banks ETF	1.73%	1.91%	1.67%

Frequently Asked Questions

Can I hold both AGQ and GSIB in my portfolio?

AGQ and GSIB have a correlation of 0.34, 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 GSIB?

AGQ has higher volatility (35.33%) compared to GSIB (4.58%). In terms of maximum drawdown, AGQ dropped -98.16% vs GSIB's -17.71%.

Which ETF is better, AGQ or GSIB?

On 1-year performance, AGQ leads with 69.32% vs 41.35% for GSIB. On fees, GSIB is cheaper at 0.35% per year. On volatility, GSIB has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or GSIB?

Over the 1-year period, AGQ has performed better with a 69.32% return vs 41.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or GSIB?

GSIB is cheaper with a 0.35% expense ratio, compared with 0.93% for AGQ.

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

GSIB has the higher dividend yield at 1.73%, compared with 0.00% for AGQ.

What is the main difference between AGQ and GSIB?

AGQ is categorized as Silver, while GSIB is Financials Equities. They also come from different issuers: ProShares and Themes. Their fees differ too: 0.93% for AGQ and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.39 vs 0.57), 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.