AGQ vs. JNUG

Last updated Jun 4, 2026

AGQ (ProShares Ultra Silver) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2x Shares) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while JNUG is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (300%). Both are passively managed. Over the past 10 years, AGQ returned 11.35%/yr vs -24.54%/yr for JNUG. A 0.72 correlation means they provide meaningful diversification when combined. AGQ charges 0.93%/yr vs 1.17%/yr for JNUG.

Performance

AGQ vs. JNUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG). 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 JNUG's -21.49% return. Over the past 10 years, AGQ has outperformed JNUG with an annualized return of 11.35%, while JNUG has yielded a comparatively lower -24.54% annualized 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%

JNUG

• 1D: -8.78%
• 1M: -6.90%
• YTD: -21.49%
• 6M: -8.47%
• 1Y: 97.16%
• 3Y*: 66.66%
• 5Y*: 9.67%
• 10Y*: -24.54%

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

AGQ vs. JNUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGQ ProShares Ultra Silver	-30.83%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	-21.49%	478.59%	9.96%	-4.79%	-43.60%	-46.61%	-85.51%	82.43%	-48.11%	-20.18%

Correlation

The correlation between AGQ and JNUG is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.72

The correlation between AGQ and JNUG has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

AGQ vs. JNUG — 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

JNUG

JNUG Risk / Return Rank: 30
JNUG Sharpe Ratio Rank: 27
JNUG Sortino Ratio Rank: 30
JNUG Omega Ratio Rank: 33
JNUG Calmar Ratio Rank: 34
JNUG Martin Ratio Rank: 27

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. JNUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG). 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	JNUG	Difference
Sharpe ratio Return per unit of total volatility	1.19	0.99	+0.20
Sortino ratio Return per unit of downside risk	1.91	1.65	+0.26
Omega ratio Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio Return relative to maximum drawdown	1.88	1.73	+0.15
Martin ratio Return relative to average drawdown	3.59	3.82	-0.23
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. JNUG - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.19, which is comparable to the JNUG Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of AGQ and JNUG, 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	JNUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	0.99	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.12	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	-0.23	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.29	+0.37

Drawdowns

AGQ vs. JNUG - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum JNUG drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for AGQ and JNUG.

Drawdown Indicators

	AGQ	JNUG	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-99.95%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-56.39%	-19.82%
Max Drawdown (3Y) Largest decline over 3 years	-76.21%	-56.39%	-19.82%
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	-80.95%	+4.74%
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	-99.66%	+23.41%
Current Drawdown Current decline from peak	-85.31%	-99.57%	+14.26%
Average Drawdown Average peak-to-trough decline	-79.86%	-93.89%	+14.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.92%	25.51%	+14.41%

Volatility

AGQ vs. JNUG - Volatility Comparison

ProShares Ultra Silver (AGQ) and Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) have volatilities of 33.51% and 32.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	JNUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.51%	32.74%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	133.70%	84.08%	+49.62%
Volatility (1Y) Calculated over the trailing 1-year period	120.79%	99.08%	+21.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.68%	80.41%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.66%	106.54%	-40.88%

AGQ vs. JNUG - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is lower than JNUG's 1.17% expense ratio.

Dividends

AGQ vs. JNUG - Dividend Comparison

AGQ has not paid dividends to shareholders, while JNUG's dividend yield for the trailing twelve months is around 1.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JNUG Direxion Daily Junior Gold Miners Index Bull 2x Shares	1.56%	1.04%	2.01%	1.62%	0.00%	0.52%	0.10%	0.46%	0.06%	0.51%

Frequently Asked Questions

Can I hold both AGQ and JNUG in my portfolio?

AGQ and JNUG have a correlation of 0.77, 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 JNUG?

AGQ has higher volatility (33.51%) compared to JNUG (32.74%). In terms of maximum drawdown, AGQ dropped -98.16% vs JNUG's -99.95%.

Which ETF is better, AGQ or JNUG?

On 10-year performance, AGQ leads with 11.35% vs -24.54% for JNUG. On fees, AGQ is cheaper at 0.93% per year. On volatility, JNUG has been the lower-risk option at 32.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or JNUG?

Over the 10-year period, AGQ has performed better with a 11.35% return vs -24.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or JNUG?

AGQ is cheaper with a 0.93% expense ratio, compared with 1.17% for JNUG.

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

JNUG has the higher dividend yield at 1.56%, compared with 0.00% for AGQ.

What is the main difference between AGQ and JNUG?

AGQ is categorized as Silver, while JNUG is Leveraged Equities. AGQ tracks Bloomberg Silver Subindex (200%), while JNUG tracks MVIS Global Junior Gold Miners Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.93% for AGQ and 1.17% for JNUG.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (1.19 vs 0.99), 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.