AGQ vs. JNUG
AGQ (ProShares Ultra Silver) and JNUG (Direxion Daily Junior Gold Miners Index Bull 2X ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while JNUG is a Gold fund tracking the MVIS Global Junior Gold Miners Index (200%). Both are passively managed. Over the past 10 years, AGQ returned 2.74%/yr vs -30.93%/yr for JNUG. Their 0.72 correlation means they have sometimes moved together and sometimes differently. AGQ charges 0.93%/yr vs 1.03%/yr for JNUG.
Performance
AGQ vs. JNUG - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -56.47% return, which is significantly lower than JNUG's -38.27% return. Over the past 10 years, AGQ has outperformed JNUG with an annualized return of 2.74%, while JNUG has yielded a comparatively lower -30.93% annualized return.
AGQ
- 1D
- 5.20%
- 1M
- -6.10%
- 6M
- -59.38%
- YTD
- -56.47%
- 1Y
- 34.47%
- 3Y*
- 33.27%
- 5Y*
- 9.81%
- 10Y*
- 2.74%
- ALL TIME*
- 2.22%
JNUG
- 1D
- 6.33%
- 1M
- -4.53%
- 6M
- -50.34%
- YTD
- -38.27%
- 1Y
- 64.47%
- 3Y*
- 61.18%
- 5Y*
- 12.74%
- 10Y*
- -30.93%
- ALL TIME*
- -35.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.55M | $131.30M | $272.55M | |
| $34.34M | $36.16M | $44.65M |
AGQ vs. JNUG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -56.47% | 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 ETF | -38.27% | 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 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | 0.72 |
The correlation between AGQ and JNUG has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
AGQ vs. JNUG — Risk / Return Rank
AGQ
JNUG
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 ETF (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.
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 | JNUG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 0.92 | -0.51 |
| Martin ratioReturn relative to average drawdown | 0.67 | 1.77 | -1.11 |
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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.
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Drawdown Indicators
| AGQ | JNUG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -99.95% | +1.79% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -70.58% | -14.55% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -70.58% | -14.55% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -76.67% | -8.46% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -99.66% | +14.53% |
Current DrawdownCurrent decline from peak | -90.76% | -99.66% | +8.90% |
Average DrawdownAverage peak-to-trough decline | -79.94% | -93.94% | +14.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.96% | 36.46% | +15.50% |
Volatility
AGQ vs. JNUG - Volatility Comparison
The current volatility for ProShares Ultra Silver (AGQ) is 22.46%, while Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) has a volatility of 29.32%. This indicates that AGQ experiences smaller price fluctuations and is considered to be less risky than JNUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | JNUG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.46% | 29.32% | -6.86% |
Volatility (6M)Calculated over the trailing 6-month period | 90.17% | 85.31% | +4.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.56% | 107.50% | +18.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 82.50% | -6.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.42% | 105.75% | -39.33% |
AGQ vs. JNUG - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than JNUG's 1.03% 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 2.31%.
| 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 ETF | 2.31% | 1.04% | 2.01% | 1.62% | 0.00% | 0.52% | 0.10% | 0.46% | 0.06% | 0.51% |
Frequently Asked Questions
AGQ and JNUG 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.
JNUG has higher volatility (29.32%) compared to AGQ (22.46%). In terms of maximum drawdown, AGQ dropped -98.16% vs JNUG's -99.95%.
On 10-year performance, AGQ leads with 2.74% vs -30.93% for JNUG. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 22.46%. 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 2.74% return vs -30.93%. 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 1.03% for JNUG.
JNUG has the higher dividend yield at 2.31%, compared with 0.00% for AGQ.
AGQ is categorized as Silver, while JNUG is Gold. AGQ tracks Bloomberg Silver Subindex (200%), while JNUG tracks MVIS Global Junior Gold Miners Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.93% for AGQ and 1.03% for JNUG.
JNUG currently has the higher Sharpe Ratio (0.60 vs 0.28), 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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