AGQ vs. MUU

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Silver (AGQ) and Direxion Daily MU Bull 2X Shares (MUU).

AGQ and MUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGQ is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (200%). It was launched on Dec 1, 2008. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

AGQ vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

AGQ vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGQ ProShares Ultra Silver	-23.34%	360.71%	-16.10%
MUU Direxion Daily MU Bull 2X Shares	41.27%	599.03%	-43.09%

Returns By Period

In the year-to-date period, AGQ achieves a -23.34% return, which is significantly lower than MUU's 41.27% return.

AGQ

• 1D: -0.50%
• 1M: -32.70%
• YTD: -23.34%
• 6M: 51.96%
• 1Y: 163.54%
• 3Y*: 56.15%
• 5Y*: 22.66%
• 10Y*: 14.25%

MUU

• 1D: 17.77%
• 1M: -25.73%
• YTD: 41.27%
• 6M: 205.92%
• 1Y: 904.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGQ vs. MUU - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is lower than MUU's 1.06% expense ratio.

MUU

Direxion Daily MU Bull 2X Shares

AGQ

ProShares Ultra Silver

Return for Risk

AGQ vs. MUU — Risk / Return Rank

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

AGQ

AGQ Risk / Return Rank: 73
AGQ Sharpe Ratio Rank: 75
AGQ Sortino Ratio Rank: 76
AGQ Omega Ratio Rank: 86
AGQ Calmar Ratio Rank: 76
AGQ Martin Ratio Rank: 55

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

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. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio Return per unit of total volatility	1.40	7.00	-5.60
Sortino ratio Return per unit of downside risk	2.00	3.86	-1.86
Omega ratio Gain probability vs. loss probability	1.35	1.52	-0.16
Calmar ratio Return relative to maximum drawdown	2.07	17.99	-15.92
Martin ratio Return relative to average drawdown	5.57	50.69	-45.11
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. MUU - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.40, which is lower than the MUU Sharpe Ratio of 7.00. The chart below compares the historical Sharpe Ratios of AGQ and MUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGQ	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	7.00	-5.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.77	-1.68

Correlation

The correlation between AGQ and MUU is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AGQ vs. MUU - Dividend Comparison

AGQ has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 3.42%.

	TTM	2025	2024
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	3.42%	4.27%	0.31%

Drawdowns

AGQ vs. MUU - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for AGQ and MUU.

Drawdown Indicators

	AGQ	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-75.07%	-23.09%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-52.72%	-23.49%
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	—	—
Current Drawdown Current decline from peak	-83.72%	-38.92%	-44.80%
Average Drawdown Average peak-to-trough decline	-79.83%	-25.08%	-54.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.27%	18.71%	+9.56%

Volatility

AGQ vs. MUU - Volatility Comparison

The current volatility for ProShares Ultra Silver (AGQ) is 34.37%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 47.51%. This indicates that AGQ experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.37%	47.51%	-13.14%
Volatility (6M) Calculated over the trailing 6-month period	132.42%	99.28%	+33.14%
Volatility (1Y) Calculated over the trailing 1-year period	117.90%	130.64%	-12.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.01%	127.68%	-54.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.67%	127.68%	-63.01%