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AGQ vs. NOBL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGQ vs. NOBL

Last updated Jun 4, 2026

AGQ (ProShares Ultra Silver) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while NOBL is a S&P 500 fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, AGQ returned 11.35%/yr vs 9.51%/yr for NOBL. At a 0.13 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.35%/yr for NOBL.

Performance

AGQ vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AGQ achieves a -30.83% return, which is significantly lower than NOBL's 3.51% return. Over the past 10 years, AGQ has outperformed NOBL with an annualized return of 11.35%, while NOBL has yielded a comparatively lower 9.51% 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%

NOBL

1D
-0.17%
1M
1.01%
YTD
3.51%
6M
3.45%
1Y
9.00%
3Y*
8.01%
5Y*
5.03%
10Y*
9.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGQ vs. NOBL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AGQ
ProShares Ultra Silver		-30.83%360.71%23.92%-15.09%-7.89%-32.25%62.02%20.02%-22.10%5.49%
NOBL
ProShares S&P 500 Dividend Aristocrats ETF		3.51%6.84%6.72%8.09%-6.52%25.46%8.35%27.39%-3.26%21.02%

Correlation

The correlation between AGQ and NOBL is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2013

0.13

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Silver

ProShares S&P 500 Dividend Aristocrats ETF

Often compared with AGQ:
AGQ vs. SLVAGQ vs. SILJAGQ vs. SIVRAGQ vs. SPYAGQ vs. GLLAGQ vs. HYMCAGQ vs. 3SLV.DE
Often compared with NOBL:
NOBL vs. SCHDNOBL vs. SPYNOBL vs. VIGNOBL vs. DGRONOBL vs. SDYNOBL vs. VOONOBL vs. KNG

Return for Risk

AGQ vs. NOBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGQ
AGQ Risk / Return Rank: 3636
Overall Rank
AGQ Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
AGQ Sortino Ratio Rank: 3636
Sortino Ratio Rank
AGQ Omega Ratio Rank: 5151
Omega Ratio Rank
AGQ Calmar Ratio Rank: 3737
Calmar Ratio Rank
AGQ Martin Ratio Rank: 2626
Martin Ratio Rank
NOBL
NOBL Risk / Return Rank: 2222
Overall Rank
NOBL Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
NOBL Sortino Ratio Rank: 2323
Sortino Ratio Rank
NOBL Omega Ratio Rank: 2020
Omega Ratio Rank
NOBL Calmar Ratio Rank: 2222
Calmar Ratio Rank
NOBL Martin Ratio Rank: 2121
Martin Ratio Rank
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. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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.

AGQNOBLDifference

Sharpe ratio

Return per unit of total volatility

1.19

0.80

+0.39

Sortino ratio

Return per unit of downside risk

1.91

1.24

+0.67

Omega ratio

Gain probability vs. loss probability

1.32

1.14

+0.18

Calmar ratio

Return relative to maximum drawdown

1.88

0.99

+0.89

Martin ratio

Return relative to average drawdown

3.59

2.58

+1.01

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. NOBL - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.19, which is higher than the NOBL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of AGQ and NOBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AGQNOBLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.19

0.80

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.35

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

0.57

-0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.64

-0.57

Drawdowns

AGQ vs. NOBL - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for AGQ and NOBL.

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Drawdown Indicators

AGQNOBLDifference

Max Drawdown

Largest peak-to-trough decline

-98.16%

-35.43%

-62.73%

Max Drawdown (1Y)

Largest decline over 1 year

-76.21%

-9.11%

-67.10%

Max Drawdown (3Y)

Largest decline over 3 years

-76.21%

-15.36%

-60.85%

Max Drawdown (5Y)

Largest decline over 5 years

-76.21%

-17.92%

-58.29%

Max Drawdown (10Y)

Largest decline over 10 years

-76.25%

-35.43%

-40.82%

Current Drawdown

Current decline from peak

-85.31%

-5.99%

-79.32%

Average Drawdown

Average peak-to-trough decline

-79.86%

-3.48%

-76.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

39.92%

3.50%

+36.42%

Volatility

AGQ vs. NOBL - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 33.51% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.36%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AGQNOBLDifference

Volatility (1M)

Calculated over the trailing 1-month period

33.51%

2.36%

+31.15%

Volatility (6M)

Calculated over the trailing 6-month period

133.70%

8.00%

+125.70%

Volatility (1Y)

Calculated over the trailing 1-year period

120.79%

11.33%

+109.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

74.68%

14.38%

+60.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

65.66%

16.60%

+49.06%

AGQ vs. NOBL - Expense Ratio Comparison

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

Dividends

AGQ vs. NOBL - Dividend Comparison

AGQ has not paid dividends to shareholders, while NOBL's dividend yield for the trailing twelve months is around 2.12%.

PositionTTM20252024202320222021202020192018201720162015
AGQ
ProShares Ultra Silver		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NOBL
ProShares S&P 500 Dividend Aristocrats ETF		2.12%2.14%2.05%2.09%1.94%1.89%2.14%1.89%2.37%1.74%2.13%2.02%

Frequently Asked Questions

AGQ and NOBL have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AGQ has higher volatility (33.51%) compared to NOBL (2.36%). In terms of maximum drawdown, AGQ dropped -98.16% vs NOBL's -35.43%.

On 10-year performance, AGQ leads with 11.35% vs 9.51% for NOBL. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.36%. 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 11.35% return vs 9.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

NOBL has the higher dividend yield at 2.12%, compared with 0.00% for AGQ.

AGQ is categorized as Silver, while NOBL is S&P 500. AGQ tracks Bloomberg Silver Subindex (200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.93% for AGQ and 0.35% for NOBL.

AGQ currently has the higher Sharpe Ratio (1.19 vs 0.80), 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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