AGQ vs. NUGT
AGQ (ProShares Ultra Silver) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while NUGT is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (300%). Both are passively managed. Over the past 10 years, AGQ returned 8.24%/yr vs -9.77%/yr for NUGT. A 0.71 correlation means they provide meaningful diversification when combined. AGQ charges 0.93%/yr vs 1.23%/yr for NUGT.
Performance
AGQ vs. NUGT - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -41.54% return, which is significantly lower than NUGT's -27.03% return. Over the past 10 years, AGQ has outperformed NUGT with an annualized return of 8.24%, while NUGT has yielded a comparatively lower -9.77% annualized return.
AGQ
- 1D
- 1.44%
- 1M
- -42.34%
- YTD
- -41.54%
- 6M
- -27.69%
- 1Y
- 86.62%
- 3Y*
- 45.61%
- 5Y*
- 11.26%
- 10Y*
- 8.24%
NUGT
- 1D
- 5.72%
- 1M
- -33.37%
- YTD
- -27.03%
- 6M
- -26.67%
- 1Y
- 69.38%
- 3Y*
- 55.24%
- 5Y*
- 13.62%
- 10Y*
- -9.77%
AGQ vs. NUGT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -41.54% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | -27.03% | 425.05% | 2.89% | 2.60% | -32.10% | -26.31% | -60.16% | 100.73% | -44.52% | 3.73% |
Correlation
The correlation between AGQ and NUGT is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.71 |
The correlation between AGQ and NUGT has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
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Return for Risk
AGQ vs. NUGT — Risk / Return Rank
AGQ
NUGT
AGQ vs. NUGT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Direxion Daily Gold Miners Bull 2X Shares (NUGT). 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 | NUGT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.20 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 1.10 | -0.01 |
| Martin ratioReturn relative to average drawdown | 2.07 | 2.75 | -0.68 |
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Drawdowns
AGQ vs. NUGT - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for AGQ and NUGT.
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Drawdown Indicators
| AGQ | NUGT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -99.97% | +1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -79.89% | -63.43% | -16.46% |
Max Drawdown (3Y)Largest decline over 3 years | -79.89% | -63.43% | -16.46% |
Max Drawdown (5Y)Largest decline over 5 years | -79.89% | -73.72% | -6.17% |
Max Drawdown (10Y)Largest decline over 10 years | -79.89% | -96.91% | +17.02% |
Current DrawdownCurrent decline from peak | -87.59% | -99.83% | +12.24% |
Average DrawdownAverage peak-to-trough decline | -79.85% | -91.52% | +11.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.95% | 25.30% | +16.65% |
Volatility
AGQ vs. NUGT - Volatility Comparison
ProShares Ultra Silver (AGQ) and Direxion Daily Gold Miners Bull 2X Shares (NUGT) have volatilities of 33.96% and 34.50%, 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.
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Volatility by Period
| AGQ | NUGT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.96% | 34.50% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 135.10% | 78.60% | +56.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.60% | 92.79% | +29.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.28% | 72.64% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.96% | 88.12% | -22.16% |
AGQ vs. NUGT - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than NUGT's 1.23% expense ratio.
Dividends
AGQ vs. NUGT - Dividend Comparison
AGQ has not paid dividends to shareholders, while NUGT's dividend yield for the trailing twelve months is around 0.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NUGT Direxion Daily Gold Miners Bull 2X Shares | 0.41% | 0.22% | 1.79% | 1.67% | 0.70% | 0.00% | 0.00% | 0.63% | 0.57% |
Frequently Asked Questions
AGQ and NUGT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NUGT has higher volatility (34.50%) compared to AGQ (33.96%). In terms of maximum drawdown, AGQ dropped -98.16% vs NUGT's -99.97%.
On 10-year performance, AGQ leads with 8.24% vs -9.77% for NUGT. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 33.96%. 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 8.24% return vs -9.77%. 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 1.23% for NUGT.
NUGT has the higher dividend yield at 0.41%, compared with 0.00% for AGQ.
AGQ is categorized as Silver, while NUGT is Leveraged Equities. AGQ tracks Bloomberg Silver Subindex (200%), while NUGT tracks NYSE Arca Gold Miners Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.93% for AGQ and 1.23% for NUGT.
NUGT currently has the higher Sharpe Ratio (0.75 vs 0.71), 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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