AGQ vs. PAAS

Last updated Jun 23, 2026

AGQ (ProShares Ultra Silver) is Silver fund tracking the Bloomberg Silver Subindex (200%), while PAAS (Pan American Silver Corp.) is a stock. Over the past 10 years, AGQ returned 6.90%/yr vs 13.92%/yr for PAAS. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

AGQ vs. PAAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Pan American Silver Corp. (PAAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -46.29% return, which is significantly lower than PAAS's -5.04% return. Over the past 10 years, AGQ has underperformed PAAS with an annualized return of 6.90%, while PAAS has yielded a comparatively higher 13.92% annualized return.

AGQ

• 1D: -1.92%
• 1M: -27.43%
• YTD: -46.29%
• 6M: -45.77%
• 1Y: 75.71%
• 3Y*: 47.17%
• 5Y*: 13.07%
• 10Y*: 6.90%

PAAS

• 1D: -0.18%
• 1M: -9.33%
• YTD: -5.04%
• 6M: -8.45%
• 1Y: 72.91%
• 3Y*: 53.10%
• 5Y*: 13.56%
• 10Y*: 13.92%

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

AGQ vs. PAAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGQ ProShares Ultra Silver	-46.29%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%
PAAS Pan American Silver Corp.	-5.04%	160.40%	26.61%	2.50%	-33.00%	-26.78%	46.88%	63.86%	-5.30%	3.86%

Correlation

The correlation between AGQ and PAAS is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008	0.69

The correlation between AGQ and PAAS shifts across timeframes, from 0.69 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AGQ vs. PAAS — Risk / Return Rank

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

AGQ

AGQ Risk / Return Rank: 25
AGQ Sharpe Ratio Rank: 18
AGQ Sortino Ratio Rank: 29
AGQ Omega Ratio Rank: 39
AGQ Calmar Ratio Rank: 21
AGQ Martin Ratio Rank: 17

PAAS

PAAS Risk / Return Rank: 76
PAAS Sharpe Ratio Rank: 79
PAAS Sortino Ratio Rank: 73
PAAS Omega Ratio Rank: 74
PAAS Calmar Ratio Rank: 76
PAAS Martin Ratio Rank: 78

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. PAAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Pan American Silver Corp. (PAAS). 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	PAAS	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.32	-0.70
Sortino ratio: Return per unit of downside risk	1.55	1.84	-0.28
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	0.95	2.07	-1.12
Martin ratio: Return relative to average drawdown	1.75	5.56	-3.80

AGQ vs. PAAS - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.62, which is lower than the PAAS Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of AGQ and PAAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGQ vs. PAAS - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than PAAS's maximum drawdown of -85.10%. Use the drawdown chart below to compare losses from any high point for AGQ and PAAS.

Drawdown Indicators

	AGQ	PAAS	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-85.10%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-79.89%	-35.33%	-44.56%
Max Drawdown (3Y) Largest decline over 3 years	-79.89%	-35.33%	-44.56%
Max Drawdown (5Y) Largest decline over 5 years	-79.89%	-57.39%	-22.50%
Max Drawdown (10Y) Largest decline over 10 years	-79.89%	-66.74%	-13.15%
Current Drawdown Current decline from peak	-88.59%	-28.39%	-60.20%
Average Drawdown Average peak-to-trough decline	-79.86%	-41.63%	-38.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.33%	13.16%	+30.17%

Volatility

AGQ vs. PAAS - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 27.83% compared to Pan American Silver Corp. (PAAS) at 17.92%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than PAAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	PAAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.83%	17.92%	+9.91%
Volatility (6M) Calculated over the trailing 6-month period	134.92%	45.04%	+89.88%
Volatility (1Y) Calculated over the trailing 1-year period	123.30%	55.77%	+67.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.37%	48.03%	+27.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.08%	49.65%	+16.43%

Dividends

AGQ vs. PAAS - Dividend Comparison

AGQ has not paid dividends to shareholders, while PAAS's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PAAS Pan American Silver Corp.	1.27%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%

Frequently Asked Questions

Can I hold both AGQ and PAAS in my portfolio?

AGQ and PAAS have a correlation of 0.79, 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 PAAS?

AGQ has higher volatility (27.83%) compared to PAAS (17.92%). In terms of maximum drawdown, AGQ dropped -98.16% vs PAAS's -85.10%.

Which has better risk-adjusted returns?

PAAS currently has the higher Sharpe Ratio (1.32 vs 0.62), 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.