AGQ vs. PAAS
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 1.23%/yr vs 9.52%/yr for PAAS. Their 0.69 correlation means they have sometimes moved together and sometimes differently.
Performance
AGQ vs. PAAS - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -58.79% return, which is significantly lower than PAAS's -16.30% return. Over the past 10 years, AGQ has underperformed PAAS with an annualized return of 1.23%, while PAAS has yielded a comparatively higher 9.52% annualized return.
AGQ
- 1D
- -4.43%
- 1M
- -11.11%
- 6M
- -60.08%
- YTD
- -58.79%
- 1Y
- 29.99%
- 3Y*
- 28.23%
- 5Y*
- 8.02%
- 10Y*
- 1.23%
- ALL TIME*
- 1.91%
PAAS
- 1D
- -2.09%
- 1M
- -6.87%
- 6M
- -20.58%
- YTD
- -16.30%
- 1Y
- 61.72%
- 3Y*
- 40.98%
- 5Y*
- 11.18%
- 10Y*
- 9.52%
- ALL TIME*
- 8.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $125.84M | $135.44M | $281.05M | |
| $152.76M | $168.96M | $235.64M |
AGQ vs. PAAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -58.79% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
PAAS Pan American Silver Corp. | -16.30% | 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 0.80, 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. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.80 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AGQ vs. PAAS — Risk / Return Rank
AGQ
PAAS
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 ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.21 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.60 | -1.22 |
| Martin ratioReturn relative to average drawdown | 0.62 | 3.51 | -2.89 |
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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.
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Drawdown Indicators
| AGQ | PAAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -85.10% | -13.06% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -38.84% | -46.29% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -38.84% | -46.29% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -57.39% | -27.74% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -66.74% | -18.39% |
Current DrawdownCurrent decline from peak | -91.25% | -36.88% | -54.37% |
Average DrawdownAverage peak-to-trough decline | -79.93% | -41.61% | -38.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.43% | 17.65% | +33.78% |
Volatility
AGQ vs. PAAS - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 22.86% compared to Pan American Silver Corp. (PAAS) at 12.10%. 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.
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Volatility by Period
| AGQ | PAAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.86% | 12.10% | +10.76% |
Volatility (6M)Calculated over the trailing 6-month period | 127.92% | 43.93% | +83.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.49% | 56.24% | +69.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.26% | 48.23% | +28.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.42% | 49.55% | +16.87% |
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 1.44%.
| 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. | 1.44% | 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
AGQ and PAAS have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.86%) compared to PAAS (12.10%). In terms of maximum drawdown, AGQ dropped -98.16% vs PAAS's -85.10%.
PAAS currently has the higher Sharpe Ratio (1.10 vs 0.26), 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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