AGQ vs. PSLV
AGQ (ProShares Ultra Silver) and PSLV (Sprott Physical Silver Trust) are both Silver funds - AGQ tracks the Bloomberg Silver Subindex (200%) while PSLV tracks the No Index (Physical Silver). Both are passively managed. Over the past 10 years, AGQ returned 11.51%/yr vs 14.02%/yr for PSLV. Their correlation of 0.94 suggests significant overlap in exposure. AGQ charges 0.93%/yr vs 0.51%/yr for PSLV.
Performance
AGQ vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -29.18% return, which is significantly lower than PSLV's -0.89% return. Over the past 10 years, AGQ has underperformed PSLV with an annualized return of 11.51%, while PSLV has yielded a comparatively higher 14.02% annualized return.
AGQ
- 1D
- 2.38%
- 1M
- 0.62%
- YTD
- -29.18%
- 6M
- 1.31%
- 1Y
- 149.89%
- 3Y*
- 55.60%
- 5Y*
- 15.82%
- 10Y*
- 11.51%
PSLV
- 1D
- 0.90%
- 1M
- -0.64%
- YTD
- -0.89%
- 6M
- 23.11%
- 1Y
- 102.24%
- 3Y*
- 42.33%
- 5Y*
- 18.65%
- 10Y*
- 14.02%
AGQ vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -29.18% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
PSLV Sprott Physical Silver Trust | -0.89% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between AGQ and PSLV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.94 |
The correlation between AGQ and PSLV has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
AGQ vs. PSLV — Risk / Return Rank
AGQ
PSLV
AGQ vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Sprott Physical Silver Trust (PSLV). 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 | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.33 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.53 | -0.55 |
| Martin ratioReturn relative to average drawdown | 3.75 | 5.58 | -1.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGQ | PSLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.76 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.53 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.45 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.17 | -0.09 |
Drawdowns
AGQ vs. PSLV - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than PSLV's maximum drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for AGQ and PSLV.
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Drawdown Indicators
| AGQ | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -79.38% | -18.78% |
Max Drawdown (1Y)Largest decline over 1 year | -76.21% | -40.65% | -35.56% |
Max Drawdown (3Y)Largest decline over 3 years | -76.21% | -40.65% | -35.56% |
Max Drawdown (5Y)Largest decline over 5 years | -76.21% | -40.65% | -35.56% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -42.79% | -33.46% |
Current DrawdownCurrent decline from peak | -84.96% | -35.53% | -49.43% |
Average DrawdownAverage peak-to-trough decline | -79.86% | -58.15% | -21.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.19% | 18.38% | +21.81% |
Volatility
AGQ vs. PSLV - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 33.59% compared to Sprott Physical Silver Trust (PSLV) at 16.60%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.59% | 16.60% | +16.99% |
Volatility (6M)Calculated over the trailing 6-month period | 133.69% | 57.34% | +76.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.79% | 58.49% | +62.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.68% | 35.64% | +39.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.65% | 31.14% | +34.51% |
AGQ vs. PSLV - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than PSLV's 0.51% expense ratio.
Dividends
AGQ vs. PSLV - Dividend Comparison
Neither AGQ nor PSLV has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, AGQ and PSLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
AGQ has higher volatility (33.59%) compared to PSLV (16.60%). In terms of maximum drawdown, AGQ dropped -98.16% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 14.02% vs 11.51% for AGQ. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 16.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 14.02% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.93% for AGQ.
AGQ and PSLV have nearly identical dividend yields, around 0.00%.
AGQ tracks Bloomberg Silver Subindex (200%), while PSLV tracks No Index (Physical Silver). They also come from different issuers: ProShares and Sprott. Their fees differ too: 0.93% for AGQ and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (1.76 vs 1.25), 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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