AGQ vs. SHLD

Last updated Aug 1, 2026

AGQ (ProShares Ultra Silver) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, AGQ returned 31.87% vs 3.85% for SHLD. Their 0.23 correlation means their historical movements had little consistent relationship. AGQ charges 0.93%/yr vs 0.50%/yr for SHLD.

Performance

AGQ vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -58.79% return, which is significantly lower than SHLD's -2.06% return.

AGQ

• 1D: -4.43%
• 1M: -6.44%
• 6M: -60.08%
• YTD: -58.79%
• 1Y: 31.87%
• 3Y*: 28.23%
• 5Y*: 8.02%
• 10Y*: 1.23%
• ALL TIME*: 1.91%

SHLD

• 1D: 0.76%
• 1M: 3.35%
• 6M: -15.67%
• YTD: -2.06%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AGQ ProShares Ultra Silver	$125.84M	$135.44M	$281.05M
SHLD Global X Defense Tech ETF	$70.01M	$66.37M	$108.83M

AGQ vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AGQ ProShares Ultra Silver	-58.79%	360.71%	23.92%	1.27%
SHLD Global X Defense Tech ETF	-2.06%	74.16%	35.03%	12.89%

Correlation

The correlation between AGQ and SHLD is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.23

Return for Risk

AGQ vs. SHLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AGQ

AGQ Risk / Return Rank: 25
AGQ Sharpe Ratio Rank: 17
AGQ Sortino Ratio Rank: 33
AGQ Omega Ratio Rank: 41
AGQ Calmar Ratio Rank: 17
AGQ Martin Ratio Rank: 15

SHLD

SHLD Risk / Return Rank: 14
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 15
SHLD Omega Ratio Rank: 14
SHLD Calmar Ratio Rank: 13
SHLD Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AGQ vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.26	0.15	+0.10
Sortino ratio: Return per unit of downside risk	1.25	0.40	+0.85
Omega ratio: Gain probability vs. loss probability	1.19	1.05	+0.15
Calmar ratio: Return relative to maximum drawdown	0.38	0.15	+0.22
Martin ratio: Return relative to average drawdown	0.62	0.35	+0.27

AGQ vs. SHLD - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.26, which is higher than the SHLD Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of AGQ and SHLD, 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. SHLD - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than SHLD's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for AGQ and SHLD.

Drawdown Indicators

	AGQ	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-25.40%	-72.76%
Max Drawdown (1Y) Largest decline over 1 year	-85.13%	-25.40%	-59.73%
Max Drawdown (3Y) Largest decline over 3 years	-85.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.13%	—	—
Current Drawdown Current decline from peak	-91.25%	-18.67%	-72.58%
Average Drawdown Average peak-to-trough decline	-79.93%	-4.15%	-75.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.43%	11.13%	+40.30%

Volatility

AGQ vs. SHLD - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 22.86% compared to Global X Defense Tech ETF (SHLD) at 7.73%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.86%	7.73%	+15.13%
Volatility (6M) Calculated over the trailing 6-month period	127.92%	20.16%	+107.76%
Volatility (1Y) Calculated over the trailing 1-year period	125.49%	25.33%	+100.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.26%	21.56%	+54.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.42%	21.56%	+44.86%

AGQ vs. SHLD - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

AGQ vs. SHLD - Dividend Comparison

AGQ has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.67%.

Position	TTM	2025	2024	2023
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.67%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both AGQ and SHLD in my portfolio?

AGQ and SHLD have a correlation of 0.28, 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 SHLD?

AGQ has higher volatility (22.86%) compared to SHLD (7.73%). In terms of maximum drawdown, AGQ dropped -98.16% vs SHLD's -25.40%.

Which ETF is better, AGQ or SHLD?

On 1-year performance, AGQ leads with 31.87% vs 3.85% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or SHLD?

Over the 1-year period, AGQ has performed better with a 31.87% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.93% for AGQ.

Which ETF pays a higher dividend yield, AGQ or SHLD?

SHLD has the higher dividend yield at 0.67%, compared with 0.00% for AGQ.

What is the main difference between AGQ and SHLD?

AGQ is categorized as Silver, while SHLD is Aerospace & Defense. AGQ tracks Bloomberg Silver Subindex (200%), while SHLD tracks Global X Defense Tech Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.93% for AGQ and 0.50% for SHLD.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (0.26 vs 0.15), 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.