AGQ vs. SIVR
AGQ (ProShares Ultra Silver) and SIVR (abrdn Physical Silver Shares ETF) are both Silver funds - AGQ tracks the Bloomberg Silver Subindex (200%) while SIVR tracks the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 10 years, AGQ returned 6.90%/yr vs 13.54%/yr for SIVR. With a 0.99 correlation, they move nearly in lockstep. AGQ charges 0.93%/yr vs 0.30%/yr for SIVR.
Performance
AGQ vs. SIVR - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -46.29% return, which is significantly lower than SIVR's -8.44% return. Over the past 10 years, AGQ has underperformed SIVR with an annualized return of 6.90%, while SIVR has yielded a comparatively higher 13.54% 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%
SIVR
- 1D
- -0.99%
- 1M
- -13.77%
- YTD
- -8.44%
- 6M
- -5.58%
- 1Y
- 80.34%
- 3Y*
- 42.28%
- 5Y*
- 19.98%
- 10Y*
- 13.54%
AGQ vs. SIVR - 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% |
SIVR abrdn Physical Silver Shares ETF | -8.44% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
Correlation
The correlation between AGQ and SIVR is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2009 | 0.99 |
The correlation between AGQ and SIVR has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
AGQ vs. SIVR — Risk / Return Rank
AGQ
SIVR
AGQ vs. SIVR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and abrdn Physical Silver Shares ETF (SIVR). 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 | SIVR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.78 | -0.83 |
| Martin ratioReturn relative to average drawdown | 1.75 | 3.72 | -1.97 |
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Drawdowns
AGQ vs. SIVR - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than SIVR's maximum drawdown of -75.85%. Use the drawdown chart below to compare losses from any high point for AGQ and SIVR.
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Drawdown Indicators
| AGQ | SIVR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -75.85% | -22.31% |
Max Drawdown (1Y)Largest decline over 1 year | -79.89% | -45.33% | -34.56% |
Max Drawdown (3Y)Largest decline over 3 years | -79.89% | -45.33% | -34.56% |
Max Drawdown (5Y)Largest decline over 5 years | -79.89% | -45.33% | -34.56% |
Max Drawdown (10Y)Largest decline over 10 years | -79.89% | -45.33% | -34.56% |
Current DrawdownCurrent decline from peak | -88.59% | -44.14% | -44.45% |
Average DrawdownAverage peak-to-trough decline | -79.86% | -47.83% | -32.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.33% | 21.67% | +21.66% |
Volatility
AGQ vs. SIVR - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 27.83% compared to abrdn Physical Silver Shares ETF (SIVR) at 13.63%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | SIVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.83% | 13.63% | +14.20% |
Volatility (6M)Calculated over the trailing 6-month period | 134.92% | 59.02% | +75.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.30% | 60.12% | +63.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.37% | 36.53% | +38.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.08% | 32.08% | +34.00% |
AGQ vs. SIVR - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than SIVR's 0.30% expense ratio.
Dividends
AGQ vs. SIVR - Dividend Comparison
Neither AGQ nor SIVR has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, AGQ and SIVR 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 (27.83%) compared to SIVR (13.63%). In terms of maximum drawdown, AGQ dropped -98.16% vs SIVR's -75.85%.
On 10-year performance, SIVR leads with 13.54% vs 6.90% for AGQ. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 13.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIVR has performed better with a 13.54% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 0.93% for AGQ.
AGQ and SIVR have nearly identical dividend yields, around 0.00%.
AGQ tracks Bloomberg Silver Subindex (200%), while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: ProShares and abrdn. Their fees differ too: 0.93% for AGQ and 0.30% for SIVR.
SIVR currently has the higher Sharpe Ratio (1.35 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.
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