AGQ vs. SLV
AGQ (ProShares Ultra Silver) and SLV (iShares Silver Trust) are both Silver funds - AGQ tracks the Bloomberg Silver Subindex (200%) while SLV tracks the LBMA Silver Price. Both are passively managed. Over the past 10 years, AGQ returned 6.90%/yr vs 13.31%/yr for SLV. With a 0.99 correlation, they move nearly in lockstep. AGQ charges 0.93%/yr vs 0.50%/yr for SLV.
Performance
AGQ vs. SLV - 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 SLV's -8.55% return. Over the past 10 years, AGQ has underperformed SLV with an annualized return of 6.90%, while SLV has yielded a comparatively higher 13.31% 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%
SLV
- 1D
- -1.01%
- 1M
- -13.82%
- YTD
- -8.55%
- 6M
- -5.70%
- 1Y
- 80.04%
- 3Y*
- 41.99%
- 5Y*
- 19.74%
- 10Y*
- 13.31%
AGQ vs. SLV - 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% |
SLV iShares Silver Trust | -8.55% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between AGQ and SLV 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 Dec 4, 2008 | 0.99 |
The correlation between AGQ and SLV 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. SLV — Risk / Return Rank
AGQ
SLV
AGQ vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.77 | -0.82 |
| Martin ratioReturn relative to average drawdown | 1.75 | 3.70 | -1.95 |
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Drawdowns
AGQ vs. SLV - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for AGQ and SLV.
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Drawdown Indicators
| AGQ | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -76.28% | -21.88% |
Max Drawdown (1Y)Largest decline over 1 year | -79.89% | -45.40% | -34.49% |
Max Drawdown (3Y)Largest decline over 3 years | -79.89% | -45.40% | -34.49% |
Max Drawdown (5Y)Largest decline over 5 years | -79.89% | -45.40% | -34.49% |
Max Drawdown (10Y)Largest decline over 10 years | -79.89% | -45.40% | -34.49% |
Current DrawdownCurrent decline from peak | -88.59% | -44.21% | -44.38% |
Average DrawdownAverage peak-to-trough decline | -79.86% | -44.65% | -35.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.33% | 21.70% | +21.63% |
Volatility
AGQ vs. SLV - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 27.83% compared to iShares Silver Trust (SLV) at 13.67%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.83% | 13.67% | +14.16% |
Volatility (6M)Calculated over the trailing 6-month period | 134.92% | 59.03% | +75.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.30% | 60.18% | +63.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.37% | 36.51% | +38.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.08% | 32.05% | +34.03% |
AGQ vs. SLV - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
AGQ vs. SLV - Dividend Comparison
Neither AGQ nor SLV has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, AGQ and SLV 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 SLV (13.67%). In terms of maximum drawdown, AGQ dropped -98.16% vs SLV's -76.28%.
On 10-year performance, SLV leads with 13.31% vs 6.90% for AGQ. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 13.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 13.31% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.93% for AGQ.
AGQ and SLV have nearly identical dividend yields, around 0.00%.
AGQ tracks Bloomberg Silver Subindex (200%), while SLV tracks LBMA Silver Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.93% for AGQ and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (1.34 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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