AGQ vs. SLVO

Last updated Jun 4, 2026

AGQ (ProShares Ultra Silver) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both Silver funds - AGQ tracks the Bloomberg Silver Subindex (200%) while SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, AGQ returned 142.76% vs 62.53% for SLVO. Their correlation of 0.90 suggests significant overlap in exposure. AGQ charges 0.93%/yr vs 0.65%/yr for SLVO.

Performance

AGQ vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -30.83% return, which is significantly lower than SLVO's 13.49% return.

AGQ

• 1D: -5.25%
• 1M: -1.76%
• YTD: -30.83%
• 6M: -5.75%
• 1Y: 142.76%
• 3Y*: 54.17%
• 5Y*: 15.27%
• 10Y*: 11.35%

SLVO

• 1D: -1.17%
• 1M: 4.05%
• YTD: 13.49%
• 6M: 17.86%
• 1Y: 62.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGQ vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGQ ProShares Ultra Silver	-30.83%	360.71%	-19.43%
SLVO UBS ETRACS Silver Shares Covered Call ETN	13.49%	71.20%	1.24%

Correlation

The correlation between AGQ and SLVO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.90

The correlation between AGQ and SLVO has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

AGQ vs. SLVO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGQ

AGQ Risk / Return Rank: 36
AGQ Sharpe Ratio Rank: 32
AGQ Sortino Ratio Rank: 36
AGQ Omega Ratio Rank: 51
AGQ Calmar Ratio Rank: 37
AGQ Martin Ratio Rank: 26

SLVO

SLVO Risk / Return Rank: 66
SLVO Sharpe Ratio Rank: 62
SLVO Sortino Ratio Rank: 48
SLVO Omega Ratio Rank: 72
SLVO Calmar Ratio Rank: 72
SLVO Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGQ vs. SLVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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	SLVO	Difference
Sharpe ratio Return per unit of total volatility	1.19	2.13	-0.94
Sortino ratio Return per unit of downside risk	1.91	2.39	-0.48
Omega ratio Gain probability vs. loss probability	1.32	1.44	-0.11
Calmar ratio Return relative to maximum drawdown	1.88	3.65	-1.76
Martin ratio Return relative to average drawdown	3.59	15.01	-11.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGQ vs. SLVO - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.19, which is lower than the SLVO Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of AGQ and SLVO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGQ	SLVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.13	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.61	-1.53

Drawdowns

AGQ vs. SLVO - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for AGQ and SLVO.

Drawdown Indicators

	AGQ	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-17.23%	-80.93%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-17.23%	-58.98%
Max Drawdown (3Y) Largest decline over 3 years	-76.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	—	—
Current Drawdown Current decline from peak	-85.31%	-3.22%	-82.09%
Average Drawdown Average peak-to-trough decline	-79.86%	-3.13%	-76.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.92%	4.18%	+35.74%

Volatility

AGQ vs. SLVO - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 33.51% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 6.39%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.51%	6.39%	+27.12%
Volatility (6M) Calculated over the trailing 6-month period	133.70%	27.33%	+106.37%
Volatility (1Y) Calculated over the trailing 1-year period	120.79%	29.53%	+91.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.68%	25.23%	+49.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.66%	25.23%	+40.43%

AGQ vs. SLVO - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is higher than SLVO's 0.65% expense ratio.

Dividends

AGQ vs. SLVO - Dividend Comparison

AGQ has not paid dividends to shareholders, while SLVO's dividend yield for the trailing twelve months is around 46.44%.

Position	TTM	2025	2024
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	46.44%	19.35%	14.45%

Frequently Asked Questions

Can I hold both AGQ and SLVO in my portfolio?

AGQ and SLVO have a correlation of 0.86, 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 SLVO?

AGQ has higher volatility (33.51%) compared to SLVO (6.39%). In terms of maximum drawdown, AGQ dropped -98.16% vs SLVO's -17.23%.

Which ETF is better, AGQ or SLVO?

On 1-year performance, AGQ leads with 142.76% vs 62.53% for SLVO. On fees, SLVO is cheaper at 0.65% per year. On volatility, SLVO has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or SLVO?

Over the 1-year period, AGQ has performed better with a 142.76% return vs 62.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or SLVO?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.93% for AGQ.

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

SLVO has the higher dividend yield at 46.44%, compared with 0.00% for AGQ.

What is the main difference between AGQ and SLVO?

AGQ tracks Bloomberg Silver Subindex (200%), while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.93% for AGQ and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (2.13 vs 1.19), 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.