AGQ vs. SLVP
AGQ (ProShares Ultra Silver) and SLVP (iShares MSCI Global Silver and Metals Miners ETF) are both Silver funds - AGQ tracks the Bloomberg Silver Subindex (200%) while SLVP tracks the MSCI ACWI Select Silver Miners Investable Market Index. Both are passively managed. Over the past 10 years, AGQ returned 2.74%/yr vs 8.89%/yr for SLVP. Their 0.73 correlation means they have sometimes moved together and sometimes differently. AGQ charges 0.93%/yr vs 0.39%/yr for SLVP.
Performance
AGQ vs. SLVP - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -56.47% return, which is significantly lower than SLVP's -7.08% return. Over the past 10 years, AGQ has underperformed SLVP with an annualized return of 2.74%, while SLVP has yielded a comparatively higher 8.89% annualized return.
AGQ
- 1D
- 5.20%
- 1M
- -6.10%
- 6M
- -59.38%
- YTD
- -56.47%
- 1Y
- 34.47%
- 3Y*
- 33.27%
- 5Y*
- 9.81%
- 10Y*
- 2.74%
- ALL TIME*
- 2.22%
SLVP
- 1D
- 4.34%
- 1M
- -1.34%
- 6M
- -21.97%
- YTD
- -7.08%
- 1Y
- 78.39%
- 3Y*
- 50.42%
- 5Y*
- 18.25%
- 10Y*
- 8.89%
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.55M | $131.30M | $272.55M | |
| $6.24M | $6.90M | $11.20M |
AGQ vs. SLVP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -56.47% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
SLVP iShares MSCI Global Silver and Metals Miners ETF | -7.08% | 202.84% | 14.47% | -2.31% | -18.06% | -23.53% | 56.45% | 37.71% | -22.10% | 4.53% |
Correlation
The correlation between AGQ and SLVP is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.73 |
The correlation between AGQ and SLVP has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.
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Return for Risk
AGQ vs. SLVP — Risk / Return Rank
AGQ
SLVP
AGQ vs. SLVP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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 | SLVP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 2.02 | -1.62 |
| Martin ratioReturn relative to average drawdown | 0.67 | 4.09 | -3.43 |
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Drawdowns
AGQ vs. SLVP - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than SLVP's maximum drawdown of -80.47%. Use the drawdown chart below to compare losses from any high point for AGQ and SLVP.
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Drawdown Indicators
| AGQ | SLVP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -80.47% | -17.69% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -38.97% | -46.16% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -38.97% | -46.16% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -47.73% | -37.40% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -62.03% | -23.10% |
Current DrawdownCurrent decline from peak | -90.76% | -32.97% | -57.79% |
Average DrawdownAverage peak-to-trough decline | -79.94% | -46.66% | -33.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.96% | 19.23% | +32.73% |
Volatility
AGQ vs. SLVP - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 22.46% compared to iShares MSCI Global Silver and Metals Miners ETF (SLVP) at 14.72%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SLVP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | SLVP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.46% | 14.72% | +7.74% |
Volatility (6M)Calculated over the trailing 6-month period | 90.17% | 42.64% | +47.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.56% | 56.56% | +69.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 43.68% | +32.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.42% | 42.54% | +23.88% |
AGQ vs. SLVP - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than SLVP's 0.39% expense ratio.
Dividends
AGQ vs. SLVP - Dividend Comparison
AGQ has not paid dividends to shareholders, while SLVP's dividend yield for the trailing twelve months is around 2.22%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SLVP iShares MSCI Global Silver and Metals Miners ETF | 2.22% | 1.78% | 1.05% | 0.88% | 0.63% | 1.63% | 2.39% | 2.03% | 1.28% | 0.85% | 2.32% | 0.72% |
Frequently Asked Questions
AGQ and SLVP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.46%) compared to SLVP (14.72%). In terms of maximum drawdown, AGQ dropped -98.16% vs SLVP's -80.47%.
On 10-year performance, SLVP leads with 8.89% vs 2.74% for AGQ. On fees, SLVP is cheaper at 0.39% per year. On volatility, SLVP has been the lower-risk option at 14.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLVP has performed better with a 8.89% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVP is cheaper with a 0.39% expense ratio, compared with 0.93% for AGQ.
SLVP has the higher dividend yield at 2.22%, compared with 0.00% for AGQ.
AGQ tracks Bloomberg Silver Subindex (200%), while SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.93% for AGQ and 0.39% for SLVP.
SLVP currently has the higher Sharpe Ratio (1.40 vs 0.28), 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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