AGQ vs. SMST

Last updated Jul 15, 2026

AGQ (ProShares Ultra Silver) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while SMST is a Inverse Equities fund actively managed by Defiance. AGQ is passively managed, while SMST is actively managed. Over the past year, AGQ returned 25.57% vs 223.39% for SMST. At a correlation of -0.24, they often move in opposite directions. AGQ charges 0.93%/yr vs 1.29%/yr for SMST.

Performance

AGQ vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -57.13% return, which is significantly lower than SMST's -36.68% return.

AGQ

• 1D: 3.91%
• 1M: -26.67%
• 6M: -71.12%
• YTD: -57.13%
• 1Y: 25.57%
• 3Y*: 27.47%
• 5Y*: 7.36%
• 10Y*: 2.09%

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGQ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AGQ ProShares Ultra Silver	-57.13%	360.71%	-8.80%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between AGQ and SMST is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.24

Return for Risk

AGQ vs. SMST — Risk / Return Rank

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

AGQ

AGQ Risk / Return Rank: 20
AGQ Sharpe Ratio Rank: 13
AGQ Sortino Ratio Rank: 26
AGQ Omega Ratio Rank: 33
AGQ Calmar Ratio Rank: 13
AGQ Martin Ratio Rank: 12

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.21	1.51	-1.30
Sortino ratio: Return per unit of downside risk	1.20	2.28	-1.08
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	0.31	2.63	-2.33
Martin ratio: Return relative to average drawdown	0.54	5.07	-4.54

AGQ vs. SMST - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.21, which is lower than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of AGQ and SMST, 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. SMST - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AGQ and SMST.

Drawdown Indicators

	AGQ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-99.25%	+1.09%
Max Drawdown (1Y) Largest decline over 1 year	-84.08%	-85.39%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-84.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-84.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-84.08%	—	—
Current Drawdown Current decline from peak	-90.90%	-97.51%	+6.61%
Average Drawdown Average peak-to-trough decline	-79.90%	-90.91%	+11.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.82%	44.25%	+3.57%

Volatility

AGQ vs. SMST - Volatility Comparison

The current volatility for ProShares Ultra Silver (AGQ) is 27.43%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that AGQ experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.43%	57.45%	-30.02%
Volatility (6M) Calculated over the trailing 6-month period	131.17%	136.03%	-4.86%
Volatility (1Y) Calculated over the trailing 1-year period	124.84%	149.51%	-24.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.05%	167.79%	-91.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.31%	167.79%	-101.48%

AGQ vs. SMST - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

AGQ vs. SMST - Dividend Comparison

Neither AGQ nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AGQ and SMST in my portfolio?

AGQ and SMST have a correlation of -0.25, 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 SMST?

SMST has higher volatility (57.45%) compared to AGQ (27.43%). In terms of maximum drawdown, AGQ dropped -98.16% vs SMST's -99.25%.

Which ETF is better, AGQ or SMST?

On 1-year performance, SMST leads with 223.39% vs 25.57% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 27.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 25.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or SMST?

AGQ is cheaper with a 0.93% expense ratio, compared with 1.29% for SMST.

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

AGQ and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between AGQ and SMST?

AGQ is categorized as Silver, while SMST is Inverse Equities. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.93% for AGQ and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.51 vs 0.21), 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.