AGQ vs. SPY
Compare and contrast key facts about ProShares Ultra Silver (AGQ) and State Street SPDR S&P 500 ETF (SPY).
AGQ and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGQ is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (200%). It was launched on Dec 1, 2008. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both AGQ and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
AGQ vs. SPY - Performance Comparison
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AGQ vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -23.34% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, AGQ achieves a -23.34% return, which is significantly lower than SPY's -3.65% return. Both investments have delivered pretty close results over the past 10 years, with AGQ having a 14.25% annualized return and SPY not far behind at 14.06%.
AGQ
- 1D
- -0.50%
- 1M
- -32.70%
- YTD
- -23.34%
- 6M
- 51.96%
- 1Y
- 163.54%
- 3Y*
- 56.15%
- 5Y*
- 22.66%
- 10Y*
- 14.25%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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AGQ vs. SPY - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
AGQ vs. SPY — Risk / Return Rank
AGQ
SPY
AGQ vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.40 | 0.96 | +0.44 |
Sortino ratioReturn per unit of downside risk | 2.00 | 1.49 | +0.51 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.23 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.53 | +0.53 |
Martin ratioReturn relative to average drawdown | 5.57 | 7.27 | -1.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGQ | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 0.96 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.70 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.79 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.56 | -0.47 |
Correlation
The correlation between AGQ and SPY is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
AGQ vs. SPY - Dividend Comparison
AGQ has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.13%.
| 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% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
AGQ vs. SPY - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AGQ and SPY.
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Drawdown Indicators
| AGQ | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -55.19% | -42.97% |
Max Drawdown (1Y)Largest decline over 1 year | -76.21% | -12.05% | -64.16% |
Max Drawdown (5Y)Largest decline over 5 years | -76.21% | -24.50% | -51.71% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -33.72% | -42.53% |
Current DrawdownCurrent decline from peak | -83.72% | -5.53% | -78.19% |
Average DrawdownAverage peak-to-trough decline | -79.83% | -9.09% | -70.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.27% | 2.54% | +25.73% |
Volatility
AGQ vs. SPY - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 34.37% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.37% | 5.35% | +29.02% |
Volatility (6M)Calculated over the trailing 6-month period | 132.42% | 9.50% | +122.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.90% | 19.06% | +98.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.01% | 17.06% | +55.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.67% | 17.92% | +46.75% |