AGQ vs. SQQQ
AGQ (ProShares Ultra Silver) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, AGQ returned 2.74%/yr vs -54.99%/yr for SQQQ. Their -0.18 correlation means they have often moved in opposite directions in the past. AGQ charges 0.93%/yr vs 0.95%/yr for SQQQ.
Performance
AGQ vs. SQQQ - 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 SQQQ's -44.29% return. Over the past 10 years, AGQ has outperformed SQQQ with an annualized return of 2.74%, while SQQQ has yielded a comparatively lower -54.99% 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%
SQQQ
- 1D
- -10.07%
- 1M
- -6.73%
- 6M
- -43.84%
- YTD
- -44.29%
- 1Y
- -57.01%
- 3Y*
- -53.77%
- 5Y*
- -45.76%
- 10Y*
- -54.99%
- ALL TIME*
- -53.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.55M | $131.30M | $272.55M | |
| $2.89B | $2.45B | $2.72B |
AGQ vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -44.29% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between AGQ and SQQQ is -0.36, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.18 |
The correlation between AGQ and SQQQ shifts across timeframes, from -0.36 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AGQ vs. SQQQ — Risk / Return Rank
AGQ
SQQQ
AGQ vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.83 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | -0.96 | +1.37 |
| Martin ratioReturn relative to average drawdown | 0.67 | -1.70 | +2.37 |
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Drawdowns
AGQ vs. SQQQ - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AGQ and SQQQ.
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Drawdown Indicators
| AGQ | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -100.00% | +1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -85.13% | -59.62% | -25.51% |
Max Drawdown (3Y)Largest decline over 3 years | -85.13% | -92.51% | +7.38% |
Max Drawdown (5Y)Largest decline over 5 years | -85.13% | -97.27% | +12.14% |
Max Drawdown (10Y)Largest decline over 10 years | -85.13% | -99.97% | +14.84% |
Current DrawdownCurrent decline from peak | -90.76% | -100.00% | +9.24% |
Average DrawdownAverage peak-to-trough decline | -79.94% | -92.78% | +12.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.96% | 33.54% | +18.42% |
Volatility
AGQ vs. SQQQ - Volatility Comparison
ProShares Ultra Silver (AGQ) and ProShares UltraPro Short QQQ (SQQQ) have volatilities of 22.46% and 23.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.46% | 23.31% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 90.17% | 49.25% | +40.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.56% | 58.66% | +66.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 68.39% | +7.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.42% | 66.84% | -0.42% |
AGQ vs. SQQQ - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
AGQ vs. SQQQ - Dividend Comparison
AGQ has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 10.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.72% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
AGQ and SQQQ have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (23.31%) compared to AGQ (22.46%). In terms of maximum drawdown, AGQ dropped -98.16% vs SQQQ's -100.00%.
On 10-year performance, AGQ leads with 2.74% vs -54.99% for SQQQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 22.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGQ has performed better with a 2.74% return vs -54.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 10.72%, compared with 0.00% for AGQ.
AGQ is categorized as Silver, while SQQQ is Leveraged Equities. AGQ tracks Bloomberg Silver Subindex (200%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.93% for AGQ and 0.95% for SQQQ.
AGQ currently has the higher Sharpe Ratio (0.28 vs -0.98), 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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