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 2.09%/yr vs -55.43%/yr for SQQQ. At a correlation of -0.18, they often move in opposite directions. 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 -57.13% return, which is significantly lower than SQQQ's -42.24% return. Over the past 10 years, AGQ has outperformed SQQQ with an annualized return of 2.09%, while SQQQ has yielded a comparatively lower -55.43% annualized 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%
SQQQ
- 1D
- -3.30%
- 1M
- -1.98%
- 6M
- -38.99%
- YTD
- -42.24%
- 1Y
- -57.13%
- 3Y*
- -52.32%
- 5Y*
- -46.24%
- 10Y*
- -55.43%
AGQ vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -57.13% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
SQQQ ProShares UltraPro Short QQQ | -42.24% | -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 -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
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 -0.35 (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 | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.81 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | -0.94 | +1.24 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.73 | +2.27 |
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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 | -84.08% | -61.03% | -23.05% |
Max Drawdown (3Y)Largest decline over 3 years | -84.08% | -92.51% | +8.43% |
Max Drawdown (5Y)Largest decline over 5 years | -84.08% | -97.27% | +13.19% |
Max Drawdown (10Y)Largest decline over 10 years | -84.08% | -99.97% | +15.89% |
Current DrawdownCurrent decline from peak | -90.90% | -100.00% | +9.10% |
Average DrawdownAverage peak-to-trough decline | -79.90% | -92.75% | +12.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.82% | 32.98% | +14.84% |
Volatility
AGQ vs. SQQQ - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 27.43% compared to ProShares UltraPro Short QQQ (SQQQ) at 24.18%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. 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 | 27.43% | 24.18% | +3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 131.17% | 45.91% | +85.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.84% | 55.61% | +69.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.05% | 67.89% | +8.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.31% | 66.57% | -0.26% |
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 10.34%.
| 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 | 10.34% | 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 -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (27.43%) compared to SQQQ (24.18%). In terms of maximum drawdown, AGQ dropped -98.16% vs SQQQ's -100.00%.
On 10-year performance, AGQ leads with 2.09% vs -55.43% for SQQQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, SQQQ has been the lower-risk option at 24.18%. 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 2.09% return vs -55.43%. 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 10.34%, 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 (0.21 vs -1.03), 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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