AGQ vs. TSLL

Last updated Jul 21, 2026

AGQ (ProShares Ultra Silver) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while TSLL is a Leveraged Equities fund actively managed by Direxion. AGQ is passively managed, while TSLL is actively managed. Over the past 3 years, AGQ returned 24.96%/yr vs -10.06%/yr for TSLL. At a 0.15 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.83%/yr for TSLL.

Performance

AGQ vs. TSLL - Performance Comparison

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

Returns By Period

In the year-to-date period, AGQ achieves a -60.66% return, which is significantly lower than TSLL's -43.03% return.

AGQ

• 1D: 0.96%
• 1M: -28.17%
• 6M: -74.91%
• YTD: -60.66%
• 1Y: 15.33%
• 3Y*: 24.96%
• 5Y*: 7.33%
• 10Y*: 1.71%
• ALL TIME*: 1.64%

TSLL

• 1D: -5.84%
• 1M: -17.90%
• 6M: -39.21%
• YTD: -43.03%
• 1Y: -8.68%
• 3Y*: -10.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.14%

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

AGQ vs. TSLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AGQ ProShares Ultra Silver	-60.66%	360.71%	23.92%	-15.09%	27.08%
TSLL Direxion Daily TSLA Bull 2X ETF	-43.03%	-26.80%	99.63%	139.86%	-74.99%

Correlation

The correlation between AGQ and TSLL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.15

Return for Risk

AGQ vs. TSLL — Risk / Return Rank

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

AGQ

AGQ Risk / Return Rank: 19
AGQ Sharpe Ratio Rank: 13
AGQ Sortino Ratio Rank: 25
AGQ Omega Ratio Rank: 33
AGQ Calmar Ratio Rank: 13
AGQ Martin Ratio Rank: 12

TSLL

TSLL Risk / Return Rank: 11
TSLL Sharpe Ratio Rank: 9
TSLL Sortino Ratio Rank: 14
TSLL Omega Ratio Rank: 14
TSLL Calmar Ratio Rank: 8
TSLL Martin Ratio Rank: 9

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. TSLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Direxion Daily TSLA Bull 2X ETF (TSLL). 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	TSLL	Difference
Sharpe ratio: Return per unit of total volatility	0.12	-0.10	+0.22
Sortino ratio: Return per unit of downside risk	1.11	0.50	+0.61
Omega ratio: Gain probability vs. loss probability	1.17	1.06	+0.12
Calmar ratio: Return relative to maximum drawdown	0.18	-0.16	+0.34
Martin ratio: Return relative to average drawdown	0.31	-0.30	+0.61

AGQ vs. TSLL - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.12, which is higher than the TSLL Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of AGQ and TSLL, 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. TSLL - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than TSLL's maximum drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for AGQ and TSLL.

Drawdown Indicators

	AGQ	TSLL	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-82.88%	-15.28%
Max Drawdown (1Y) Largest decline over 1 year	-85.13%	-54.75%	-30.38%
Max Drawdown (3Y) Largest decline over 3 years	-85.13%	-82.88%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	-85.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.13%	—	—
Current Drawdown Current decline from peak	-91.65%	-71.23%	-20.42%
Average Drawdown Average peak-to-trough decline	-79.91%	-54.15%	-25.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.99%	29.30%	+19.69%

Volatility

AGQ vs. TSLL - Volatility Comparison

The current volatility for ProShares Ultra Silver (AGQ) is 25.72%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 34.06%. This indicates that AGQ experiences smaller price fluctuations and is considered to be less risky than TSLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	TSLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.72%	34.06%	-8.34%
Volatility (6M) Calculated over the trailing 6-month period	129.62%	62.66%	+66.96%
Volatility (1Y) Calculated over the trailing 1-year period	125.29%	89.18%	+36.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.07%	107.08%	-31.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.33%	107.08%	-40.75%

AGQ vs. TSLL - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is higher than TSLL's 0.83% expense ratio.

Dividends

AGQ vs. TSLL - Dividend Comparison

AGQ has not paid dividends to shareholders, while TSLL's dividend yield for the trailing twelve months is around 9.19%.

Position	TTM	2025	2024	2023	2022
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%	0.00%	0.00%
TSLL Direxion Daily TSLA Bull 2X ETF	9.19%	5.00%	2.47%	4.44%	1.57%

Frequently Asked Questions

Can I hold both AGQ and TSLL in my portfolio?

AGQ and TSLL have a correlation of 0.23, 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 TSLL?

TSLL has higher volatility (34.06%) compared to AGQ (25.72%). In terms of maximum drawdown, AGQ dropped -98.16% vs TSLL's -82.88%.

Which ETF is better, AGQ or TSLL?

On 3-year performance, AGQ leads with 24.96% vs -10.06% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, AGQ has been the lower-risk option at 25.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or TSLL?

Over the 3-year period, AGQ has performed better with a 24.96% return vs -10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or TSLL?

TSLL is cheaper with a 0.83% expense ratio, compared with 0.93% for AGQ.

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

TSLL has the higher dividend yield at 9.19%, compared with 0.00% for AGQ.

What is the main difference between AGQ and TSLL?

AGQ is categorized as Silver, while TSLL is Leveraged Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.93% for AGQ and 0.83% for TSLL.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (0.12 vs -0.10), 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.