AGQ vs. UGA
AGQ (ProShares Ultra Silver) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, AGQ returned 5.67%/yr vs 14.31%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.75%/yr for UGA.
Performance
AGQ vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -52.18% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, AGQ has underperformed UGA with an annualized return of 5.67%, while UGA has yielded a comparatively higher 14.31% annualized return.
AGQ
- 1D
- -10.97%
- 1M
- -35.39%
- YTD
- -52.18%
- 6M
- -55.31%
- 1Y
- 54.32%
- 3Y*
- 41.58%
- 5Y*
- 10.28%
- 10Y*
- 5.67%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
AGQ vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -52.18% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between AGQ and UGA is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.19 |
The correlation between AGQ and UGA shifts across timeframes, from -0.09 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AGQ vs. UGA — Risk / Return Rank
AGQ
UGA
AGQ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 3.17 | -2.50 |
| Martin ratioReturn relative to average drawdown | 1.25 | 9.39 | -8.14 |
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Drawdowns
AGQ vs. UGA - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AGQ and UGA.
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Drawdown Indicators
| AGQ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -86.59% | -11.57% |
Max Drawdown (1Y)Largest decline over 1 year | -81.48% | -18.96% | -62.52% |
Max Drawdown (3Y)Largest decline over 3 years | -81.48% | -26.68% | -54.80% |
Max Drawdown (5Y)Largest decline over 5 years | -81.48% | -38.11% | -43.37% |
Max Drawdown (10Y)Largest decline over 10 years | -81.48% | -75.89% | -5.59% |
Current DrawdownCurrent decline from peak | -89.85% | -18.05% | -71.80% |
Average DrawdownAverage peak-to-trough decline | -79.87% | -36.69% | -43.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 6.43% | +37.20% |
Volatility
AGQ vs. UGA - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 29.28% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.28% | 9.24% | +20.04% |
Volatility (6M)Calculated over the trailing 6-month period | 135.34% | 30.57% | +104.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.59% | 35.22% | +88.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.53% | 34.45% | +41.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.15% | 37.22% | +28.93% |
AGQ vs. UGA - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
AGQ vs. UGA - Dividend Comparison
Neither AGQ nor UGA has paid dividends to shareholders.
Frequently Asked Questions
AGQ and UGA have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (29.28%) compared to UGA (9.24%). In terms of maximum drawdown, AGQ dropped -98.16% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 5.67% for AGQ. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.93% for AGQ.
AGQ and UGA have nearly identical dividend yields, around 0.00%.
AGQ is categorized as Silver, while UGA is Oil & Gas. AGQ tracks Bloomberg Silver Subindex (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.93% for AGQ and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.44), 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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