AGQ vs. ULE

Last updated Jun 4, 2026

AGQ (ProShares Ultra Silver) and ULE (ProShares Ultra Euro) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, AGQ returned 11.35%/yr vs -2.62%/yr for ULE. At a 0.36 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.95%/yr for ULE.

Performance

AGQ vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and ProShares Ultra Euro (ULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -30.83% return, which is significantly lower than ULE's -2.69% return. Over the past 10 years, AGQ has outperformed ULE with an annualized return of 11.35%, while ULE has yielded a comparatively lower -2.62% annualized return.

AGQ

• 1D: -5.25%
• 1M: -1.76%
• YTD: -30.83%
• 6M: -5.75%
• 1Y: 142.76%
• 3Y*: 54.17%
• 5Y*: 15.27%
• 10Y*: 11.35%

ULE

• 1D: 0.01%
• 1M: -1.82%
• YTD: -2.69%
• 6M: -0.88%
• 1Y: 0.67%
• 3Y*: 4.66%
• 5Y*: -3.56%
• 10Y*: -2.62%

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

AGQ vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGQ ProShares Ultra Silver	-30.83%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%
ULE ProShares Ultra Euro	-2.69%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%

Correlation

The correlation between AGQ and ULE is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 5, 2008	0.36

Return for Risk

AGQ vs. ULE — Risk / Return Rank

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

AGQ

AGQ Risk / Return Rank: 36
AGQ Sharpe Ratio Rank: 32
AGQ Sortino Ratio Rank: 36
AGQ Omega Ratio Rank: 51
AGQ Calmar Ratio Rank: 37
AGQ Martin Ratio Rank: 26

ULE

ULE Risk / Return Rank: 10
ULE Sharpe Ratio Rank: 9
ULE Sortino Ratio Rank: 9
ULE Omega Ratio Rank: 9
ULE Calmar Ratio Rank: 11
ULE Martin Ratio Rank: 11

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. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares Ultra Euro (ULE). 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	ULE	Difference
Sharpe ratio Return per unit of total volatility	1.19	0.05	+1.14
Sortino ratio Return per unit of downside risk	1.91	0.17	+1.74
Omega ratio Gain probability vs. loss probability	1.32	1.02	+0.30
Calmar ratio Return relative to maximum drawdown	1.88	0.25	+1.63
Martin ratio Return relative to average drawdown	3.59	0.56	+3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGQ vs. ULE - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 1.19, which is higher than the ULE Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of AGQ and ULE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGQ	ULE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	0.05	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	-0.22	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	-0.17	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.21	+0.29

Drawdowns

AGQ vs. ULE - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for AGQ and ULE.

Drawdown Indicators

	AGQ	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-72.74%	-25.42%
Max Drawdown (1Y) Largest decline over 1 year	-76.21%	-10.40%	-65.81%
Max Drawdown (3Y) Largest decline over 3 years	-76.21%	-17.44%	-58.77%
Max Drawdown (5Y) Largest decline over 5 years	-76.21%	-40.94%	-35.27%
Max Drawdown (10Y) Largest decline over 10 years	-76.25%	-51.30%	-24.95%
Current Drawdown Current decline from peak	-85.31%	-62.01%	-23.30%
Average Drawdown Average peak-to-trough decline	-79.86%	-46.05%	-33.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.92%	4.76%	+35.16%

Volatility

AGQ vs. ULE - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 33.51% compared to ProShares Ultra Euro (ULE) at 2.37%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.51%	2.37%	+31.14%
Volatility (6M) Calculated over the trailing 6-month period	133.70%	8.94%	+124.76%
Volatility (1Y) Calculated over the trailing 1-year period	120.79%	13.60%	+107.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.68%	16.15%	+58.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.66%	15.22%	+50.44%

AGQ vs. ULE - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is lower than ULE's 0.95% expense ratio.

Dividends

AGQ vs. ULE - Dividend Comparison

Neither AGQ nor ULE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AGQ and ULE in my portfolio?

AGQ and ULE have a correlation of 0.30, 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 ULE?

AGQ has higher volatility (33.51%) compared to ULE (2.37%). In terms of maximum drawdown, AGQ dropped -98.16% vs ULE's -72.74%.

Which ETF is better, AGQ or ULE?

On 10-year performance, AGQ leads with 11.35% vs -2.62% for ULE. On fees, AGQ is cheaper at 0.93% per year. On volatility, ULE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or ULE?

Over the 10-year period, AGQ has performed better with a 11.35% return vs -2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or ULE?

AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for ULE.

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

AGQ and ULE have nearly identical dividend yields, around 0.00%.

What is the main difference between AGQ and ULE?

AGQ is categorized as Silver, while ULE is Leveraged Currency. AGQ tracks Bloomberg Silver Subindex (200%), while ULE tracks USD/EUR Exchange Rate (-200%). Their fees differ too: 0.93% for AGQ and 0.95% for ULE.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (1.19 vs 0.05), 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.