AGQ vs. UUP
AGQ (ProShares Ultra Silver) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, AGQ returned 11.35%/yr vs 3.20%/yr for UUP. At a correlation of -0.42, they often move in opposite directions. AGQ charges 0.93%/yr vs 0.75%/yr for UUP.
Performance
AGQ vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -30.83% return, which is significantly lower than UUP's 3.07% return. Over the past 10 years, AGQ has outperformed UUP with an annualized return of 11.35%, while UUP has yielded a comparatively lower 3.20% 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%
UUP
- 1D
- 0.36%
- 1M
- 1.38%
- YTD
- 3.07%
- 6M
- 2.71%
- 1Y
- 5.00%
- 3Y*
- 3.89%
- 5Y*
- 5.92%
- 10Y*
- 3.20%
AGQ vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.07% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between AGQ and UUP is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since Dec 5, 2008 | -0.42 |
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Return for Risk
AGQ vs. UUP — Risk / Return Rank
AGQ
UUP
AGQ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.19 | 0.83 | +0.36 |
Sortino ratioReturn per unit of downside risk | 1.91 | 1.19 | +0.72 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.15 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.38 | +0.51 |
Martin ratioReturn relative to average drawdown | 3.59 | 3.65 | -0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGQ | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 0.83 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.82 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.46 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.20 | -0.12 |
Drawdowns
AGQ vs. UUP - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for AGQ and UUP.
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Drawdown Indicators
| AGQ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -22.19% | -75.97% |
Max Drawdown (1Y)Largest decline over 1 year | -76.21% | -3.65% | -72.56% |
Max Drawdown (3Y)Largest decline over 3 years | -76.21% | -10.05% | -66.16% |
Max Drawdown (5Y)Largest decline over 5 years | -76.21% | -10.37% | -65.84% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -14.24% | -62.01% |
Current DrawdownCurrent decline from peak | -85.31% | -3.48% | -81.83% |
Average DrawdownAverage peak-to-trough decline | -79.86% | -8.92% | -70.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.92% | 1.37% | +38.55% |
Volatility
AGQ vs. UUP - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 33.51% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.26%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.51% | 1.26% | +32.25% |
Volatility (6M)Calculated over the trailing 6-month period | 133.70% | 4.24% | +129.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.79% | 6.12% | +114.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.68% | 7.22% | +67.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.66% | 6.96% | +58.70% |
AGQ vs. UUP - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
AGQ vs. UUP - Dividend Comparison
AGQ has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.33%.
| 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
AGQ and UUP have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (33.51%) compared to UUP (1.26%). In terms of maximum drawdown, AGQ dropped -98.16% vs UUP's -22.19%.
On 10-year performance, AGQ leads with 11.35% vs 3.20% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.26%. 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 11.35% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.93% for AGQ.
UUP has the higher dividend yield at 3.33%, compared with 0.00% for AGQ.
AGQ is categorized as Silver, while UUP is Currency. AGQ tracks Bloomberg Silver Subindex (200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.93% for AGQ and 0.75% for UUP.
AGQ currently has the higher Sharpe Ratio (1.19 vs 0.82), 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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