AGQ vs. UVXY
AGQ (ProShares Ultra Silver) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, AGQ returned 4.34%/yr vs -73.90%/yr for UVXY. At a correlation of -0.14, they often move in opposite directions. AGQ charges 0.93%/yr vs 0.95%/yr for UVXY.
Performance
AGQ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -58.02% return, which is significantly lower than UVXY's -24.94% return. Over the past 10 years, AGQ has outperformed UVXY with an annualized return of 4.34%, while UVXY has yielded a comparatively lower -73.90% annualized return.
AGQ
- 1D
- 2.17%
- 1M
- -45.30%
- YTD
- -58.02%
- 6M
- -61.16%
- 1Y
- 35.08%
- 3Y*
- 34.09%
- 5Y*
- 7.22%
- 10Y*
- 4.34%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
AGQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -58.02% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between AGQ and UVXY is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.14 |
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Return for Risk
AGQ vs. UVXY — Risk / Return Rank
AGQ
UVXY
AGQ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | -0.99 | +1.41 |
| Martin ratioReturn relative to average drawdown | 0.79 | -1.43 | +2.22 |
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Drawdowns
AGQ vs. UVXY - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AGQ and UVXY.
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Drawdown Indicators
| AGQ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -100.00% | +1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -84.08% | -72.74% | -11.34% |
Max Drawdown (3Y)Largest decline over 3 years | -84.08% | -94.91% | +10.83% |
Max Drawdown (5Y)Largest decline over 5 years | -84.08% | -99.71% | +15.63% |
Max Drawdown (10Y)Largest decline over 10 years | -84.08% | -100.00% | +15.92% |
Current DrawdownCurrent decline from peak | -91.09% | -100.00% | +8.91% |
Average DrawdownAverage peak-to-trough decline | -79.87% | -98.75% | +18.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.27% | 50.54% | -6.27% |
Volatility
AGQ vs. UVXY - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 31.74% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 25.55%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.74% | 25.55% | +6.19% |
Volatility (6M)Calculated over the trailing 6-month period | 135.91% | 66.08% | +69.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.44% | 84.93% | +39.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.81% | 103.95% | -28.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.28% | 112.35% | -46.07% |
AGQ vs. UVXY - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
AGQ vs. UVXY - Dividend Comparison
Neither AGQ nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
AGQ and UVXY have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (31.74%) compared to UVXY (25.55%). In terms of maximum drawdown, AGQ dropped -98.16% vs UVXY's -100.00%.
On 10-year performance, AGQ leads with 4.34% vs -73.90% for UVXY. On fees, AGQ is cheaper at 0.93% per year. On volatility, UVXY has been the lower-risk option at 25.55%. 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 4.34% return vs -73.90%. 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 UVXY.
AGQ and UVXY have nearly identical dividend yields, around 0.00%.
AGQ is categorized as Silver, while UVXY is Volatility. AGQ tracks Bloomberg Silver Subindex (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.93% for AGQ and 0.95% for UVXY.
AGQ currently has the higher Sharpe Ratio (0.28 vs -0.85), 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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