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 11.51%/yr vs -72.73%/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 -29.18% return, which is significantly lower than UVXY's -23.07% return. Over the past 10 years, AGQ has outperformed UVXY with an annualized return of 11.51%, while UVXY has yielded a comparatively lower -72.73% annualized return.
AGQ
- 1D
- 2.38%
- 1M
- 0.62%
- YTD
- -29.18%
- 6M
- 1.31%
- 1Y
- 149.89%
- 3Y*
- 55.60%
- 5Y*
- 15.82%
- 10Y*
- 11.51%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
AGQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -29.18% | 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 | -23.07% | -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 -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 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.
| AGQ | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +3.61 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.81 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | -0.97 | +2.95 |
| Martin ratioReturn relative to average drawdown | 3.75 | -1.33 | +5.07 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | -0.88 | +2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.66 | +0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | -0.64 | +0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.68 | +0.76 |
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 | -76.21% | -76.19% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -76.21% | -95.25% | +19.04% |
Max Drawdown (5Y)Largest decline over 5 years | -76.21% | -99.69% | +23.48% |
Max Drawdown (10Y)Largest decline over 10 years | -76.25% | -100.00% | +23.75% |
Current DrawdownCurrent decline from peak | -84.96% | -100.00% | +15.04% |
Average DrawdownAverage peak-to-trough decline | -79.86% | -98.55% | +18.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.19% | 55.83% | -15.64% |
Volatility
AGQ vs. UVXY - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 33.59% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 12.26%. 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 | 33.59% | 12.26% | +21.33% |
Volatility (6M)Calculated over the trailing 6-month period | 133.69% | 62.79% | +70.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.79% | 84.51% | +36.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.68% | 103.82% | -29.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.65% | 113.81% | -48.16% |
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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (33.59%) compared to UVXY (12.26%). In terms of maximum drawdown, AGQ dropped -98.16% vs UVXY's -100.00%.
On 10-year performance, AGQ leads with 11.51% vs -72.73% for UVXY. On fees, AGQ is cheaper at 0.93% per year. On volatility, UVXY has been the lower-risk option at 12.26%. 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 11.51% return vs -72.73%. 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 (1.25 vs -0.88), 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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