AGQ vs. WNTR

Last updated Aug 5, 2026

AGQ (ProShares Ultra Silver) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while WNTR is a Derivative Income fund actively managed by YieldMax. AGQ is passively managed, while WNTR is actively managed. Over the past year, AGQ returned 34.47% vs 106.98% for WNTR. Their -0.23 correlation means they have often moved in opposite directions in the past. AGQ charges 0.93%/yr vs 1.00%/yr for WNTR.

Performance

AGQ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -56.47% return, which is significantly lower than WNTR's 7.92% return.

AGQ

• 1D: 5.20%
• 1M: -6.10%
• 6M: -59.38%
• YTD: -56.47%
• 1Y: 34.47%
• 3Y*: 33.27%
• 5Y*: 9.81%
• 10Y*: 2.74%
• ALL TIME*: 2.22%

WNTR

• 1D: -2.34%
• 1M: 5.36%
• 6M: 2.42%
• YTD: 7.92%
• 1Y: 106.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AGQ ProShares Ultra Silver	$130.55M	$131.30M	$272.55M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.95M	$3.66M	$3.95M

AGQ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AGQ ProShares Ultra Silver	-56.47%	248.82%
WNTR YieldMax MSTR Short Option Income Strategy ETF	7.92%	52.78%

Correlation

The correlation between AGQ and WNTR is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.23

Return for Risk

AGQ vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AGQ

AGQ Risk / Return Rank: 23
AGQ Sharpe Ratio Rank: 16
AGQ Sortino Ratio Rank: 30
AGQ Omega Ratio Rank: 37
AGQ Calmar Ratio Rank: 16
AGQ Martin Ratio Rank: 15

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 77
WNTR Sortino Ratio Rank: 59
WNTR Omega Ratio Rank: 63
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AGQ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.28	1.97	-1.70
Sortino ratio: Return per unit of downside risk	1.27	2.27	-1.00
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	0.41	2.52	-2.12
Martin ratio: Return relative to average drawdown	0.67	6.38	-5.71

AGQ vs. WNTR - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.28, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of AGQ and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGQ vs. WNTR - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AGQ and WNTR.

Drawdown Indicators

	AGQ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-42.65%	-55.51%
Max Drawdown (1Y) Largest decline over 1 year	-85.13%	-42.65%	-42.48%
Max Drawdown (3Y) Largest decline over 3 years	-85.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.13%	—	—
Current Drawdown Current decline from peak	-90.76%	-11.95%	-78.81%
Average Drawdown Average peak-to-trough decline	-79.94%	-20.12%	-59.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.96%	16.84%	+35.12%

Volatility

AGQ vs. WNTR - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 22.46% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 13.23%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.46%	13.23%	+9.23%
Volatility (6M) Calculated over the trailing 6-month period	90.17%	46.95%	+43.22%
Volatility (1Y) Calculated over the trailing 1-year period	125.56%	54.62%	+70.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.32%	53.31%	+23.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.42%	53.31%	+13.11%

AGQ vs. WNTR - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

AGQ vs. WNTR - Dividend Comparison

AGQ has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 109.83%.

Position	TTM	2025
AGQ ProShares Ultra Silver	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	109.83%	58.56%

Frequently Asked Questions

Can I hold both AGQ and WNTR in my portfolio?

AGQ and WNTR have a correlation of -0.26, 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 WNTR?

AGQ has higher volatility (22.46%) compared to WNTR (13.23%). In terms of maximum drawdown, AGQ dropped -98.16% vs WNTR's -42.65%.

Which ETF is better, AGQ or WNTR?

On 1-year performance, WNTR leads with 106.98% vs 34.47% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, WNTR has been the lower-risk option at 13.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or WNTR?

Over the 1-year period, WNTR has performed better with a 106.98% return vs 34.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or WNTR?

AGQ is cheaper with a 0.93% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 109.83%, compared with 0.00% for AGQ.

What is the main difference between AGQ and WNTR?

AGQ is categorized as Silver, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.93% for AGQ and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs 0.28), 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.