AGQ vs. ZSL
AGQ (ProShares Ultra Silver) and ZSL (ProShares UltraShort Silver) are both Silver funds from ProShares - AGQ tracks the Bloomberg Silver Subindex (200%) while ZSL tracks the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 10 years, AGQ returned 5.67%/yr vs -41.09%/yr for ZSL. At a correlation of -0.99, they often move in opposite directions. AGQ charges 0.93%/yr vs 1.32%/yr for ZSL.
Performance
AGQ vs. ZSL - Performance Comparison
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Returns By Period
In the year-to-date period, AGQ achieves a -52.18% return, which is significantly lower than ZSL's -46.07% return. Over the past 10 years, AGQ has outperformed ZSL with an annualized return of 5.67%, while ZSL has yielded a comparatively lower -41.09% annualized return.
AGQ
- 1D
- -10.97%
- 1M
- -35.39%
- YTD
- -52.18%
- 6M
- -55.31%
- 1Y
- 54.32%
- 3Y*
- 41.58%
- 5Y*
- 10.28%
- 10Y*
- 5.67%
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
AGQ vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -52.18% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
Correlation
The correlation between AGQ and ZSL is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.99 |
The correlation between AGQ and ZSL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
AGQ vs. ZSL — Risk / Return Rank
AGQ
ZSL
AGQ vs. ZSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares UltraShort Silver (ZSL). 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 | ZSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +3.26 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.80 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | -0.94 | +1.61 |
| Martin ratioReturn relative to average drawdown | 1.25 | -1.27 | +2.52 |
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Drawdowns
AGQ vs. ZSL - Drawdown Comparison
The maximum AGQ drawdown since its inception was -98.16%, roughly equal to the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for AGQ and ZSL.
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Drawdown Indicators
| AGQ | ZSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.16% | -100.00% | +1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -81.48% | -94.11% | +12.63% |
Max Drawdown (3Y)Largest decline over 3 years | -81.48% | -98.40% | +16.92% |
Max Drawdown (5Y)Largest decline over 5 years | -81.48% | -99.06% | +17.58% |
Max Drawdown (10Y)Largest decline over 10 years | -81.48% | -99.82% | +18.34% |
Current DrawdownCurrent decline from peak | -89.85% | -99.99% | +10.14% |
Average DrawdownAverage peak-to-trough decline | -79.87% | -96.38% | +16.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 69.79% | -26.16% |
Volatility
AGQ vs. ZSL - Volatility Comparison
ProShares Ultra Silver (AGQ) and ProShares UltraShort Silver (ZSL) have volatilities of 29.28% and 28.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGQ | ZSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.28% | 28.23% | +1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 135.34% | 107.93% | +27.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.59% | 122.46% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.53% | 75.00% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.15% | 65.73% | +0.42% |
AGQ vs. ZSL - Expense Ratio Comparison
AGQ has a 0.93% expense ratio, which is lower than ZSL's 1.32% expense ratio.
Dividends
AGQ vs. ZSL - Dividend Comparison
Neither AGQ nor ZSL has paid dividends to shareholders.
Frequently Asked Questions
AGQ and ZSL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (29.28%) compared to ZSL (28.23%). In terms of maximum drawdown, AGQ dropped -98.16% vs ZSL's -100.00%.
On 10-year performance, AGQ leads with 5.67% vs -41.09% for ZSL. On fees, AGQ is cheaper at 0.93% per year. On volatility, ZSL has been the lower-risk option at 28.23%. 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 5.67% return vs -41.09%. 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 1.32% for ZSL.
AGQ and ZSL have nearly identical dividend yields, around 0.00%.
AGQ tracks Bloomberg Silver Subindex (200%), while ZSL tracks Bloomberg Silver Subindex (-2x). Their fees differ too: 0.93% for AGQ and 1.32% for ZSL.
AGQ currently has the higher Sharpe Ratio (0.44 vs -0.73), 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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