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 2.09%/yr vs -39.04%/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 -57.13% return, which is significantly lower than ZSL's -42.43% return. Over the past 10 years, AGQ has outperformed ZSL with an annualized return of 2.09%, while ZSL has yielded a comparatively lower -39.04% annualized return.
AGQ
- 1D
- 3.91%
- 1M
- -26.67%
- 6M
- -71.12%
- YTD
- -57.13%
- 1Y
- 25.57%
- 3Y*
- 27.47%
- 5Y*
- 7.36%
- 10Y*
- 2.09%
ZSL
- 1D
- -3.88%
- 1M
- 26.40%
- 6M
- -7.13%
- YTD
- -42.43%
- 1Y
- -86.59%
- 3Y*
- -64.40%
- 5Y*
- -49.31%
- 10Y*
- -39.04%
AGQ vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | -57.13% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
ZSL ProShares UltraShort Silver | -42.43% | -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 | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.81 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.83 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | -0.92 | +1.23 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.20 | +1.74 |
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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 | -84.08% | -93.81% | +9.73% |
Max Drawdown (3Y)Largest decline over 3 years | -84.08% | -98.40% | +14.32% |
Max Drawdown (5Y)Largest decline over 5 years | -84.08% | -99.06% | +14.98% |
Max Drawdown (10Y)Largest decline over 10 years | -84.08% | -99.82% | +15.74% |
Current DrawdownCurrent decline from peak | -90.90% | -99.99% | +9.09% |
Average DrawdownAverage peak-to-trough decline | -79.90% | -96.39% | +16.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.82% | 71.88% | -24.06% |
Volatility
AGQ vs. ZSL - Volatility Comparison
ProShares Ultra Silver (AGQ) has a higher volatility of 27.43% compared to ProShares UltraShort Silver (ZSL) at 25.91%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than ZSL based on this measure. 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 | 27.43% | 25.91% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 131.17% | 102.65% | +28.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.84% | 123.76% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.05% | 75.53% | +0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.31% | 65.89% | +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 (27.43%) compared to ZSL (25.91%). In terms of maximum drawdown, AGQ dropped -98.16% vs ZSL's -100.00%.
On 10-year performance, AGQ leads with 2.09% vs -39.04% for ZSL. On fees, AGQ is cheaper at 0.93% per year. On volatility, ZSL has been the lower-risk option at 25.91%. 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 2.09% return vs -39.04%. 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 (0.21 vs -0.70), 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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