FAS vs. AGQ
FAS (Direxion Daily Financial Bull 3X Shares) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, FAS returned 21.20%/yr vs 8.24%/yr for AGQ. At a 0.14 correlation, their price movements are largely independent. FAS charges 1.00%/yr vs 0.93%/yr for AGQ.
Performance
FAS vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -13.50% return, which is significantly higher than AGQ's -41.54% return. Over the past 10 years, FAS has outperformed AGQ with an annualized return of 21.20%, while AGQ has yielded a comparatively lower 8.24% annualized return.
FAS
- 1D
- 4.15%
- 1M
- 12.77%
- YTD
- -13.50%
- 6M
- -13.89%
- 1Y
- 1.34%
- 3Y*
- 38.21%
- 5Y*
- 7.30%
- 10Y*
- 21.20%
AGQ
- 1D
- 1.44%
- 1M
- -42.34%
- YTD
- -41.54%
- 6M
- -27.69%
- 1Y
- 86.62%
- 3Y*
- 45.61%
- 5Y*
- 11.26%
- 10Y*
- 8.24%
FAS vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -13.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
AGQ ProShares Ultra Silver | -41.54% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between FAS and AGQ is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| 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 | 0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.14 |
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Return for Risk
FAS vs. AGQ — Risk / Return Rank
FAS
AGQ
FAS vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) and ProShares Ultra Silver (AGQ). 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.
| FAS | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.27 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 1.09 | -1.06 |
| Martin ratioReturn relative to average drawdown | 0.08 | 2.07 | -2.00 |
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Drawdowns
FAS vs. AGQ - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for FAS and AGQ.
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Drawdown Indicators
| FAS | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -98.16% | +6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -79.89% | +39.01% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -79.89% | +36.79% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -79.89% | +13.01% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -79.89% | -6.10% |
Current DrawdownCurrent decline from peak | -20.63% | -87.59% | +66.96% |
Average DrawdownAverage peak-to-trough decline | -31.12% | -79.85% | +48.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 41.95% | -23.98% |
Volatility
FAS vs. AGQ - Volatility Comparison
The current volatility for Direxion Daily Financial Bull 3X Shares (FAS) is 12.45%, while ProShares Ultra Silver (AGQ) has a volatility of 33.96%. This indicates that FAS experiences smaller price fluctuations and is considered to be less risky than AGQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAS | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.45% | 33.96% | -21.51% |
Volatility (6M)Calculated over the trailing 6-month period | 33.46% | 135.10% | -101.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 122.60% | -78.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.59% | 75.28% | -19.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.33% | 65.96% | -4.63% |
FAS vs. AGQ - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
FAS vs. AGQ - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 9.64%, while AGQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AGQ ProShares Ultra Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FAS Direxion Daily Financial Bull 3X Shares | 9.64% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
Frequently Asked Questions
FAS and AGQ 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 (33.96%) compared to FAS (12.45%). In terms of maximum drawdown, FAS dropped -91.61% vs AGQ's -98.16%.
On 10-year performance, FAS leads with 21.20% vs 8.24% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, FAS has been the lower-risk option at 12.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 21.20% return vs 8.24%. 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 1.00% for FAS.
FAS has the higher dividend yield at 9.64%, compared with 0.00% for AGQ.
FAS is categorized as Leveraged Equities, while AGQ is Silver. FAS tracks Russell 1000 Financial Services Index (300%), while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.00% for FAS and 0.93% for AGQ.
AGQ currently has the higher Sharpe Ratio (0.71 vs 0.03), 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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