GBTC vs. AGQ
GBTC (Grayscale Bitcoin Trust ETF) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, GBTC returned 50.99%/yr vs 1.23%/yr for AGQ. Their 0.16 correlation means their historical movements had little consistent relationship. GBTC charges 1.50%/yr vs 0.93%/yr for AGQ.
Performance
GBTC vs. AGQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -28.72% return, which is significantly higher than AGQ's -58.79% return. Over the past 10 years, GBTC has outperformed AGQ with an annualized return of 50.99%, while AGQ has yielded a comparatively lower 1.23% annualized return.
GBTC
- 1D
- -2.85%
- 1M
- 4.80%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -46.91%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
AGQ
- 1D
- -4.43%
- 1M
- -6.44%
- 6M
- -60.08%
- YTD
- -58.79%
- 1Y
- 31.87%
- 3Y*
- 28.23%
- 5Y*
- 8.02%
- 10Y*
- 1.23%
- ALL TIME*
- 1.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $125.84M | $135.44M | $281.05M | |
| $75.53M | $74.63M | $101.29M |
GBTC vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
AGQ ProShares Ultra Silver | -58.79% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between GBTC and AGQ is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.16 |
The correlation between GBTC and AGQ shifts across timeframes, from 0.16 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. AGQ — Risk / Return Rank
GBTC
AGQ
GBTC vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.19 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 0.38 | -1.25 |
| Martin ratioReturn relative to average drawdown | -1.34 | 0.62 | -1.97 |
Loading charts...
Drawdowns
GBTC vs. AGQ - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for GBTC and AGQ.
Loading charts...
Drawdown Indicators
| GBTC | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -98.16% | +8.25% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -85.13% | +31.38% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -85.13% | +31.38% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -85.13% | -0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -85.13% | -4.78% |
Current DrawdownCurrent decline from peak | -50.49% | -91.25% | +40.76% |
Average DrawdownAverage peak-to-trough decline | -43.51% | -79.93% | +36.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.92% | 51.43% | -16.51% |
Volatility
GBTC vs. AGQ - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.06%, while ProShares Ultra Silver (AGQ) has a volatility of 22.86%. This indicates that GBTC 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.
Loading charts...
Volatility by Period
| GBTC | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 22.86% | -13.80% |
Volatility (6M)Calculated over the trailing 6-month period | 33.68% | 127.92% | -94.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.36% | 125.49% | -81.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.60% | 76.26% | -15.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.27% | 66.42% | +14.85% |
GBTC vs. AGQ - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
GBTC vs. AGQ - Dividend Comparison
Neither GBTC nor AGQ has 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% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
GBTC and AGQ have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.86%) compared to GBTC (9.06%). In terms of maximum drawdown, GBTC dropped -89.91% vs AGQ's -98.16%.
On 10-year performance, GBTC leads with 50.99% vs 1.23% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, GBTC has been the lower-risk option at 9.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 50.99% return vs 1.23%. 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 1.50% for GBTC.
GBTC and AGQ have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while AGQ is Silver. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.93% for AGQ.
AGQ currently has the higher Sharpe Ratio (0.26 vs -1.06), 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.
Find the right allocation for GBTC and AGQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer