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 48.94%/yr vs 7.54%/yr for AGQ. At a 0.16 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.93%/yr for AGQ.
Performance
GBTC vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -29.58% return, which is significantly higher than AGQ's -45.64% return. Over the past 10 years, GBTC has outperformed AGQ with an annualized return of 48.94%, while AGQ has yielded a comparatively lower 7.54% annualized return.
GBTC
- 1D
- -2.09%
- 1M
- -22.74%
- YTD
- -29.58%
- 6M
- -33.89%
- 1Y
- -43.81%
- 3Y*
- 52.63%
- 5Y*
- 9.63%
- 10Y*
- 48.94%
AGQ
- 1D
- -8.53%
- 1M
- -36.83%
- YTD
- -45.64%
- 6M
- -31.28%
- 1Y
- 69.32%
- 3Y*
- 39.74%
- 5Y*
- 9.46%
- 10Y*
- 7.54%
GBTC vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -29.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
AGQ ProShares Ultra Silver | -45.64% | 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 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.16 |
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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.
| GBTC | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.25 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.88 | -1.72 |
| Martin ratioReturn relative to average drawdown | -1.49 | 1.69 | -3.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | AGQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 0.57 | -1.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.13 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.11 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.06 | +0.61 |
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.
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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 | -52.45% | -78.94% | +26.49% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -78.94% | +26.49% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -78.94% | -6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -78.94% | -10.97% |
Current DrawdownCurrent decline from peak | -51.09% | -88.46% | +37.37% |
Average DrawdownAverage peak-to-trough decline | -43.42% | -79.85% | +36.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.34% | 41.07% | -11.73% |
Volatility
GBTC vs. AGQ - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.72%, while ProShares Ultra Silver (AGQ) has a volatility of 35.33%. 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.
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Volatility by Period
| GBTC | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.72% | 35.33% | -23.61% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 134.97% | -100.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.14% | 122.14% | -78.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.26% | 75.13% | -12.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.21% | 65.88% | +16.33% |
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 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (35.33%) compared to GBTC (11.72%). In terms of maximum drawdown, GBTC dropped -89.91% vs AGQ's -98.16%.
On 10-year performance, GBTC leads with 48.94% vs 7.54% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, GBTC has been the lower-risk option at 11.72%. 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 48.94% return vs 7.54%. 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 (0.57 vs -1.00), 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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