GDXU vs. AGQ
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 5 years, GDXU returned -10.60%/yr vs 9.81%/yr for AGQ. Their 0.78 correlation means they have sometimes moved together and sometimes differently. GDXU charges 0.95%/yr vs 0.93%/yr for AGQ.
Performance
GDXU vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -64.09% return, which is significantly lower than AGQ's -56.47% return.
GDXU
- 1D
- 7.92%
- 1M
- -8.65%
- 6M
- -72.51%
- YTD
- -64.09%
- 1Y
- 11.75%
- 3Y*
- 37.83%
- 5Y*
- -10.60%
- 10Y*
- —
- ALL TIME*
- -16.49%
AGQ
- 1D
- 5.20%
- 1M
- -6.10%
- 6M
- -59.38%
- YTD
- -56.47%
- 1Y
- 34.47%
- 3Y*
- 33.27%
- 5Y*
- 9.81%
- 10Y*
- 2.74%
- ALL TIME*
- 2.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $130.55M | $131.30M | $272.55M | |
| $105.89M | $107.55M | $168.52M |
GDXU vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -64.09% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
AGQ ProShares Ultra Silver | -56.47% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 19.93% |
Correlation
The correlation between GDXU and AGQ is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.78 |
The correlation between GDXU and AGQ has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.
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Return for Risk
GDXU vs. AGQ — Risk / Return Rank
GDXU
AGQ
GDXU vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) 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.
| GDXU | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.41 | -0.27 |
| Martin ratioReturn relative to average drawdown | 0.24 | 0.67 | -0.43 |
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Drawdowns
GDXU vs. AGQ - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for GDXU and AGQ.
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Drawdown Indicators
| GDXU | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -98.16% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -87.14% | -85.13% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -87.14% | -85.13% | -2.01% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -85.13% | -6.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -85.13% | — |
Current DrawdownCurrent decline from peak | -83.33% | -90.76% | +7.43% |
Average DrawdownAverage peak-to-trough decline | -70.10% | -79.94% | +9.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.21% | 51.96% | -2.75% |
Volatility
GDXU vs. AGQ - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 38.36% compared to ProShares Ultra Silver (AGQ) at 22.46%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier 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
| GDXU | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 38.36% | 22.46% | +15.90% |
Volatility (6M)Calculated over the trailing 6-month period | 117.20% | 90.17% | +27.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 147.65% | 125.56% | +22.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.58% | 76.32% | +37.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.57% | 66.42% | +45.15% |
GDXU vs. AGQ - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
GDXU vs. AGQ - Dividend Comparison
Neither GDXU nor AGQ has paid dividends to shareholders.
Frequently Asked Questions
GDXU and AGQ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (38.36%) compared to AGQ (22.46%). In terms of maximum drawdown, GDXU dropped -94.39% vs AGQ's -98.16%.
On 5-year performance, AGQ leads with 9.81% vs -10.60% for GDXU. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 22.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AGQ has performed better with a 9.81% return vs -10.60%. 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 0.95% for GDXU.
GDXU and AGQ have nearly identical dividend yields, around 0.00%.
GDXU is categorized as Leveraged Equities, while AGQ is Silver. GDXU tracks S-Network MicroSectors Gold Miners Index, while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for GDXU and 0.93% for AGQ.
AGQ currently has the higher Sharpe Ratio (0.28 vs 0.08), 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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