GLL vs. AGQ
GLL (ProShares UltraShort Gold) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, GLL returned -20.49%/yr vs 1.23%/yr for AGQ. Their -0.79 correlation means they have often moved in opposite directions in the past. GLL charges 0.95%/yr vs 0.93%/yr for AGQ.
Performance
GLL vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, GLL achieves a 1.34% return, which is significantly higher than AGQ's -58.79% return. Over the past 10 years, GLL has underperformed AGQ with an annualized return of -20.49%, while AGQ has yielded a comparatively higher 1.23% annualized return.
GLL
- 1D
- 3.15%
- 1M
- 3.39%
- 6M
- 33.97%
- YTD
- 1.34%
- 1Y
- -39.14%
- 3Y*
- -38.51%
- 5Y*
- -27.47%
- 10Y*
- -20.49%
- ALL TIME*
- -21.77%
AGQ
- 1D
- -4.43%
- 1M
- -11.11%
- 6M
- -60.08%
- YTD
- -58.79%
- 1Y
- 29.99%
- 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 | |
| $38.26M | $37.47M | $59.93M |
GLL vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLL ProShares UltraShort Gold | 1.34% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
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 GLL and AGQ is -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.79 |
The correlation between GLL and AGQ has been stable across timeframes, ranging from -0.82 to -0.77 - a consistent structural relationship.
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Return for Risk
GLL vs. AGQ — Risk / Return Rank
GLL
AGQ
GLL vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Gold (GLL) 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.
| GLL | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.19 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.38 | -1.02 |
| Martin ratioReturn relative to average drawdown | -0.94 | 0.62 | -1.56 |
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Drawdowns
GLL vs. AGQ - Drawdown Comparison
The maximum GLL drawdown since its inception was -99.24%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for GLL and AGQ.
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Drawdown Indicators
| GLL | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.24% | -98.16% | -1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -64.23% | -85.13% | +20.90% |
Max Drawdown (3Y)Largest decline over 3 years | -87.95% | -85.13% | -2.82% |
Max Drawdown (5Y)Largest decline over 5 years | -89.76% | -85.13% | -4.63% |
Max Drawdown (10Y)Largest decline over 10 years | -95.76% | -85.13% | -10.63% |
Current DrawdownCurrent decline from peak | -98.74% | -91.25% | -7.49% |
Average DrawdownAverage peak-to-trough decline | -85.23% | -79.93% | -5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.60% | 51.43% | -6.83% |
Volatility
GLL vs. AGQ - Volatility Comparison
The current volatility for ProShares UltraShort Gold (GLL) is 12.63%, while ProShares Ultra Silver (AGQ) has a volatility of 22.86%. This indicates that GLL 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
| GLL | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.63% | 22.86% | -10.23% |
Volatility (6M)Calculated over the trailing 6-month period | 45.01% | 127.92% | -82.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.39% | 125.49% | -70.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 76.26% | -39.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.48% | 66.42% | -33.94% |
GLL vs. AGQ - Expense Ratio Comparison
GLL has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
GLL vs. AGQ - Dividend Comparison
Neither GLL nor AGQ has paid dividends to shareholders.
Frequently Asked Questions
GLL and AGQ have a correlation of -0.82, 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 GLL (12.63%). In terms of maximum drawdown, GLL dropped -99.24% vs AGQ's -98.16%.
On 10-year performance, AGQ leads with 1.23% vs -20.49% for GLL. On fees, AGQ is cheaper at 0.93% per year. On volatility, GLL has been the lower-risk option at 12.63%. 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 1.23% return vs -20.49%. 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 GLL.
GLL and AGQ have nearly identical dividend yields, around 0.00%.
GLL is categorized as Leveraged Commodities, while AGQ is Silver. GLL tracks Bloomberg Gold (-200%), while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.95% for GLL and 0.93% for AGQ.
AGQ currently has the higher Sharpe Ratio (0.26 vs -0.75), 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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