KOLD vs. AGQ

Last updated Jun 4, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, KOLD returned -26.46%/yr vs 11.35%/yr for AGQ. At a 0.00 correlation, their price movements are largely independent. KOLD charges 0.95%/yr vs 0.93%/yr for AGQ.

Performance

KOLD vs. AGQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Silver (AGQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than AGQ's -30.83% return. Over the past 10 years, KOLD has underperformed AGQ with an annualized return of -26.46%, while AGQ has yielded a comparatively higher 11.35% annualized return.

KOLD

• 1D: -4.10%
• 1M: -9.53%
• YTD: -37.03%
• 6M: -5.09%
• 1Y: -1.55%
• 3Y*: -20.65%
• 5Y*: -40.59%
• 10Y*: -26.46%

AGQ

• 1D: -5.25%
• 1M: -1.76%
• YTD: -30.83%
• 6M: -5.75%
• 1Y: 142.76%
• 3Y*: 54.17%
• 5Y*: 15.27%
• 10Y*: 11.35%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. AGQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KOLD ProShares UltraShort Bloomberg Natural Gas	-37.03%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-46.48%	72.02%
AGQ ProShares Ultra Silver	-30.83%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%

Correlation

The correlation between KOLD and AGQ is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	0.00

Return for Risk

KOLD vs. AGQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 8
KOLD Sortino Ratio Rank: 16
KOLD Omega Ratio Rank: 17
KOLD Calmar Ratio Rank: 8
KOLD Martin Ratio Rank: 8

AGQ

AGQ Risk / Return Rank: 36
AGQ Sharpe Ratio Rank: 32
AGQ Sortino Ratio Rank: 36
AGQ Omega Ratio Rank: 51
AGQ Calmar Ratio Rank: 37
AGQ Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KOLD vs. AGQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) 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.

	KOLD	AGQ	Difference
Sharpe ratio Return per unit of total volatility	-0.01	1.19	-1.20
Sortino ratio Return per unit of downside risk	0.82	1.91	-1.09
Omega ratio Gain probability vs. loss probability	1.11	1.32	-0.22
Calmar ratio Return relative to maximum drawdown	-0.02	1.88	-1.91
Martin ratio Return relative to average drawdown	-0.04	3.59	-3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOLD vs. AGQ - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.01, which is lower than the AGQ Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of KOLD and AGQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KOLD	AGQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	1.19	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	0.21	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	0.17	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.08	-0.22

Drawdowns

KOLD vs. AGQ - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for KOLD and AGQ.

Drawdown Indicators

	KOLD	AGQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-98.16%	-1.29%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-76.21%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-76.21%	-8.13%
Max Drawdown (5Y) Largest decline over 5 years	-98.45%	-76.21%	-22.24%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-76.25%	-23.20%
Current Drawdown Current decline from peak	-97.43%	-85.31%	-12.12%
Average Drawdown Average peak-to-trough decline	-69.49%	-79.86%	+10.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.01%	39.92%	-3.91%

Volatility

KOLD vs. AGQ - Volatility Comparison

The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 24.65%, while ProShares Ultra Silver (AGQ) has a volatility of 33.51%. This indicates that KOLD 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.

Volatility by Period

	KOLD	AGQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.65%	33.51%	-8.86%
Volatility (6M) Calculated over the trailing 6-month period	99.37%	133.70%	-34.33%
Volatility (1Y) Calculated over the trailing 1-year period	113.51%	120.79%	-7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.76%	74.68%	+44.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.76%	65.66%	+36.10%

KOLD vs. AGQ - Expense Ratio Comparison

KOLD has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.

Dividends

KOLD vs. AGQ - Dividend Comparison

Neither KOLD nor AGQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KOLD and AGQ in my portfolio?

KOLD and AGQ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOLD or AGQ?

AGQ has higher volatility (33.51%) compared to KOLD (24.65%). In terms of maximum drawdown, KOLD dropped -99.45% vs AGQ's -98.16%.

Which ETF is better, KOLD or AGQ?

On 10-year performance, AGQ leads with 11.35% vs -26.46% for KOLD. On fees, AGQ is cheaper at 0.93% per year. On volatility, KOLD has been the lower-risk option at 24.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or AGQ?

Over the 10-year period, AGQ has performed better with a 11.35% return vs -26.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or AGQ?

AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for KOLD.

Which ETF pays a higher dividend yield, KOLD or AGQ?

KOLD and AGQ have nearly identical dividend yields, around 0.00%.

What is the main difference between KOLD and AGQ?

KOLD is categorized as Leveraged Commodities, while AGQ is Silver. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.95% for KOLD and 0.93% for AGQ.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (1.19 vs -0.01), 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.