MNS.TO vs. AGQ

Last updated Jun 4, 2026

MNS.TO (Royal Canadian Mint - Canadian Silver Reserves) and AGQ (ProShares Ultra Silver) are both Silver funds - MNS.TO tracks the N/A (Physical Bullion) while AGQ tracks the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, MNS.TO returned 16.17%/yr vs 12.16%/yr for AGQ. A 0.72 correlation means they provide meaningful diversification when combined. MNS.TO charges 0.45%/yr vs 0.93%/yr for AGQ.

Performance

MNS.TO vs. AGQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) and ProShares Ultra Silver (AGQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MNS.TO is traded in CAD, while AGQ is traded in USD. To make them comparable, the AGQ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MNS.TO achieves a -8.40% return, which is significantly higher than AGQ's -29.95% return. Over the past 10 years, MNS.TO has outperformed AGQ with an annualized return of 16.17%, while AGQ has yielded a comparatively lower 12.16% annualized return.

MNS.TO

• 1D: -2.02%
• 1M: 1.76%
• YTD: -8.40%
• 6M: 21.27%
• 1Y: 101.71%
• 3Y*: 47.34%
• 5Y*: 23.26%
• 10Y*: 16.17%

AGQ

• 1D: -4.86%
• 1M: 0.20%
• YTD: -29.95%
• 6M: -6.12%
• 1Y: 145.89%
• 3Y*: 55.97%
• 5Y*: 18.57%
• 10Y*: 12.16%

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

MNS.TO vs. AGQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNS.TO Royal Canadian Mint - Canadian Silver Reserves	-8.40%	161.12%	41.73%	-5.85%	5.27%	-15.46%	45.70%	9.85%	-1.65%	-1.63%
AGQ ProShares Ultra Silver	-29.95%	339.58%	34.57%	-16.96%	-1.32%	-32.87%	59.28%	14.12%	-15.49%	-1.23%

Correlation

The correlation between MNS.TO and AGQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 6, 2012	0.72

The correlation between MNS.TO and AGQ shifts across timeframes, from 0.72 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MNS.TO vs. AGQ — Risk / Return Rank

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

MNS.TO

MNS.TO Risk / Return Rank: 48
MNS.TO Sharpe Ratio Rank: 55
MNS.TO Sortino Ratio Rank: 39
MNS.TO Omega Ratio Rank: 56
MNS.TO Calmar Ratio Rank: 53
MNS.TO Martin Ratio Rank: 37

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.

MNS.TO vs. AGQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) 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.

	MNS.TO	AGQ	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.23	+0.67
Sortino ratio: Return per unit of downside risk	2.05	1.93	+0.12
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	2.67	1.94	+0.73
Martin ratio: Return relative to average drawdown	5.94	3.69	+2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNS.TO vs. AGQ - Sharpe Ratio Comparison

The current MNS.TO Sharpe Ratio is 1.89, which is higher than the AGQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of MNS.TO 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

	MNS.TO	AGQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.23	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.26	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.19	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.04	+0.24

Drawdowns

MNS.TO vs. AGQ - Drawdown Comparison

The maximum MNS.TO drawdown since its inception was -51.12%, smaller than the maximum AGQ drawdown of -97.19%. Use the drawdown chart below to compare losses from any high point for MNS.TO and AGQ.

Drawdown Indicators

	MNS.TO	AGQ	Difference
Max Drawdown Largest peak-to-trough decline	-51.12%	-97.19%	+46.07%
Max Drawdown (1Y) Largest decline over 1 year	-38.31%	-75.68%	+37.37%
Max Drawdown (3Y) Largest decline over 3 years	-38.31%	-75.68%	+37.37%
Max Drawdown (5Y) Largest decline over 5 years	-38.31%	-75.68%	+37.37%
Max Drawdown (10Y) Largest decline over 10 years	-42.02%	-75.68%	+33.66%
Current Drawdown Current decline from peak	-31.98%	-78.53%	+46.55%
Average Drawdown Average peak-to-trough decline	-28.15%	-80.03%	+51.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.19%	39.69%	-22.50%

Volatility

MNS.TO vs. AGQ - Volatility Comparison

The current volatility for Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) is 15.55%, while ProShares Ultra Silver (AGQ) has a volatility of 33.41%. This indicates that MNS.TO 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

	MNS.TO	AGQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.55%	33.41%	-17.86%
Volatility (6M) Calculated over the trailing 6-month period	52.13%	132.26%	-80.13%
Volatility (1Y) Calculated over the trailing 1-year period	54.03%	119.58%	-65.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.67%	72.67%	-38.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.05%	63.72%	-31.67%

MNS.TO vs. AGQ - Expense Ratio Comparison

MNS.TO has a 0.45% expense ratio, which is lower than AGQ's 0.93% expense ratio.

Dividends

MNS.TO vs. AGQ - Dividend Comparison

Neither MNS.TO nor AGQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MNS.TO and AGQ in my portfolio?

MNS.TO 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.

Which ETF is better, MNS.TO or AGQ?

On fees, MNS.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNS.TO or AGQ?

MNS.TO is cheaper with a 0.45% expense ratio, compared with 0.93% for AGQ.

What is the main difference between MNS.TO and AGQ?

MNS.TO tracks N/A (Physical Bullion), while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Royal Canadian Mint and ProShares. Their fees differ too: 0.45% for MNS.TO and 0.93% for AGQ.