PAAS vs. AGQ

Last updated Jun 5, 2026

PAAS (Pan American Silver Corp.) is a stock, while AGQ (ProShares Ultra Silver) is Silver fund tracking the Bloomberg Silver Subindex (200%). Over the past 10 years, PAAS returned 14.77%/yr vs 11.51%/yr for AGQ. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

PAAS vs. AGQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pan American Silver Corp. (PAAS) 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, PAAS achieves a 3.00% return, which is significantly higher than AGQ's -29.18% return. Over the past 10 years, PAAS has outperformed AGQ with an annualized return of 14.77%, while AGQ has yielded a comparatively lower 11.51% annualized return.

PAAS

• 1D: 0.87%
• 1M: 5.35%
• YTD: 3.00%
• 6M: 20.73%
• 1Y: 102.22%
• 3Y*: 53.57%
• 5Y*: 12.68%
• 10Y*: 14.77%

AGQ

• 1D: 2.38%
• 1M: 0.62%
• YTD: -29.18%
• 6M: 1.31%
• 1Y: 149.89%
• 3Y*: 55.60%
• 5Y*: 15.82%
• 10Y*: 11.51%

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

PAAS vs. AGQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS Pan American Silver Corp.	3.00%	160.40%	26.61%	2.50%	-33.00%	-26.78%	46.88%	63.86%	-5.30%	3.86%
AGQ ProShares Ultra Silver	-29.18%	360.71%	23.92%	-15.09%	-7.89%	-32.25%	62.02%	20.02%	-22.10%	5.49%

Correlation

The correlation between PAAS and AGQ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 5, 2008	0.69

The correlation between PAAS and AGQ has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

Return for Risk

PAAS vs. AGQ — Risk / Return Rank

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

PAAS

PAAS Risk / Return Rank: 83
PAAS Sharpe Ratio Rank: 87
PAAS Sortino Ratio Rank: 80
PAAS Omega Ratio Rank: 81
PAAS Calmar Ratio Rank: 84
PAAS Martin Ratio Rank: 85

AGQ

AGQ Risk / Return Rank: 39
AGQ Sharpe Ratio Rank: 36
AGQ Sortino Ratio Rank: 39
AGQ Omega Ratio Rank: 54
AGQ Calmar Ratio Rank: 41
AGQ Martin Ratio Rank: 27

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.

PAAS vs. AGQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS) 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.

	PAAS	AGQ	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.25	+0.65
Sortino ratio: Return per unit of downside risk	2.34	1.94	+0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio: Return relative to maximum drawdown	3.22	1.98	+1.24
Martin ratio: Return relative to average drawdown	8.81	3.75	+5.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAAS vs. AGQ - Sharpe Ratio Comparison

The current PAAS Sharpe Ratio is 1.90, which is higher than the AGQ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of PAAS 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

	PAAS	AGQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.25	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.21	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.18	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.08	+0.09

Drawdowns

PAAS vs. AGQ - Drawdown Comparison

The maximum PAAS drawdown since its inception was -85.10%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for PAAS and AGQ.

Drawdown Indicators

	PAAS	AGQ	Difference
Max Drawdown Largest peak-to-trough decline	-85.10%	-98.16%	+13.06%
Max Drawdown (1Y) Largest decline over 1 year	-31.90%	-76.21%	+44.31%
Max Drawdown (3Y) Largest decline over 3 years	-31.90%	-76.21%	+44.31%
Max Drawdown (5Y) Largest decline over 5 years	-60.02%	-76.21%	+16.19%
Max Drawdown (10Y) Largest decline over 10 years	-66.74%	-76.25%	+9.51%
Current Drawdown Current decline from peak	-22.32%	-84.96%	+62.64%
Average Drawdown Average peak-to-trough decline	-41.65%	-79.86%	+38.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.64%	40.19%	-28.55%

Volatility

PAAS vs. AGQ - Volatility Comparison

The current volatility for Pan American Silver Corp. (PAAS) is 19.47%, while ProShares Ultra Silver (AGQ) has a volatility of 33.59%. This indicates that PAAS 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

	PAAS	AGQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.47%	33.59%	-14.12%
Volatility (6M) Calculated over the trailing 6-month period	43.85%	133.69%	-89.84%
Volatility (1Y) Calculated over the trailing 1-year period	54.19%	120.79%	-66.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.69%	74.68%	-26.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.47%	65.65%	-16.18%

Dividends

PAAS vs. AGQ - Dividend Comparison

PAAS's dividend yield for the trailing twelve months is around 1.17%, while AGQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAAS Pan American Silver Corp.	1.17%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%

Frequently Asked Questions

Can I hold both PAAS and AGQ in my portfolio?

PAAS and AGQ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAAS or AGQ?

AGQ has higher volatility (33.59%) compared to PAAS (19.47%). In terms of maximum drawdown, PAAS dropped -85.10% vs AGQ's -98.16%.

Which has better risk-adjusted returns?

PAAS currently has the higher Sharpe Ratio (1.90 vs 1.25), 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.