PAAS vs. AGQ
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 9.52%/yr vs 1.23%/yr for AGQ. Their 0.69 correlation means they have sometimes moved together and sometimes differently.
Performance
PAAS vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, PAAS achieves a -16.30% return, which is significantly higher than AGQ's -58.79% return. Over the past 10 years, PAAS has outperformed AGQ with an annualized return of 9.52%, while AGQ has yielded a comparatively lower 1.23% annualized return.
PAAS
- 1D
- -2.09%
- 1M
- -6.87%
- 6M
- -20.58%
- YTD
- -16.30%
- 1Y
- 61.72%
- 3Y*
- 40.98%
- 5Y*
- 11.18%
- 10Y*
- 9.52%
- ALL TIME*
- 8.09%
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 | |
| $152.76M | $168.96M | $235.64M |
PAAS vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAAS Pan American Silver Corp. | -16.30% | 160.40% | 26.61% | 2.50% | -33.00% | -26.78% | 46.88% | 63.86% | -5.30% | 3.86% |
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 PAAS and AGQ is 0.80, 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. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.69 |
The correlation between PAAS and AGQ shifts across timeframes, from 0.69 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PAAS vs. AGQ — Risk / Return Rank
PAAS
AGQ
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.
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.
| PAAS | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 0.38 | +1.22 |
| Martin ratioReturn relative to average drawdown | 3.51 | 0.62 | +2.89 |
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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.
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Drawdown Indicators
| PAAS | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.10% | -98.16% | +13.06% |
Max Drawdown (1Y)Largest decline over 1 year | -38.84% | -85.13% | +46.29% |
Max Drawdown (3Y)Largest decline over 3 years | -38.84% | -85.13% | +46.29% |
Max Drawdown (5Y)Largest decline over 5 years | -57.39% | -85.13% | +27.74% |
Max Drawdown (10Y)Largest decline over 10 years | -66.74% | -85.13% | +18.39% |
Current DrawdownCurrent decline from peak | -36.88% | -91.25% | +54.37% |
Average DrawdownAverage peak-to-trough decline | -41.61% | -79.93% | +38.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.65% | 51.43% | -33.78% |
Volatility
PAAS vs. AGQ - Volatility Comparison
The current volatility for Pan American Silver Corp. (PAAS) is 12.10%, while ProShares Ultra Silver (AGQ) has a volatility of 22.86%. 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.
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Volatility by Period
| PAAS | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 22.86% | -10.76% |
Volatility (6M)Calculated over the trailing 6-month period | 43.93% | 127.92% | -83.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.24% | 125.49% | -69.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.23% | 76.26% | -28.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.55% | 66.42% | -16.87% |
Dividends
PAAS vs. AGQ - Dividend Comparison
PAAS's dividend yield for the trailing twelve months is around 1.44%, 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. | 1.44% | 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
PAAS and AGQ have a correlation of 0.80, 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 PAAS (12.10%). In terms of maximum drawdown, PAAS dropped -85.10% vs AGQ's -98.16%.
PAAS currently has the higher Sharpe Ratio (1.10 vs 0.26), 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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