SLVU.TO vs. AGQ

Last updated Jul 18, 2026

SLVU.TO (BetaPro Silver 2x Daily Bull ETF) and AGQ (ProShares Ultra Silver) are both Silver funds - SLVU.TO tracks the Solactive Silver Front Month MD Rolling Futures Index ER while AGQ tracks the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, SLVU.TO returned -2.36%/yr vs 2.11%/yr for AGQ. With a 0.95 correlation, they move nearly in lockstep. SLVU.TO charges 2.20%/yr vs 0.93%/yr for AGQ.

Performance

SLVU.TO vs. AGQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro Silver 2x Daily Bull ETF (SLVU.TO) and ProShares Ultra Silver (AGQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SLVU.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

The year-to-date returns for both investments are quite close, with SLVU.TO having a -62.36% return and AGQ slightly higher at -60.12%. Over the past 10 years, SLVU.TO has underperformed AGQ with an annualized return of -2.36%, while AGQ has yielded a comparatively higher 2.11% annualized return.

SLVU.TO

• 1D: 1.65%
• 1M: -31.65%
• 6M: -75.96%
• YTD: -62.36%
• 1Y: 9.44%
• 3Y*: 19.28%
• 5Y*: 3.55%
• 10Y*: -2.36%

AGQ

• 1D: 1.37%
• 1M: -31.41%
• 6M: -74.91%
• YTD: -60.12%
• 1Y: 16.62%
• 3Y*: 25.50%
• 5Y*: 8.80%
• 10Y*: 2.11%

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

SLVU.TO vs. AGQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLVU.TO BetaPro Silver 2x Daily Bull ETF	-62.36%	349.25%	20.60%	-15.93%	-10.22%	-34.60%	55.36%	16.38%	-26.60%	1.00%
AGQ ProShares Ultra Silver	-60.12%	339.67%	34.42%	-17.11%	-2.05%	-32.29%	58.18%	15.08%	-15.55%	-1.65%

Correlation

The correlation between SLVU.TO and AGQ is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 4, 2009	0.95

The correlation between SLVU.TO and AGQ has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

SLVU.TO vs. AGQ — Risk / Return Rank

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

SLVU.TO

SLVU.TO Risk / Return Rank: 17
SLVU.TO Sharpe Ratio Rank: 12
SLVU.TO Sortino Ratio Rank: 23
SLVU.TO Omega Ratio Rank: 29
SLVU.TO Calmar Ratio Rank: 12
SLVU.TO Martin Ratio Rank: 11

AGQ

AGQ Risk / Return Rank: 18
AGQ Sharpe Ratio Rank: 12
AGQ Sortino Ratio Rank: 24
AGQ Omega Ratio Rank: 29
AGQ Calmar Ratio Rank: 12
AGQ Martin Ratio Rank: 11

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaPro Silver 2x Daily Bull ETF (SLVU.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.

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.

	SLVU.TO	AGQ	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.13	-0.06
Sortino ratio: Return per unit of downside risk	1.04	1.12	-0.08
Omega ratio: Gain probability vs. loss probability	1.16	1.17	-0.01
Calmar ratio: Return relative to maximum drawdown	0.11	0.20	-0.09
Martin ratio: Return relative to average drawdown	0.19	0.34	-0.15

SLVU.TO vs. AGQ - Sharpe Ratio Comparison

The current SLVU.TO Sharpe Ratio is 0.08, which is lower than the AGQ Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of SLVU.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.

Drawdowns

SLVU.TO vs. AGQ - Drawdown Comparison

The maximum SLVU.TO drawdown since its inception was -98.60%, roughly equal to the maximum AGQ drawdown of -97.25%. Use the drawdown chart below to compare losses from any high point for SLVU.TO and AGQ.

Drawdown Indicators

	SLVU.TO	AGQ	Difference
Max Drawdown Largest peak-to-trough decline	-98.60%	-97.25%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	-85.60%	-84.65%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-85.60%	-84.65%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-85.60%	-84.65%	-0.95%
Max Drawdown (10Y) Largest decline over 10 years	-85.60%	-84.65%	-0.95%
Current Drawdown Current decline from peak	-94.75%	-87.80%	-6.95%
Average Drawdown Average peak-to-trough decline	-84.45%	-78.20%	-6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.27%	48.43%	+0.84%

Volatility

SLVU.TO vs. AGQ - Volatility Comparison

BetaPro Silver 2x Daily Bull ETF (SLVU.TO) and ProShares Ultra Silver (AGQ) have volatilities of 26.01% and 26.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLVU.TO	AGQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.01%	26.39%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	130.47%	129.47%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	122.61%	124.64%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.22%	76.18%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.08%	66.59%	-0.51%

SLVU.TO vs. AGQ - Expense Ratio Comparison

SLVU.TO has a 2.20% expense ratio, which is higher than AGQ's 0.93% expense ratio.

Dividends

SLVU.TO vs. AGQ - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.93, SLVU.TO and AGQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SLVU.TO or AGQ?

On fees, AGQ is cheaper at 0.93% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SLVU.TO or AGQ?

AGQ is cheaper with a 0.93% expense ratio, compared with 2.20% for SLVU.TO.

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

SLVU.TO tracks Solactive Silver Front Month MD Rolling Futures Index ER, while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 2.20% for SLVU.TO and 0.93% for AGQ.