SPMO vs. AGQ
SPMO (Invesco S&P 500 Momentum ETF) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, SPMO returned 20.35%/yr vs 7.54%/yr for AGQ. At a 0.18 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.93%/yr for AGQ.
Performance
SPMO vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPMO achieves a 23.98% return, which is significantly higher than AGQ's -45.64% return. Over the past 10 years, SPMO has outperformed AGQ with an annualized return of 20.35%, while AGQ has yielded a comparatively lower 7.54% annualized return.
SPMO
- 1D
- -0.25%
- 1M
- 2.57%
- YTD
- 23.98%
- 6M
- 22.84%
- 1Y
- 39.21%
- 3Y*
- 40.17%
- 5Y*
- 22.76%
- 10Y*
- 20.35%
AGQ
- 1D
- -8.53%
- 1M
- -36.83%
- YTD
- -45.64%
- 6M
- -31.28%
- 1Y
- 69.32%
- 3Y*
- 39.74%
- 5Y*
- 9.46%
- 10Y*
- 7.54%
SPMO vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 23.98% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
AGQ ProShares Ultra Silver | -45.64% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between SPMO and AGQ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.18 |
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Return for Risk
SPMO vs. AGQ — Risk / Return Rank
SPMO
AGQ
SPMO vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) 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.
| SPMO | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 0.88 | +2.22 |
| Martin ratioReturn relative to average drawdown | 11.87 | 1.69 | +10.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMO | AGQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 0.57 | +1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.17 | 0.13 | +1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.00 | 0.11 | +0.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 0.06 | +0.92 |
Drawdowns
SPMO vs. AGQ - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for SPMO and AGQ.
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Drawdown Indicators
| SPMO | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -98.16% | +67.21% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -78.94% | +66.24% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -78.94% | +58.81% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | -78.94% | +56.20% |
Max Drawdown (10Y)Largest decline over 10 years | -30.95% | -78.94% | +47.99% |
Current DrawdownCurrent decline from peak | -4.89% | -88.46% | +83.57% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -79.85% | +75.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 41.07% | -37.76% |
Volatility
SPMO vs. AGQ - Volatility Comparison
The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 8.94%, while ProShares Ultra Silver (AGQ) has a volatility of 35.33%. This indicates that SPMO 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
| SPMO | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.94% | 35.33% | -26.39% |
Volatility (6M)Calculated over the trailing 6-month period | 15.83% | 134.97% | -119.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.68% | 122.14% | -103.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.50% | 75.13% | -55.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.41% | 65.88% | -45.47% |
SPMO vs. AGQ - Expense Ratio Comparison
SPMO has a 0.13% expense ratio, which is lower than AGQ's 0.93% expense ratio.
Dividends
SPMO vs. AGQ - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.69%, 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.69% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
SPMO and AGQ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (35.33%) compared to SPMO (8.94%). In terms of maximum drawdown, SPMO dropped -30.95% vs AGQ's -98.16%.
On 10-year performance, SPMO leads with 20.35% vs 7.54% for AGQ. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 8.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.35% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.93% for AGQ.
SPMO has the higher dividend yield at 0.69%, compared with 0.00% for AGQ.
SPMO is categorized as Momentum, while AGQ is Silver. SPMO tracks S&P 500 Momentum Index, while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.13% for SPMO and 0.93% for AGQ.
SPMO currently has the higher Sharpe Ratio (2.11 vs 0.57), 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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