SSO vs. AGQ
SSO (ProShares Ultra S&P500) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 8.24%/yr for AGQ. At a 0.21 correlation, their price movements are largely independent. SSO charges 0.87%/yr vs 0.93%/yr for AGQ.
Performance
SSO vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 15.08% return, which is significantly higher than AGQ's -41.54% return. Over the past 10 years, SSO has outperformed AGQ with an annualized return of 24.02%, while AGQ has yielded a comparatively lower 8.24% annualized return.
SSO
- 1D
- 1.03%
- 1M
- -0.82%
- YTD
- 15.08%
- 6M
- 15.47%
- 1Y
- 43.79%
- 3Y*
- 34.18%
- 5Y*
- 18.57%
- 10Y*
- 24.02%
AGQ
- 1D
- 1.44%
- 1M
- -42.34%
- YTD
- -41.54%
- 6M
- -27.69%
- 1Y
- 86.62%
- 3Y*
- 45.61%
- 5Y*
- 11.26%
- 10Y*
- 8.24%
SSO vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 15.08% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
AGQ ProShares Ultra Silver | -41.54% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between SSO and AGQ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.21 |
The correlation between SSO and AGQ shifts across timeframes, from 0.20 (10 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SSO vs. AGQ — Risk / Return Rank
SSO
AGQ
SSO vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) 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.
| SSO | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.27 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.09 | +1.33 |
| Martin ratioReturn relative to average drawdown | 10.37 | 2.07 | +8.29 |
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Drawdowns
SSO vs. AGQ - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for SSO and AGQ.
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Drawdown Indicators
| SSO | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -98.16% | +13.49% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -79.89% | +61.72% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -79.89% | +44.68% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -79.89% | +33.16% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -79.89% | +20.55% |
Current DrawdownCurrent decline from peak | -4.94% | -87.59% | +82.65% |
Average DrawdownAverage peak-to-trough decline | -19.55% | -79.85% | +60.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 41.95% | -37.71% |
Volatility
SSO vs. AGQ - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 8.74%, while ProShares Ultra Silver (AGQ) has a volatility of 33.96%. This indicates that SSO 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
| SSO | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 33.96% | -25.22% |
Volatility (6M)Calculated over the trailing 6-month period | 19.17% | 135.10% | -115.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.54% | 122.60% | -98.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.78% | 75.28% | -41.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.95% | 65.96% | -30.01% |
SSO vs. AGQ - Expense Ratio Comparison
SSO has a 0.87% expense ratio, which is lower than AGQ's 0.93% expense ratio.
Dividends
SSO vs. AGQ - Dividend Comparison
SSO's dividend yield for the trailing twelve months is around 0.64%, 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% |
SSO ProShares Ultra S&P500 | 0.64% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
SSO and AGQ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (33.96%) compared to SSO (8.74%). In terms of maximum drawdown, SSO dropped -84.67% vs AGQ's -98.16%.
On 10-year performance, SSO leads with 24.02% vs 8.24% for AGQ. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.02% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.93% for AGQ.
SSO has the higher dividend yield at 0.64%, compared with 0.00% for AGQ.
SSO is categorized as Leveraged Equities, while AGQ is Silver. SSO tracks S&P 500, while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.87% for SSO and 0.93% for AGQ.
SSO currently has the higher Sharpe Ratio (1.79 vs 0.71), 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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