SVR-C.TO vs. AGQ
SVR-C.TO (iShares Silver Bullion ETF (Non-Hedged)) and AGQ (ProShares Ultra Silver) are both Silver funds - SVR-C.TO tracks the LBMA Silver Price while AGQ tracks the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, SVR-C.TO returned 16.32%/yr vs 12.16%/yr for AGQ. A 0.70 correlation means they provide meaningful diversification when combined. SVR-C.TO charges 0.66%/yr vs 0.93%/yr for AGQ.
Performance
SVR-C.TO vs. AGQ - Performance Comparison
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Different Trading Currencies
SVR-C.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
In the year-to-date period, SVR-C.TO achieves a 3.58% return, which is significantly higher than AGQ's -29.95% return. Over the past 10 years, SVR-C.TO has outperformed AGQ with an annualized return of 16.32%, while AGQ has yielded a comparatively lower 12.16% annualized return.
SVR-C.TO
- 1D
- -2.08%
- 1M
- 2.36%
- YTD
- 3.58%
- 6M
- 23.35%
- 1Y
- 112.17%
- 3Y*
- 46.44%
- 5Y*
- 24.24%
- 10Y*
- 16.32%
AGQ
- 1D
- -4.86%
- 1M
- 0.20%
- YTD
- -29.95%
- 6M
- -6.12%
- 1Y
- 145.89%
- 3Y*
- 55.97%
- 5Y*
- 18.57%
- 10Y*
- 12.16%
SVR-C.TO vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVR-C.TO iShares Silver Bullion ETF (Non-Hedged) | 3.58% | 132.91% | 30.61% | -2.65% | 9.31% | -12.72% | 43.88% | 9.28% | -2.35% | -2.30% |
AGQ ProShares Ultra Silver | -29.95% | 339.58% | 34.57% | -16.96% | -1.32% | -32.87% | 59.28% | 14.12% | -15.49% | -1.23% |
Correlation
The correlation between SVR-C.TO and AGQ is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2011 | 0.70 |
Over the past year, SVR-C.TO and AGQ have become more correlated (0.91) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
SVR-C.TO vs. AGQ — Risk / Return Rank
SVR-C.TO
AGQ
SVR-C.TO vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Bullion ETF (Non-Hedged) (SVR-C.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.
| SVR-C.TO | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.33 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.94 | +0.78 |
| Martin ratioReturn relative to average drawdown | 5.83 | 3.69 | +2.14 |
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
| SVR-C.TO | AGQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 1.23 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.26 | +0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.19 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.04 | +0.19 |
Drawdowns
SVR-C.TO vs. AGQ - Drawdown Comparison
The maximum SVR-C.TO drawdown since its inception was -61.14%, smaller than the maximum AGQ drawdown of -97.19%. Use the drawdown chart below to compare losses from any high point for SVR-C.TO and AGQ.
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Drawdown Indicators
| SVR-C.TO | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.14% | -97.19% | +36.05% |
Max Drawdown (1Y)Largest decline over 1 year | -41.54% | -75.68% | +34.14% |
Max Drawdown (3Y)Largest decline over 3 years | -41.54% | -75.68% | +34.14% |
Max Drawdown (5Y)Largest decline over 5 years | -41.54% | -75.68% | +34.14% |
Max Drawdown (10Y)Largest decline over 10 years | -41.54% | -75.68% | +34.14% |
Current DrawdownCurrent decline from peak | -35.92% | -78.53% | +42.61% |
Average DrawdownAverage peak-to-trough decline | -35.58% | -80.03% | +44.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.30% | 39.69% | -20.39% |
Volatility
SVR-C.TO vs. AGQ - Volatility Comparison
The current volatility for iShares Silver Bullion ETF (Non-Hedged) (SVR-C.TO) is 16.01%, while ProShares Ultra Silver (AGQ) has a volatility of 33.41%. This indicates that SVR-C.TO 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
| SVR-C.TO | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.01% | 33.41% | -17.40% |
Volatility (6M)Calculated over the trailing 6-month period | 55.45% | 132.26% | -76.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.72% | 119.58% | -62.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.57% | 72.67% | -36.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 63.72% | -30.15% |
SVR-C.TO vs. AGQ - Expense Ratio Comparison
SVR-C.TO has a 0.66% expense ratio, which is lower than AGQ's 0.93% expense ratio.
Dividends
SVR-C.TO vs. AGQ - Dividend Comparison
Neither SVR-C.TO nor AGQ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, SVR-C.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.
On fees, SVR-C.TO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SVR-C.TO is cheaper with a 0.66% expense ratio, compared with 0.93% for AGQ.
SVR-C.TO tracks LBMA Silver Price, while AGQ tracks Bloomberg Silver Subindex (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.66% for SVR-C.TO and 0.93% for AGQ.
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