UGLD vs. AGQ

Last updated Jun 30, 2026

UGLD (Direxion Daily Gold Bull 2X ETF) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - UGLD is a Leveraged Commodities fund actively managed by Direxion, while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). UGLD is actively managed, while AGQ is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. UGLD charges 1.07%/yr vs 0.93%/yr for AGQ.

Performance

UGLD vs. AGQ - Performance Comparison

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

Returns By Period

UGLD

• 1D: -2.66%
• 1M: -23.12%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AGQ

• 1D: -2.27%
• 1M: -42.40%
• YTD: -57.51%
• 6M: -60.40%
• 1Y: 40.53%
• 3Y*: 34.73%
• 5Y*: 7.40%
• 10Y*: 2.35%

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

UGLD vs. AGQ - Yearly Performance Comparison

	2026 (YTD)
UGLD Direxion Daily Gold Bull 2X ETF	-19.30%
AGQ ProShares Ultra Silver	-40.92%

Correlation

The correlation between UGLD 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 (All Time) Calculated using the full available price history since May 28, 2026	0.93

Return for Risk

UGLD vs. AGQ — Risk / Return Rank

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

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AGQ

AGQ Risk / Return Rank: 20
AGQ Sharpe Ratio Rank: 14
AGQ Sortino Ratio Rank: 25
AGQ Omega Ratio Rank: 33
AGQ Calmar Ratio Rank: 15
AGQ Martin Ratio Rank: 13

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.

UGLD vs. AGQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Bull 2X ETF (UGLD) 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.

	UGLD	AGQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.33	—
Sortino ratio: Return per unit of downside risk	—	1.31	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	0.48	—
Martin ratio: Return relative to average drawdown	—	0.91	—

Drawdowns

UGLD vs. AGQ - Drawdown Comparison

The maximum UGLD drawdown since its inception was -24.16%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for UGLD and AGQ.

Drawdown Indicators

	UGLD	AGQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.16%	-98.16%	+74.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-84.08%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-84.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-84.08%	—
Current Drawdown Current decline from peak	-23.12%	-90.98%	+67.86%
Average Drawdown Average peak-to-trough decline	-12.33%	-79.88%	+67.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	44.89%	—

Volatility

Volatility by Period

	UGLD	AGQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	31.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.10%	124.64%	-65.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.10%	75.82%	-16.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.10%	66.27%	-7.17%

UGLD vs. AGQ - Expense Ratio Comparison

UGLD has a 1.07% expense ratio, which is higher than AGQ's 0.93% expense ratio.

Dividends

UGLD vs. AGQ - Dividend Comparison

UGLD's dividend yield for the trailing twelve months is around 0.24%, while AGQ has not paid dividends to shareholders.

Position	TTM
AGQ ProShares Ultra Silver	0.00%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%

Frequently Asked Questions

Can I hold both UGLD and AGQ in my portfolio?

With a correlation of 0.93, UGLD 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, UGLD 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, UGLD or AGQ?

AGQ is cheaper with a 0.93% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, UGLD or AGQ?

UGLD has the higher dividend yield at 0.24%, compared with 0.00% for AGQ.

What is the main difference between UGLD and AGQ?

UGLD is categorized as Leveraged Commodities, while AGQ is Silver. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for UGLD and 0.93% for AGQ.