ULE vs. AGQ
ULE (ProShares Ultra Euro) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs 1.23%/yr for AGQ. Their 0.36 correlation means their historical movements had little consistent relationship. ULE charges 0.95%/yr vs 0.93%/yr for AGQ.
Performance
ULE vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly higher than AGQ's -58.79% return. Over the past 10 years, ULE has underperformed AGQ with an annualized return of -2.49%, while AGQ has yielded a comparatively higher 1.23% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
AGQ
- 1D
- -4.43%
- 1M
- -11.11%
- 6M
- -60.08%
- YTD
- -58.79%
- 1Y
- 29.99%
- 3Y*
- 28.23%
- 5Y*
- 8.02%
- 10Y*
- 1.23%
- ALL TIME*
- 1.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $125.84M | $135.44M | $281.05M | |
| $30.31K | $35.90K | $64.55K |
ULE vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
AGQ ProShares Ultra Silver | -58.79% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between ULE and AGQ is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.36 |
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Return for Risk
ULE vs. AGQ — Risk / Return Rank
ULE
AGQ
ULE vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 0.38 | -0.33 |
| Martin ratioReturn relative to average drawdown | 0.09 | 0.62 | -0.53 |
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Drawdowns
ULE vs. AGQ - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for ULE and AGQ.
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Drawdown Indicators
| ULE | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -98.16% | +25.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -85.13% | +73.46% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -85.13% | +68.18% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -85.13% | +47.77% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -85.13% | +33.83% |
Current DrawdownCurrent decline from peak | -62.71% | -91.25% | +28.54% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -79.93% | +33.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 51.43% | -45.28% |
Volatility
ULE vs. AGQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares Ultra Silver (AGQ) has a volatility of 22.86%. This indicates that ULE 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
| ULE | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 22.86% | -20.31% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 127.92% | -119.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 125.49% | -112.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 76.26% | -60.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 66.42% | -51.35% |
ULE vs. AGQ - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
ULE vs. AGQ - Dividend Comparison
Neither ULE nor AGQ has paid dividends to shareholders.
Frequently Asked Questions
ULE and AGQ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGQ has higher volatility (22.86%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs AGQ's -98.16%.
On 10-year performance, AGQ leads with 1.23% vs -2.49% for ULE. On fees, AGQ is cheaper at 0.93% per year. On volatility, ULE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGQ has performed better with a 1.23% return vs -2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for ULE.
ULE and AGQ have nearly identical dividend yields, around 0.00%.
ULE is categorized as Leveraged Currency, while AGQ is Silver. ULE tracks USD/EUR Exchange Rate (-200%), while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.95% for ULE and 0.93% for AGQ.
AGQ currently has the higher Sharpe Ratio (0.26 vs 0.04), 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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