UPRO vs. AGQ
UPRO (ProShares UltraPro S&P 500) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - UPRO 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, UPRO returned 29.76%/yr vs 8.24%/yr for AGQ. At a 0.22 correlation, their price movements are largely independent. UPRO charges 0.89%/yr vs 0.93%/yr for AGQ.
Performance
UPRO vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, UPRO achieves a 20.70% return, which is significantly higher than AGQ's -41.54% return. Over the past 10 years, UPRO has outperformed AGQ with an annualized return of 29.76%, while AGQ has yielded a comparatively lower 8.24% annualized return.
UPRO
- 1D
- 1.54%
- 1M
- -1.71%
- YTD
- 20.70%
- 6M
- 21.09%
- 1Y
- 64.83%
- 3Y*
- 46.83%
- 5Y*
- 21.40%
- 10Y*
- 29.76%
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%
UPRO vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 20.70% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
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 UPRO 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 Jun 25, 2009 | 0.22 |
The correlation between UPRO 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
UPRO vs. AGQ — Risk / Return Rank
UPRO
AGQ
UPRO vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.
| UPRO | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.27 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 1.09 | +1.34 |
| Martin ratioReturn relative to average drawdown | 10.01 | 2.07 | +7.94 |
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Drawdowns
UPRO vs. AGQ - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for UPRO and AGQ.
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Drawdown Indicators
| UPRO | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -98.16% | +21.34% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -79.89% | +53.11% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -79.89% | +31.02% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -79.89% | +15.95% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -79.89% | +3.07% |
Current DrawdownCurrent decline from peak | -7.60% | -87.59% | +79.99% |
Average DrawdownAverage peak-to-trough decline | -14.40% | -79.85% | +65.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 41.95% | -35.45% |
Volatility
UPRO vs. AGQ - Volatility Comparison
The current volatility for ProShares UltraPro S&P 500 (UPRO) is 13.22%, while ProShares Ultra Silver (AGQ) has a volatility of 33.96%. This indicates that UPRO 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
| UPRO | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.22% | 33.96% | -20.74% |
Volatility (6M)Calculated over the trailing 6-month period | 28.74% | 135.10% | -106.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.77% | 122.60% | -85.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.52% | 75.28% | -24.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.83% | 65.96% | -12.13% |
UPRO vs. AGQ - Expense Ratio Comparison
UPRO has a 0.89% expense ratio, which is lower than AGQ's 0.93% expense ratio.
Dividends
UPRO vs. AGQ - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.72%, 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% |
UPRO ProShares UltraPro S&P 500 | 0.72% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UPRO 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 UPRO (13.22%). In terms of maximum drawdown, UPRO dropped -76.82% vs AGQ's -98.16%.
On 10-year performance, UPRO leads with 29.76% vs 8.24% for AGQ. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 13.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 29.76% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.93% for AGQ.
UPRO has the higher dividend yield at 0.72%, compared with 0.00% for AGQ.
UPRO is categorized as Leveraged Equities, while AGQ is Silver. UPRO tracks S&P 500, while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.89% for UPRO and 0.93% for AGQ.
UPRO currently has the higher Sharpe Ratio (1.77 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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