USD vs. AGQ
USD (ProShares Ultra Semiconductors) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, USD returned 55.50%/yr vs 1.71%/yr for AGQ. At a 0.17 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.93%/yr for AGQ.
Performance
USD vs. AGQ - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 58.94% return, which is significantly higher than AGQ's -60.66% return. Over the past 10 years, USD has outperformed AGQ with an annualized return of 55.50%, while AGQ has yielded a comparatively lower 1.71% annualized return.
USD
- 1D
- 1.19%
- 1M
- -23.32%
- 6M
- 44.94%
- YTD
- 58.94%
- 1Y
- 100.99%
- 3Y*
- 97.07%
- 5Y*
- 57.89%
- 10Y*
- 55.50%
- ALL TIME*
- 28.48%
AGQ
- 1D
- 0.96%
- 1M
- -28.17%
- 6M
- -74.91%
- YTD
- -60.66%
- 1Y
- 15.33%
- 3Y*
- 24.96%
- 5Y*
- 7.33%
- 10Y*
- 1.71%
- ALL TIME*
- 1.64%
USD vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 58.94% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
AGQ ProShares Ultra Silver | -60.66% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Correlation
The correlation between USD and AGQ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | 0.17 |
The correlation between USD and AGQ shifts across timeframes, from 0.17 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. AGQ — Risk / Return Rank
USD
AGQ
USD vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | AGQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.17 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 0.18 | +3.01 |
| Martin ratioReturn relative to average drawdown | 8.07 | 0.31 | +7.76 |
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Drawdowns
USD vs. AGQ - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for USD and AGQ.
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Drawdown Indicators
| USD | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -98.16% | +9.53% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -85.13% | +53.33% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -85.13% | +20.67% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -85.13% | +7.28% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -85.13% | +7.28% |
Current DrawdownCurrent decline from peak | -26.57% | -91.65% | +65.08% |
Average DrawdownAverage peak-to-trough decline | -32.24% | -79.91% | +47.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.55% | 48.99% | -36.44% |
Volatility
USD vs. AGQ - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 29.84% compared to ProShares Ultra Silver (AGQ) at 25.72%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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
| USD | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.84% | 25.72% | +4.12% |
Volatility (6M)Calculated over the trailing 6-month period | 58.46% | 129.62% | -71.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.29% | 125.29% | -54.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.30% | 76.07% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.12% | 66.33% | +3.79% |
USD vs. AGQ - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Dividends
USD vs. AGQ - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.36%, 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% |
USD ProShares Ultra Semiconductors | 0.36% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and AGQ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.84%) compared to AGQ (25.72%). In terms of maximum drawdown, USD dropped -88.63% vs AGQ's -98.16%.
On 10-year performance, USD leads with 55.50% vs 1.71% for AGQ. On fees, AGQ is cheaper at 0.93% per year. On volatility, AGQ has been the lower-risk option at 25.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 55.50% return vs 1.71%. 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 USD.
USD has the higher dividend yield at 0.36%, compared with 0.00% for AGQ.
USD is categorized as Leveraged Equities, while AGQ is Silver. USD tracks Dow Jones U.S. Semiconductors Index (200%), while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.95% for USD and 0.93% for AGQ.
USD currently has the higher Sharpe Ratio (1.43 vs 0.12), 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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