YCL vs. AGQ

Last updated Jun 14, 2026

YCL (ProShares Ultra Yen) and AGQ (ProShares Ultra Silver) are both exchange-traded funds - YCL is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%), while AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%). Both are passively managed. Over the past 10 years, YCL returned -12.66%/yr vs 8.24%/yr for AGQ. At a 0.22 correlation, their price movements are largely independent. YCL charges 0.95%/yr vs 0.93%/yr for AGQ.

Performance

YCL vs. AGQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Yen (YCL) and ProShares Ultra Silver (AGQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YCL achieves a -6.35% return, which is significantly higher than AGQ's -41.54% return. Over the past 10 years, YCL has underperformed AGQ with an annualized return of -12.66%, while AGQ has yielded a comparatively higher 8.24% annualized return.

YCL

• 1D: -0.45%
• 1M: -2.78%
• YTD: -6.35%
• 6M: -7.70%
• 1Y: -23.69%
• 3Y*: -15.07%
• 5Y*: -19.44%
• 10Y*: -12.66%

AGQ

• 1D: 1.44%
• 1M: -36.21%
• YTD: -41.54%
• 6M: -27.69%
• 1Y: 87.63%
• 3Y*: 45.61%
• 5Y*: 11.26%
• 10Y*: 8.24%

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

YCL vs. AGQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YCL ProShares Ultra Yen	-6.35%	-6.34%	-25.97%	-20.46%	-26.92%	-20.94%	7.16%	-2.99%	0.17%	3.48%
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 YCL and AGQ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008	0.22

The correlation between YCL and AGQ shifts across timeframes, from 0.17 (3 years) to 0.28 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

YCL vs. AGQ — Risk / Return Rank

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

YCL

YCL Risk / Return Rank: 0
YCL Sharpe Ratio Rank: 0
YCL Sortino Ratio Rank: 0
YCL Omega Ratio Rank: 0
YCL Calmar Ratio Rank: 0
YCL Martin Ratio Rank: 1

AGQ

AGQ Risk / Return Rank: 30
AGQ Sharpe Ratio Rank: 23
AGQ Sortino Ratio Rank: 34
AGQ Omega Ratio Rank: 47
AGQ Calmar Ratio Rank: 26
AGQ Martin Ratio Rank: 20

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.

YCL vs. AGQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Yen (YCL) 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.

	YCL	AGQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.46	0.71	-2.17
Sortino ratio: Return per unit of downside risk	-2.28	1.62	-3.90
Omega ratio: Gain probability vs. loss probability	0.76	1.27	-0.51
Calmar ratio: Return relative to maximum drawdown	-1.01	1.09	-2.10
Martin ratio: Return relative to average drawdown	-1.50	2.07	-3.57

YCL vs. AGQ - Sharpe Ratio Comparison

The current YCL Sharpe Ratio is -1.46, which is lower than the AGQ Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of YCL and AGQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

YCL vs. AGQ - Drawdown Comparison

The maximum YCL drawdown since its inception was -88.26%, smaller than the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for YCL and AGQ.

Drawdown Indicators

	YCL	AGQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.26%	-98.16%	+9.90%
Max Drawdown (1Y) Largest decline over 1 year	-23.97%	-79.89%	+55.92%
Max Drawdown (3Y) Largest decline over 3 years	-40.47%	-79.89%	+39.42%
Max Drawdown (5Y) Largest decline over 5 years	-66.50%	-79.89%	+13.39%
Max Drawdown (10Y) Largest decline over 10 years	-76.93%	-79.89%	+2.96%
Current Drawdown Current decline from peak	-88.21%	-87.59%	-0.62%
Average Drawdown Average peak-to-trough decline	-53.16%	-79.85%	+26.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.43%	41.95%	-25.52%

Volatility

YCL vs. AGQ - Volatility Comparison

The current volatility for ProShares Ultra Yen (YCL) is 1.47%, while ProShares Ultra Silver (AGQ) has a volatility of 33.96%. This indicates that YCL 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.

Volatility by Period

	YCL	AGQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	33.96%	-32.49%
Volatility (6M) Calculated over the trailing 6-month period	11.40%	135.10%	-123.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	122.60%	-106.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	75.28%	-54.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	65.96%	-47.36%

YCL vs. AGQ - Expense Ratio Comparison

YCL has a 0.95% expense ratio, which is higher than AGQ's 0.93% expense ratio.

Dividends

YCL vs. AGQ - Dividend Comparison

Neither YCL nor AGQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both YCL and AGQ in my portfolio?

YCL and AGQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YCL or AGQ?

AGQ has higher volatility (33.96%) compared to YCL (1.47%). In terms of maximum drawdown, YCL dropped -88.26% vs AGQ's -98.16%.

Which ETF is better, YCL or AGQ?

On 10-year performance, AGQ leads with 8.24% vs -12.66% for YCL. On fees, AGQ is cheaper at 0.93% per year. On volatility, YCL has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YCL or AGQ?

Over the 10-year period, AGQ has performed better with a 8.24% return vs -12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YCL or AGQ?

AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for YCL.

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

YCL and AGQ have nearly identical dividend yields, around 0.00%.

What is the main difference between YCL and AGQ?

YCL is categorized as Leveraged Currency, while AGQ is Silver. YCL tracks USD/JPY Exchange Rate (-200%), while AGQ tracks Bloomberg Silver Subindex (200%). Their fees differ too: 0.95% for YCL and 0.93% for AGQ.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (0.71 vs -1.46), 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.