ZSL vs. AGQ
Compare and contrast key facts about ProShares UltraShort Silver (ZSL) and ProShares Ultra Silver (AGQ).
ZSL and AGQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (-200%). It was launched on Dec 1, 2008. AGQ is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (200%). It was launched on Dec 1, 2008. Both ZSL and AGQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ZSL vs. AGQ - Performance Comparison
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ZSL vs. AGQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -57.72% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
AGQ ProShares Ultra Silver | -23.34% | 360.71% | 23.92% | -15.09% | -7.89% | -32.25% | 62.02% | 20.02% | -22.10% | 5.49% |
Returns By Period
In the year-to-date period, ZSL achieves a -57.72% return, which is significantly lower than AGQ's -23.34% return. Over the past 10 years, ZSL has underperformed AGQ with an annualized return of -44.57%, while AGQ has yielded a comparatively higher 14.25% annualized return.
ZSL
- 1D
- 0.31%
- 1M
- 30.60%
- YTD
- -57.72%
- 6M
- -84.89%
- 1Y
- -92.48%
- 3Y*
- -68.79%
- 5Y*
- -53.83%
- 10Y*
- -44.57%
AGQ
- 1D
- -0.50%
- 1M
- -32.70%
- YTD
- -23.34%
- 6M
- 51.96%
- 1Y
- 163.54%
- 3Y*
- 56.15%
- 5Y*
- 22.66%
- 10Y*
- 14.25%
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ZSL vs. AGQ - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than AGQ's 0.93% expense ratio.
Return for Risk
ZSL vs. AGQ — Risk / Return Rank
ZSL
AGQ
ZSL vs. AGQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) 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.
| ZSL | AGQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.80 | 1.40 | -2.19 |
Sortino ratioReturn per unit of downside risk | -2.53 | 2.00 | -4.54 |
Omega ratioGain probability vs. loss probability | 0.72 | 1.35 | -0.63 |
Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.07 | -3.03 |
Martin ratioReturn relative to average drawdown | -1.44 | 5.57 | -7.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSL | AGQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.80 | 1.40 | -2.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.75 | 0.31 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.70 | 0.22 | -0.92 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.09 | -0.76 |
Correlation
The correlation between ZSL and AGQ is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ZSL vs. AGQ - Dividend Comparison
Neither ZSL nor AGQ has paid dividends to shareholders.
Drawdowns
ZSL vs. AGQ - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum AGQ drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for ZSL and AGQ.
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Drawdown Indicators
| ZSL | AGQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -98.16% | -1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -95.92% | -76.21% | -19.71% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -76.21% | -22.83% |
Max Drawdown (10Y)Largest decline over 10 years | -99.81% | -76.25% | -23.56% |
Current DrawdownCurrent decline from peak | -99.99% | -83.72% | -16.27% |
Average DrawdownAverage peak-to-trough decline | -96.35% | -79.83% | -16.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.00% | 28.27% | +35.73% |
Volatility
ZSL vs. AGQ - Volatility Comparison
ProShares UltraShort Silver (ZSL) and ProShares Ultra Silver (AGQ) have volatilities of 33.81% and 34.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | AGQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.81% | 34.37% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 104.14% | 132.42% | -28.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 116.32% | 117.90% | -1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.40% | 73.01% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.22% | 64.67% | -0.45% |