AGQ vs SPY
ProShares Ultra Silver vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. AGQ delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | AGQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $1.4B | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | -46.11% | +12.22% | |
| 1Y Return | +70.39% | +20.83% | |
| 3Y Return (annualized) | +47.04% | +21.70% | |
| 5Y Return (annualized) | +20.11% | +12.98% | |
| Volatility (annualized) | 65.5% | 15.3% | |
| Max Drawdown | -98.2% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 1, 2008 | Jan 22, 1993 |
AGQ vs SPY Performance
ProShares Ultra Silver (AGQ) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year AGQ returned +70.39% while SPY returned +20.83%. Year to date, AGQ is down 46.11% versus a gain of 12.22% for SPY.
Over three years, AGQ compounded at +47.04% per year against +21.70% for SPY; over five years the annualized figures are +20.11% and +12.98% respectively. Across the full 18-year window we track, SPY has the edge at +8.79% annualized vs +3.76%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AGQ has been the more volatile fund, with annualized monthly volatility of 65.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -98.2% for AGQ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.26. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AGQ charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, AGQ currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
AGQ and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, AGQ or SPY?
AGQ has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, AGQ or SPY?
Over the past year AGQ returned +70.39% vs +20.83% for SPY, so AGQ leads on 1-year performance. Over the longest common window we track (18 years), AGQ annualized +3.76% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, AGQ or SPY?
AGQ has been the more volatile fund at 65.5% annualized versus 15.3% for SPY. Worst drawdown: AGQ -98.2% vs SPY -56.5%.
Should I hold both AGQ and SPY?
AGQ and SPY have a monthly-return correlation of 0.26, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AGQ and SPY?
AGQ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, AGQ or SPY?
AGQ yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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