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AGQ vs USLV: which held to its multiple?

Over the days both have traded, AGQ finished 5.6 points from its stated multiple and USLV 7.0. ProShares Ultra Silver and Direxion Daily Silver Bull 2X ETF.

−2.1%
AGQ returned, 3 months
−3.5%
USLV returned, 3 months
−5.6 pts
AGQ from its stated multiple
−7.0 pts
USLV from its stated multiple
AGQ · 3 months to Sep 30, 20265.6 pts short of its stated multiple
5.6 pts short of its stated multipleAGQ returned −2.1% while 2 times SLV's move would have been +3.5%SLV +1.7% ×2 implies+3.5%AGQ returned−2.1%5.6 pts short of its stated multipleAGQ returned −2.1% while 2 times SLV's move would have been +3.5%SLV +1.7% ×2 implies+3.5%AGQ returned−2.1%

AGQ returned −2.1% while 2 times SLV's move would have been +3.5%

USLV · 3 months to Sep 30, 20267 pts short of its stated multiple
7 pts short of its stated multipleUSLV returned −3.5% while 2 times SLV's move would have been +3.5%SLV +1.7% ×2 implies+3.5%USLV returned−3.5%7 pts short of its stated multipleUSLV returned −3.5% while 2 times SLV's move would have been +3.5%SLV +1.7% ×2 implies+3.5%USLV returned−3.5%

USLV returned −3.5% while 2 times SLV's move would have been +3.5%

ETFIQ Decay Resistance Score · AGQ scores higherDid it keep up with its own daily multiple, compounded day by day?
0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

Total returnMultiple would giveDifference
WindowAGQUSLVAGQUSLVAGQUSLV
1 month−19.3%−18.5%−18.7%−18.7%−0.6 pts+0.2 pts
3 months−2.1%−3.5%+3.5%+3.5%−5.6 pts−7.0 pts
6 months−43.7%not published−40.0%not published−3.7 ptsnot published
1 year−12.3%not published+57.3%not published−69.5 ptsnot published
3 years+171.8%not publishednot meaningfulnot publishednot meaningfulnot published
Since launch
AGQ Jan 2010 · USLV May 2026
−44.9%−42.9%not meaningful−40.5%not meaningful−2.4 pts

AGQ and USLV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AGQ
ProShares Ultra Silver · Aims to return twice the daily move of silver (SLV)
USLV
Direxion Daily Silver Bull 2X ETF · Aims to return twice the daily move of silver (SLV)
Issuer ProShares Direxion
Sets out to return +2x +2x
Underlying asset SLV SLV
Segment metal metal
Fund returned, 3 months or since launch −2.1% −3.5%
Underlying returned, over that window +1.7% +1.7%
What the stated multiple implies, over that window +3.5% +3.5%
Difference from stated, over that window −5.6 pts −7.0 pts
Fund returned, 1 year or since launch −12.3% −42.9%
Difference from stated, over that window −69.5 pts −2.4 pts
Underlying volatility 39% 39%
Difference over the days both have traded −5.6 pts −7.0 pts
Expense ratio 0.95% 1.10%
Launched Jan 4, 2010 May 28, 2026
Net assets $1.3bn $14m

AGQ and USLV on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AGQ in plain words

Three months to Sep 30, 2026: AGQ returned −2.1% where its own daily promise gave −0.4%, 1.7 points short. Read the multiple against the whole window instead and 2 times SLV's 1.7% implies +3.5%, which makes AGQ look 5.6 points short. 3.9 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AGQ aims to return +2 times SLV's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SLV moved at 39% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

USLV in plain words

Three months to Sep 30, 2026: USLV returned −3.5% where its own daily promise gave −0.4%, 3.0 points short. Read the multiple against the whole window instead and 2 times SLV's 1.7% implies +3.5%, which makes USLV look 7.0 points short. USLV aims to return +2 times SLV's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, AGQ or USLV?
Over the window to Sep 30, 2026, AGQ finished 5.6 points from what its multiple implies and USLV finished 7.0 points from its own, so AGQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AGQ and USLV levered on the same thing?
Yes. Both are levered on silver, AGQ at +2 times and USLV at +2 times the daily move.
Which one decays faster, AGQ or USLV?
Decay follows how much the underlying moves about. Over this window AGQ’s moved at 39% annualized and USLV’s at 39%, so AGQ has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AGQ or USLV for a year?
Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, AGQ or USLV?
AGQ charges 0.95% a year and USLV charges 1.10%, so AGQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
AGQ vs ZSLUSLV vs ZSL
SLV →AGQ on its own →USLV on its own →How every figure is computed →Standards and sources →
Where these figures came from
ProShares page for AGQ ↗USLV filings on SEC EDGAR ↗USLV prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AGQ against USLV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/agq-vs-uslv

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.