DUST vs. ZSL
DUST (Direxion Daily Gold Miners Bear 2X Shares) and ZSL (ProShares UltraShort Silver) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 10 years, DUST returned -52.03%/yr vs -41.09%/yr for ZSL. A 0.71 correlation means they provide meaningful diversification when combined. DUST charges 1.07%/yr vs 1.32%/yr for ZSL.
Performance
DUST vs. ZSL - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -17.98% return, which is significantly higher than ZSL's -46.07% return. Over the past 10 years, DUST has underperformed ZSL with an annualized return of -52.03%, while ZSL has yielded a comparatively higher -41.09% annualized return.
DUST
- 1D
- 8.73%
- 1M
- 10.22%
- YTD
- -17.98%
- 6M
- -9.99%
- 1Y
- -73.95%
- 3Y*
- -62.05%
- 5Y*
- -48.30%
- 10Y*
- -52.03%
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
DUST vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -17.98% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
Correlation
The correlation between DUST and ZSL is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.71 |
The correlation between DUST and ZSL has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.
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Return for Risk
DUST vs. ZSL — Risk / Return Rank
DUST
ZSL
DUST vs. ZSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and ProShares UltraShort Silver (ZSL). 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.
| DUST | ZSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.80 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.94 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.27 | +0.14 |
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Drawdowns
DUST vs. ZSL - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, roughly equal to the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUST and ZSL.
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Drawdown Indicators
| DUST | ZSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -94.11% | +7.96% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -98.40% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -99.06% | +0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -99.82% | -0.16% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -96.38% | +13.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 69.79% | -4.55% |
Volatility
DUST vs. ZSL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to ProShares UltraShort Silver (ZSL) at 28.23%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than ZSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | ZSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 28.23% | +5.90% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 107.93% | -30.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 122.46% | -27.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 75.00% | -1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 65.73% | +21.52% |
DUST vs. ZSL - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is lower than ZSL's 1.32% expense ratio.
Dividends
DUST vs. ZSL - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 7.95%, while ZSL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 7.95% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and ZSL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (34.13%) compared to ZSL (28.23%). In terms of maximum drawdown, DUST dropped -100.00% vs ZSL's -100.00%.
On 10-year performance, ZSL leads with -41.09% vs -52.03% for DUST. On fees, DUST is cheaper at 1.07% per year. On volatility, ZSL has been the lower-risk option at 28.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZSL has performed better with a -41.09% return vs -52.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUST is cheaper with a 1.07% expense ratio, compared with 1.32% for ZSL.
DUST has the higher dividend yield at 7.95%, compared with 0.00% for ZSL.
DUST is categorized as Leveraged Equities, while ZSL is Silver. DUST tracks NYSE Arca Gold Miners Index (-300%), while ZSL tracks Bloomberg Silver Subindex (-2x). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DUST and 1.32% for ZSL.
ZSL currently has the higher Sharpe Ratio (-0.73 vs -0.78), 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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