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 -49.57%/yr vs -39.09%/yr for ZSL. Their 0.71 correlation means they have sometimes moved together and sometimes differently. 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 -17.56% return, which is significantly higher than ZSL's -41.63% return. Over the past 10 years, DUST has underperformed ZSL with an annualized return of -49.57%, while ZSL has yielded a comparatively higher -39.09% annualized return.
DUST
- 1D
- -5.00%
- 1M
- 3.43%
- 6M
- 6.67%
- YTD
- -17.56%
- 1Y
- -74.07%
- 3Y*
- -61.93%
- 5Y*
- -47.86%
- 10Y*
- -49.57%
- ALL TIME*
- -48.63%
ZSL
- 1D
- -0.38%
- 1M
- 7.11%
- 6M
- 21.76%
- YTD
- -41.63%
- 1Y
- -87.28%
- 3Y*
- -65.53%
- 5Y*
- -49.79%
- 10Y*
- -39.09%
- ALL TIME*
- -41.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.81M | $35.06M | $44.24M | |
| $62.16M | $64.01M | $98.74M |
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 | -17.56% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
ZSL ProShares UltraShort Silver | -41.63% | -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 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.81 - 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 | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.83 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.93 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.15 | -1.18 | +0.03 |
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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 | -83.43% | -93.62% | +10.19% |
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 | -83.50% | -96.40% | +12.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.62% | 74.51% | -6.89% |
Volatility
DUST vs. ZSL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 24.45% compared to ProShares UltraShort Silver (ZSL) at 21.97%. 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 | 24.45% | 21.97% | +2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 73.98% | 87.96% | -13.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.68% | 124.62% | -27.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.86% | 75.77% | -1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.68% | 66.00% | +20.68% |
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 4.60%, 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 | 4.60% | 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 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (24.45%) compared to ZSL (21.97%). In terms of maximum drawdown, DUST dropped -100.00% vs ZSL's -100.00%.
On 10-year performance, ZSL leads with -39.09% vs -49.57% for DUST. On fees, DUST is cheaper at 1.07% per year. On volatility, ZSL has been the lower-risk option at 21.97%. 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 -39.09% return vs -49.57%. 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 4.60%, 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 (-0.70 vs -0.77), 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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