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 -49.81%/yr vs -39.04%/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 -12.95% return, which is significantly higher than ZSL's -42.43% return. Over the past 10 years, DUST has underperformed ZSL with an annualized return of -49.81%, while ZSL has yielded a comparatively higher -39.04% annualized return.
DUST
- 1D
- -4.03%
- 1M
- 9.25%
- 6M
- 10.90%
- YTD
- -12.95%
- 1Y
- -72.76%
- 3Y*
- -59.28%
- 5Y*
- -47.28%
- 10Y*
- -49.81%
ZSL
- 1D
- -3.88%
- 1M
- 26.40%
- 6M
- -7.13%
- YTD
- -42.43%
- 1Y
- -86.59%
- 3Y*
- -64.40%
- 5Y*
- -49.31%
- 10Y*
- -39.04%
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 | -12.95% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
ZSL ProShares UltraShort Silver | -42.43% | -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 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
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 0.80 - 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 | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.83 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.92 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.09 | -1.20 | +0.12 |
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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 | -85.83% | -93.81% | +7.98% |
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 | -83.44% | -96.39% | +12.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 66.96% | 71.88% | -4.92% |
Volatility
DUST vs. ZSL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 28.12% compared to ProShares UltraShort Silver (ZSL) at 25.91%. 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 | 28.12% | 25.91% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 77.19% | 102.65% | -25.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 95.41% | 123.76% | -28.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.49% | 75.53% | -2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.97% | 65.89% | +21.08% |
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 4.36%, 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 | 4.36% | 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 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (28.12%) compared to ZSL (25.91%). In terms of maximum drawdown, DUST dropped -100.00% vs ZSL's -100.00%.
On 10-year performance, ZSL leads with -39.04% vs -49.81% for DUST. On fees, DUST is cheaper at 1.07% per year. On volatility, ZSL has been the lower-risk option at 25.91%. 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 -39.04% return vs -49.81%. 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 4.36%, 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 -0.76), 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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