SIL vs. ZSL
SIL (Global X Silver Miners ETF) and ZSL (ProShares UltraShort Silver) are both Silver funds - SIL tracks the Solactive Global Silver Miners Total Return Index while ZSL tracks the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 10 years, SIL returned 5.66%/yr vs -39.09%/yr for ZSL. Their -0.76 correlation means they have often moved in opposite directions in the past. SIL charges 0.65%/yr vs 1.32%/yr for ZSL.
Performance
SIL vs. ZSL - Performance Comparison
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Returns By Period
In the year-to-date period, SIL achieves a -9.13% return, which is significantly higher than ZSL's -41.63% return. Over the past 10 years, SIL has outperformed ZSL with an annualized return of 5.66%, while ZSL has yielded a comparatively lower -39.09% annualized return.
SIL
- 1D
- 2.77%
- 1M
- -5.50%
- 6M
- -18.67%
- YTD
- -9.13%
- 1Y
- 61.23%
- 3Y*
- 44.54%
- 5Y*
- 13.97%
- 10Y*
- 5.66%
- ALL TIME*
- 4.47%
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) |
|---|---|---|---|
| $64.85M | $66.09M | $119.11M | |
| $62.16M | $64.01M | $98.74M |
SIL vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | -9.13% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
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 SIL and ZSL is -0.83, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.83 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | -0.76 |
The correlation between SIL and ZSL has been stable across timeframes, ranging from -0.83 to -0.76 - a consistent structural relationship.
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Return for Risk
SIL vs. ZSL — Risk / Return Rank
SIL
ZSL
SIL vs. ZSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) 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.
| SIL | ZSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | -0.93 | +2.49 |
| Martin ratioReturn relative to average drawdown | 3.26 | -1.18 | +4.44 |
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Drawdowns
SIL vs. ZSL - Drawdown Comparison
The maximum SIL drawdown since its inception was -82.99%, smaller than the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SIL and ZSL.
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Drawdown Indicators
| SIL | ZSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.99% | -100.00% | +17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -39.41% | -93.62% | +54.21% |
Max Drawdown (3Y)Largest decline over 3 years | -39.41% | -98.40% | +58.99% |
Max Drawdown (5Y)Largest decline over 5 years | -47.91% | -99.06% | +51.15% |
Max Drawdown (10Y)Largest decline over 10 years | -63.04% | -99.82% | +36.78% |
Current DrawdownCurrent decline from peak | -35.70% | -99.99% | +64.29% |
Average DrawdownAverage peak-to-trough decline | -51.26% | -96.40% | +45.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.82% | 74.51% | -55.69% |
Volatility
SIL vs. ZSL - Volatility Comparison
The current volatility for Global X Silver Miners ETF (SIL) is 12.95%, while ProShares UltraShort Silver (ZSL) has a volatility of 21.97%. This indicates that SIL experiences smaller price fluctuations and is considered to be less risky 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
| SIL | ZSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 21.97% | -9.02% |
Volatility (6M)Calculated over the trailing 6-month period | 41.10% | 87.96% | -46.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.55% | 124.62% | -71.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.15% | 75.77% | -35.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.82% | 66.00% | -26.18% |
SIL vs. ZSL - Expense Ratio Comparison
SIL has a 0.65% expense ratio, which is lower than ZSL's 1.32% expense ratio.
Dividends
SIL vs. ZSL - Dividend Comparison
SIL's dividend yield for the trailing twelve months is around 1.34%, while ZSL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | 1.34% | 1.18% | 2.40% | 0.59% | 0.48% | 1.59% | 1.92% | 1.53% | 1.21% | 0.02% | 3.34% | 0.38% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SIL and ZSL have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (21.97%) compared to SIL (12.95%). In terms of maximum drawdown, SIL dropped -82.99% vs ZSL's -100.00%.
On 10-year performance, SIL leads with 5.66% vs -39.09% for ZSL. On fees, SIL is cheaper at 0.65% per year. On volatility, SIL has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIL has performed better with a 5.66% return vs -39.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIL is cheaper with a 0.65% expense ratio, compared with 1.32% for ZSL.
SIL has the higher dividend yield at 1.34%, compared with 0.00% for ZSL.
SIL tracks Solactive Global Silver Miners Total Return Index, while ZSL tracks Bloomberg Silver Subindex (-2x). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.65% for SIL and 1.32% for ZSL.
SIL currently has the higher Sharpe Ratio (1.15 vs -0.70), 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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