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 8.64%/yr vs -41.09%/yr for ZSL. At a correlation of -0.76, they often move in opposite directions. 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 -5.97% return, which is significantly higher than ZSL's -46.07% return. Over the past 10 years, SIL has outperformed ZSL with an annualized return of 8.64%, while ZSL has yielded a comparatively lower -41.09% annualized return.
SIL
- 1D
- -5.47%
- 1M
- -10.87%
- YTD
- -5.97%
- 6M
- -10.24%
- 1Y
- 65.33%
- 3Y*
- 47.37%
- 5Y*
- 13.84%
- 10Y*
- 8.64%
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%
SIL vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | -5.97% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
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 SIL and ZSL is -0.82, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.82 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 | +1.97 | ||
| Sortino ratioReturn per unit of downside risk | +3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.80 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | -0.94 | +2.71 |
| Martin ratioReturn relative to average drawdown | 4.50 | -1.27 | +5.77 |
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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 | -37.08% | -94.11% | +57.03% |
Max Drawdown (3Y)Largest decline over 3 years | -37.08% | -98.40% | +61.32% |
Max Drawdown (5Y)Largest decline over 5 years | -49.48% | -99.06% | +49.58% |
Max Drawdown (10Y)Largest decline over 10 years | -63.04% | -99.82% | +36.78% |
Current DrawdownCurrent decline from peak | -33.47% | -99.99% | +66.52% |
Average DrawdownAverage peak-to-trough decline | -51.37% | -96.38% | +45.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.58% | 69.79% | -55.21% |
Volatility
SIL vs. ZSL - Volatility Comparison
The current volatility for Global X Silver Miners ETF (SIL) is 19.47%, while ProShares UltraShort Silver (ZSL) has a volatility of 28.23%. 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 | 19.47% | 28.23% | -8.76% |
Volatility (6M)Calculated over the trailing 6-month period | 44.45% | 107.93% | -63.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.59% | 122.46% | -69.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.84% | 75.00% | -35.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.90% | 65.73% | -25.83% |
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 1.26%, 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 | 1.26% | 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 -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to SIL (19.47%). In terms of maximum drawdown, SIL dropped -82.99% vs ZSL's -100.00%.
On 10-year performance, SIL leads with 8.64% vs -41.09% for ZSL. On fees, SIL is cheaper at 0.65% per year. On volatility, SIL has been the lower-risk option at 19.47%. 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 8.64% return vs -41.09%. 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 1.26%, 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 (1.25 vs -0.73), 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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