SIVR vs. ZSL
SIVR (abrdn Physical Silver Shares ETF) and ZSL (ProShares UltraShort Silver) are both Silver funds - SIVR tracks the LBMA Silver Price ($/ozt) while ZSL tracks the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 10 years, SIVR returned 12.91%/yr vs -41.09%/yr for ZSL. At a correlation of -0.99, they often move in opposite directions. SIVR charges 0.30%/yr vs 1.32%/yr for ZSL.
Performance
SIVR vs. ZSL - Performance Comparison
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Returns By Period
In the year-to-date period, SIVR achieves a -13.39% return, which is significantly higher than ZSL's -46.07% return. Over the past 10 years, SIVR has outperformed ZSL with an annualized return of 12.91%, while ZSL has yielded a comparatively lower -41.09% annualized return.
SIVR
- 1D
- -5.41%
- 1M
- -18.43%
- YTD
- -13.39%
- 6M
- -13.95%
- 1Y
- 69.45%
- 3Y*
- 39.67%
- 5Y*
- 18.54%
- 10Y*
- 12.91%
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%
SIVR vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIVR abrdn Physical Silver Shares ETF | -13.39% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
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 SIVR and ZSL is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2009 | -0.99 |
The correlation between SIVR and ZSL has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
SIVR vs. ZSL — Risk / Return Rank
SIVR
ZSL
SIVR vs. ZSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Silver Shares ETF (SIVR) 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.
| SIVR | ZSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +3.40 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.80 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | -0.94 | +2.42 |
| Martin ratioReturn relative to average drawdown | 3.18 | -1.27 | +4.45 |
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Drawdowns
SIVR vs. ZSL - Drawdown Comparison
The maximum SIVR drawdown since its inception was -75.85%, smaller than the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SIVR and ZSL.
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Drawdown Indicators
| SIVR | ZSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.85% | -100.00% | +24.15% |
Max Drawdown (1Y)Largest decline over 1 year | -47.16% | -94.11% | +46.95% |
Max Drawdown (3Y)Largest decline over 3 years | -47.16% | -98.40% | +51.24% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -99.06% | +51.90% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -99.82% | +52.66% |
Current DrawdownCurrent decline from peak | -47.16% | -99.99% | +52.83% |
Average DrawdownAverage peak-to-trough decline | -47.83% | -96.38% | +48.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.88% | 69.79% | -47.91% |
Volatility
SIVR vs. ZSL - Volatility Comparison
The current volatility for abrdn Physical Silver Shares ETF (SIVR) is 14.32%, while ProShares UltraShort Silver (ZSL) has a volatility of 28.23%. This indicates that SIVR 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
| SIVR | ZSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.32% | 28.23% | -13.91% |
Volatility (6M)Calculated over the trailing 6-month period | 59.26% | 107.93% | -48.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.27% | 122.46% | -62.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.61% | 75.00% | -38.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 65.73% | -33.61% |
SIVR vs. ZSL - Expense Ratio Comparison
SIVR has a 0.30% expense ratio, which is lower than ZSL's 1.32% expense ratio.
Dividends
SIVR vs. ZSL - Dividend Comparison
Neither SIVR nor ZSL has paid dividends to shareholders.
Frequently Asked Questions
SIVR and ZSL have a correlation of -0.99, 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 SIVR (14.32%). In terms of maximum drawdown, SIVR dropped -75.85% vs ZSL's -100.00%.
On 10-year performance, SIVR leads with 12.91% vs -41.09% for ZSL. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 14.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIVR has performed better with a 12.91% return vs -41.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 1.32% for ZSL.
SIVR and ZSL have nearly identical dividend yields, around 0.00%.
SIVR tracks LBMA Silver Price ($/ozt), while ZSL tracks Bloomberg Silver Subindex (-2x). They also come from different issuers: abrdn and ProShares. Their fees differ too: 0.30% for SIVR and 1.32% for ZSL.
SIVR currently has the higher Sharpe Ratio (1.16 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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