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 11.07%/yr vs -39.09%/yr for ZSL. Their -0.99 correlation means they have often moved in opposite directions in the past. 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 -18.49% return, which is significantly higher than ZSL's -41.63% return. Over the past 10 years, SIVR has outperformed ZSL with an annualized return of 11.07%, while ZSL has yielded a comparatively lower -39.09% annualized return.
SIVR
- 1D
- 0.15%
- 1M
- -4.65%
- 6M
- -27.56%
- YTD
- -18.49%
- 1Y
- 56.49%
- 3Y*
- 34.54%
- 5Y*
- 17.62%
- 10Y*
- 11.07%
- ALL TIME*
- 8.45%
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) |
|---|---|---|---|
| $53.73M | $50.42M | $86.10M | |
| $62.16M | $64.01M | $98.74M |
SIVR vs. ZSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIVR abrdn Physical Silver Shares ETF | -18.49% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
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 SIVR and ZSL is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +3.02 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | -0.93 | +2.02 |
| Martin ratioReturn relative to average drawdown | 2.06 | -1.18 | +3.24 |
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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 | -52.27% | -93.62% | +41.35% |
Max Drawdown (3Y)Largest decline over 3 years | -52.27% | -98.40% | +46.13% |
Max Drawdown (5Y)Largest decline over 5 years | -52.27% | -99.06% | +46.79% |
Max Drawdown (10Y)Largest decline over 10 years | -52.27% | -99.82% | +47.55% |
Current DrawdownCurrent decline from peak | -50.28% | -99.99% | +49.71% |
Average DrawdownAverage peak-to-trough decline | -47.84% | -96.40% | +48.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.46% | 74.51% | -47.05% |
Volatility
SIVR vs. ZSL - Volatility Comparison
The current volatility for abrdn Physical Silver Shares ETF (SIVR) is 10.92%, while ProShares UltraShort Silver (ZSL) has a volatility of 21.97%. 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 | 10.92% | 21.97% | -11.05% |
Volatility (6M)Calculated over the trailing 6-month period | 44.35% | 87.96% | -43.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.45% | 124.62% | -63.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.01% | 75.77% | -38.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.27% | 66.00% | -33.73% |
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 (21.97%) compared to SIVR (10.92%). In terms of maximum drawdown, SIVR dropped -75.85% vs ZSL's -100.00%.
On 10-year performance, SIVR leads with 11.07% vs -39.09% for ZSL. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 10.92%. 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 11.07% return vs -39.09%. 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 (0.93 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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