SLV vs. ZSL

Last updated Jun 4, 2026

SLV (iShares Silver Trust) and ZSL (ProShares UltraShort Silver) are both Silver funds - SLV tracks the LBMA Silver Price while ZSL tracks the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 10 years, SLV returned 15.55%/yr vs -43.74%/yr for ZSL. At a correlation of -0.99, they often move in opposite directions. SLV charges 0.50%/yr vs 1.32%/yr for ZSL.

Performance

SLV vs. ZSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) and ProShares UltraShort Silver (ZSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLV achieves a 2.78% return, which is significantly higher than ZSL's -59.81% return. Over the past 10 years, SLV has outperformed ZSL with an annualized return of 15.55%, while ZSL has yielded a comparatively lower -43.74% annualized return.

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

ZSL

• 1D: 5.33%
• 1M: -6.86%
• YTD: -59.81%
• 6M: -75.78%
• 1Y: -92.31%
• 3Y*: -69.67%
• 5Y*: -51.93%
• 10Y*: -43.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SLV vs. ZSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
ZSL ProShares UltraShort Silver	-59.81%	-87.29%	-42.43%	-5.49%	-28.09%	-2.04%	-74.44%	-27.76%	18.15%	-18.99%

Correlation

The correlation between SLV 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 Dec 4, 2008	-0.99

The correlation between SLV and ZSL has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

Return for Risk

SLV vs. ZSL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

ZSL

ZSL Risk / Return Rank: 1
ZSL Sharpe Ratio Rank: 3
ZSL Sortino Ratio Rank: 0
ZSL Omega Ratio Rank: 0
ZSL Calmar Ratio Rank: 1
ZSL Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SLV vs. ZSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.

	SLV	ZSL	Difference
Sharpe ratio Return per unit of total volatility	1.89	-0.77	+2.66
Sortino ratio Return per unit of downside risk	2.07	-2.38	+4.45
Omega ratio Gain probability vs. loss probability	1.35	0.74	+0.61
Calmar ratio Return relative to maximum drawdown	2.62	-0.98	+3.60
Martin ratio Return relative to average drawdown	5.64	-1.35	+6.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLV vs. ZSL - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.89, which is higher than the ZSL Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of SLV and ZSL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SLV	ZSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	-0.77	+2.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.70	+1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	-0.67	+1.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.67	+0.91

Drawdowns

SLV vs. ZSL - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SLV and ZSL.

Drawdown Indicators

	SLV	ZSL	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-100.00%	+23.72%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-94.55%	+52.10%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-98.40%	+55.95%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-99.06%	+56.61%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-99.82%	+57.01%
Current Drawdown Current decline from peak	-37.30%	-100.00%	+62.70%
Average Drawdown Average peak-to-trough decline	-44.67%	-96.39%	+51.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.67%	68.23%	-48.56%

Volatility

SLV vs. ZSL - Volatility Comparison

The current volatility for iShares Silver Trust (SLV) is 16.30%, while ProShares UltraShort Silver (ZSL) has a volatility of 32.31%. This indicates that SLV 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.

Volatility by Period

	SLV	ZSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	32.31%	-16.01%
Volatility (6M) Calculated over the trailing 6-month period	58.31%	105.86%	-47.55%
Volatility (1Y) Calculated over the trailing 1-year period	58.90%	119.48%	-60.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	74.07%	-37.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	65.20%	-33.36%

SLV vs. ZSL - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than ZSL's 1.32% expense ratio.

Dividends

SLV vs. ZSL - Dividend Comparison

Neither SLV nor ZSL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SLV and ZSL in my portfolio?

SLV 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.

Which is riskier, SLV or ZSL?

ZSL has higher volatility (32.31%) compared to SLV (16.30%). In terms of maximum drawdown, SLV dropped -76.28% vs ZSL's -100.00%.

Which ETF is better, SLV or ZSL?

On 10-year performance, SLV leads with 15.55% vs -43.74% for ZSL. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 16.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or ZSL?

Over the 10-year period, SLV has performed better with a 15.55% return vs -43.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or ZSL?

SLV is cheaper with a 0.50% expense ratio, compared with 1.32% for ZSL.

Which ETF pays a higher dividend yield, SLV or ZSL?

SLV and ZSL have nearly identical dividend yields, around 0.00%.

What is the main difference between SLV and ZSL?

SLV tracks LBMA Silver Price, while ZSL tracks Bloomberg Silver Subindex (-2x). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.50% for SLV and 1.32% for ZSL.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.89 vs -0.77), 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.