UVIX vs. ZSL

Last updated Jul 15, 2026

UVIX (2x Long VIX Futures ETF) and ZSL (ProShares UltraShort Silver) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x). Both are passively managed. Over the past 3 years, UVIX returned -80.74%/yr vs -64.40%/yr for ZSL. At a 0.17 correlation, their price movements are largely independent. UVIX charges 2.78%/yr vs 1.32%/yr for ZSL.

Performance

UVIX vs. ZSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Long VIX Futures ETF (UVIX) 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, UVIX achieves a -49.10% return, which is significantly lower than ZSL's -42.43% return.

UVIX

• 1D: -2.56%
• 1M: -23.11%
• 6M: -48.19%
• YTD: -49.10%
• 1Y: -85.68%
• 3Y*: -80.74%
• 5Y*: —
• 10Y*: —

ZSL

• 1D: -3.88%
• 1M: 26.40%
• 6M: -7.13%
• YTD: -42.43%
• 1Y: -86.59%
• 3Y*: -64.40%
• 5Y*: -49.31%
• 10Y*: -39.04%

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

UVIX vs. ZSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX 2x Long VIX Futures ETF	-49.10%	-83.21%	-75.24%	-95.28%	-61.86%
ZSL ProShares UltraShort Silver	-42.43%	-87.29%	-42.43%	-5.49%	-11.63%

Correlation

The correlation between UVIX and ZSL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	0.17

Return for Risk

UVIX vs. ZSL — Risk / Return Rank

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

UVIX

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

ZSL

ZSL Risk / Return Rank: 2
ZSL Sharpe Ratio Rank: 4
ZSL Sortino Ratio Rank: 1
ZSL Omega Ratio Rank: 2
ZSL Calmar Ratio Rank: 1
ZSL Martin Ratio Rank: 3

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.

UVIX vs. ZSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) 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.

	UVIX	ZSL	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	-0.70	-0.06
Sortino ratio: Return per unit of downside risk	-1.66	-1.61	-0.05
Omega ratio: Gain probability vs. loss probability	0.81	0.83	-0.01
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.92	-0.07
Martin ratio: Return relative to average drawdown	-1.38	-1.20	-0.18

UVIX vs. ZSL - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.76, which is comparable to the ZSL Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of UVIX 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.

Drawdowns

UVIX vs. ZSL - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.98%, roughly equal to the maximum ZSL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVIX and ZSL.

Drawdown Indicators

	UVIX	ZSL	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-100.00%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-86.11%	-93.81%	+7.70%
Max Drawdown (3Y) Largest decline over 3 years	-99.40%	-98.40%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.82%	—
Current Drawdown Current decline from peak	-99.98%	-99.99%	+0.01%
Average Drawdown Average peak-to-trough decline	-88.73%	-96.39%	+7.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.87%	71.88%	-10.01%

Volatility

UVIX vs. ZSL - Volatility Comparison

2x Long VIX Futures ETF (UVIX) and ProShares UltraShort Silver (ZSL) have volatilities of 26.69% and 25.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	ZSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.69%	25.91%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	87.61%	102.65%	-15.04%
Volatility (1Y) Calculated over the trailing 1-year period	112.52%	123.76%	-11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	135.41%	75.53%	+59.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	135.41%	65.89%	+69.52%

UVIX vs. ZSL - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than ZSL's 1.32% expense ratio.

Dividends

UVIX vs. ZSL - Dividend Comparison

Neither UVIX nor ZSL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVIX and ZSL in my portfolio?

UVIX and ZSL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVIX or ZSL?

UVIX has higher volatility (26.69%) compared to ZSL (25.91%). In terms of maximum drawdown, UVIX dropped -99.98% vs ZSL's -100.00%.

Which ETF is better, UVIX or ZSL?

On 3-year performance, ZSL leads with -64.40% vs -80.74% for UVIX. On fees, ZSL is cheaper at 1.32% per year. On volatility, ZSL has been the lower-risk option at 25.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or ZSL?

Over the 3-year period, ZSL has performed better with a -64.40% return vs -80.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or ZSL?

ZSL is cheaper with a 1.32% expense ratio, compared with 2.78% for UVIX.

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

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

What is the main difference between UVIX and ZSL?

UVIX is categorized as Volatility, while ZSL is Silver. UVIX tracks Long VIX Futures Index (200% Daily), while ZSL tracks Bloomberg Silver Subindex (-2x). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.78% for UVIX and 1.32% for ZSL.

Which has better risk-adjusted returns?

ZSL currently has the higher Sharpe Ratio (-0.70 vs -0.76), 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.