ZSL vs. BITO

Last updated Jun 24, 2026

ZSL (ProShares UltraShort Silver) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while BITO is a Cryptocurrency fund actively managed by ProShares. ZSL is passively managed, while BITO is actively managed. Over the past 3 years, ZSL returned -67.63%/yr vs 18.00%/yr for BITO. At a correlation of -0.19, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.95%/yr for BITO.

Performance

ZSL vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZSL achieves a -46.07% return, which is significantly lower than BITO's -29.93% return.

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%

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

ZSL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZSL ProShares UltraShort Silver	-46.07%	-87.29%	-42.43%	-5.49%	-28.09%	-4.07%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between ZSL and BITO is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.19

Return for Risk

ZSL vs. BITO — Risk / Return Rank

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

ZSL

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO 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.

ZSL vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Bitcoin Strategy ETF (BITO). 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.

	ZSL	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.96	+0.23
Sortino ratio: Return per unit of downside risk	-1.85	-1.38	-0.47
Omega ratio: Gain probability vs. loss probability	0.80	0.85	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.80	-0.15
Martin ratio: Return relative to average drawdown	-1.27	-1.35	+0.08

ZSL vs. BITO - Sharpe Ratio Comparison

The current ZSL Sharpe Ratio is -0.73, which is comparable to the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of ZSL and BITO, 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

ZSL vs. BITO - Drawdown Comparison

The maximum ZSL drawdown since its inception was -100.00%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for ZSL and BITO.

Drawdown Indicators

	ZSL	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-77.86%	-22.14%
Max Drawdown (1Y) Largest decline over 1 year	-94.11%	-53.10%	-41.01%
Max Drawdown (3Y) Largest decline over 3 years	-98.40%	-53.10%	-45.30%
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	-99.99%	-51.67%	-48.32%
Average Drawdown Average peak-to-trough decline	-96.38%	-36.86%	-59.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.79%	31.28%	+38.51%

Volatility

ZSL vs. BITO - Volatility Comparison

ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSL	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.23%	12.79%	+15.44%
Volatility (6M) Calculated over the trailing 6-month period	107.93%	34.39%	+73.54%
Volatility (1Y) Calculated over the trailing 1-year period	122.46%	44.08%	+78.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.00%	55.02%	+19.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.73%	55.02%	+10.71%

ZSL vs. BITO - Expense Ratio Comparison

ZSL has a 1.32% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

ZSL vs. BITO - Dividend Comparison

ZSL has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 71.07%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
ZSL ProShares UltraShort Silver	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZSL and BITO in my portfolio?

ZSL and BITO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSL or BITO?

ZSL has higher volatility (28.23%) compared to BITO (12.79%). In terms of maximum drawdown, ZSL dropped -100.00% vs BITO's -77.86%.

Which ETF is better, ZSL or BITO?

On 3-year performance, BITO leads with 18.00% vs -67.63% for ZSL. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSL or BITO?

Over the 3-year period, BITO has performed better with a 18.00% return vs -67.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSL or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.

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

BITO has the higher dividend yield at 71.07%, compared with 0.00% for ZSL.

What is the main difference between ZSL and BITO?

ZSL is categorized as Silver, while BITO is Cryptocurrency. Their fees differ too: 1.32% for ZSL and 0.95% for BITO.

Which has better risk-adjusted returns?

ZSL currently has the higher Sharpe Ratio (-0.73 vs -0.96), 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.