ZSL vs. COPA

Last updated Jul 14, 2026

ZSL (ProShares UltraShort Silver) and COPA (Themes Copper Miners ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while COPA is a Copper fund tracking the BITA Global Copper Mining Select Index. Both are passively managed. Over the past year, ZSL returned -85.47% vs 72.79% for COPA. At a correlation of -0.64, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.35%/yr for COPA.

Performance

ZSL vs. COPA - Performance Comparison

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

Returns By Period

In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than COPA's 6.75% return.

ZSL

• 1D: 6.92%
• 1M: 31.50%
• 6M: -6.76%
• YTD: -40.11%
• 1Y: -85.47%
• 3Y*: -63.93%
• 5Y*: -48.95%
• 10Y*: -38.80%

COPA

• 1D: -3.24%
• 1M: -11.09%
• 6M: -2.41%
• YTD: 6.75%
• 1Y: 72.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZSL vs. COPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZSL ProShares UltraShort Silver	-40.11%	-87.29%	6.38%
COPA Themes Copper Miners ETF	6.75%	100.86%	-13.18%

Correlation

The correlation between ZSL and COPA is -0.71, 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	-0.71
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	-0.64

The correlation between ZSL and COPA has been stable across timeframes, ranging from -0.71 to -0.64 - a consistent structural relationship.

Return for Risk

ZSL vs. COPA — 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: 4
ZSL Sortino Ratio Rank: 2
ZSL Omega Ratio Rank: 2
ZSL Calmar Ratio Rank: 1
ZSL Martin Ratio Rank: 3

COPA

COPA Risk / Return Rank: 61
COPA Sharpe Ratio Rank: 67
COPA Sortino Ratio Rank: 57
COPA Omega Ratio Rank: 58
COPA Calmar Ratio Rank: 66
COPA Martin Ratio Rank: 57

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. COPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Themes Copper Miners ETF (COPA). 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	COPA	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	1.74	-2.43
Sortino ratio: Return per unit of downside risk	-1.51	2.18	-3.69
Omega ratio: Gain probability vs. loss probability	0.84	1.28	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.91	2.61	-3.52
Martin ratio: Return relative to average drawdown	-1.19	7.87	-9.06

ZSL vs. COPA - Sharpe Ratio Comparison

The current ZSL Sharpe Ratio is -0.69, which is lower than the COPA Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of ZSL and COPA, 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. COPA - Drawdown Comparison

The maximum ZSL drawdown since its inception was -100.00%, which is greater than COPA's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for ZSL and COPA.

Drawdown Indicators

	ZSL	COPA	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-34.72%	-65.28%
Max Drawdown (1Y) Largest decline over 1 year	-93.81%	-28.05%	-65.76%
Max Drawdown (3Y) Largest decline over 3 years	-98.40%	—	—
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%	-17.36%	-82.63%
Average Drawdown Average peak-to-trough decline	-96.39%	-9.70%	-86.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.67%	9.28%	+62.39%

Volatility

ZSL vs. COPA - Volatility Comparison

ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to Themes Copper Miners ETF (COPA) at 15.11%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than COPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSL	COPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.50%	15.11%	+13.39%
Volatility (6M) Calculated over the trailing 6-month period	102.91%	36.58%	+66.33%
Volatility (1Y) Calculated over the trailing 1-year period	123.96%	42.23%	+81.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.52%	39.34%	+36.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.88%	39.34%	+26.54%

ZSL vs. COPA - Expense Ratio Comparison

ZSL has a 1.32% expense ratio, which is higher than COPA's 0.35% expense ratio.

Dividends

ZSL vs. COPA - Dividend Comparison

ZSL has not paid dividends to shareholders, while COPA's dividend yield for the trailing twelve months is around 3.99%.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.99%	4.26%	1.33%
ZSL ProShares UltraShort Silver	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZSL and COPA in my portfolio?

ZSL and COPA have a correlation of -0.71, 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 COPA?

ZSL has higher volatility (28.50%) compared to COPA (15.11%). In terms of maximum drawdown, ZSL dropped -100.00% vs COPA's -34.72%.

Which ETF is better, ZSL or COPA?

On 1-year performance, COPA leads with 72.79% vs -85.47% for ZSL. On fees, COPA is cheaper at 0.35% per year. On volatility, COPA has been the lower-risk option at 15.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSL or COPA?

Over the 1-year period, COPA has performed better with a 72.79% return vs -85.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSL or COPA?

COPA is cheaper with a 0.35% expense ratio, compared with 1.32% for ZSL.

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

COPA has the higher dividend yield at 3.99%, compared with 0.00% for ZSL.

What is the main difference between ZSL and COPA?

ZSL is categorized as Silver, while COPA is Copper. ZSL tracks Bloomberg Silver Subindex (-2x), while COPA tracks BITA Global Copper Mining Select Index. They also come from different issuers: ProShares and Themes. Their fees differ too: 1.32% for ZSL and 0.35% for COPA.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (1.74 vs -0.69), 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.