ZSL vs. COPX
ZSL (ProShares UltraShort Silver) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs 20.81%/yr for COPX. At a correlation of -0.46, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.65%/yr for COPX.
Performance
ZSL vs. COPX - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -46.07% return, which is significantly lower than COPX's 10.71% return. Over the past 10 years, ZSL has underperformed COPX with an annualized return of -41.09%, while COPX has yielded a comparatively higher 20.81% annualized 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%
COPX
- 1D
- -6.37%
- 1M
- -4.64%
- YTD
- 10.71%
- 6M
- 10.01%
- 1Y
- 92.36%
- 3Y*
- 31.59%
- 5Y*
- 19.08%
- 10Y*
- 20.81%
ZSL vs. COPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
COPX Global X Copper Miners ETF | 10.71% | 93.50% | 3.57% | 8.38% | -0.76% | 23.39% | 51.66% | 12.48% | -31.31% | 38.92% |
Correlation
The correlation between ZSL and COPX is -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | -0.46 |
Over the past year, the inverse relationship between ZSL and COPX has strengthened: their correlation has moved from -0.46 to -0.70, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ZSL vs. COPX — Risk / Return Rank
ZSL
COPX
ZSL vs. COPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Global X Copper Miners ETF (COPX). 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 | COPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -4.30 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.32 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.34 | -4.28 |
| Martin ratioReturn relative to average drawdown | -1.27 | 10.16 | -11.43 |
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Drawdowns
ZSL vs. COPX - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than COPX's maximum drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for ZSL and COPX.
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Drawdown Indicators
| ZSL | COPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -83.16% | -16.84% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -27.82% | -66.29% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -39.72% | -58.68% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -42.12% | -56.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -65.41% | -34.41% |
Current DrawdownCurrent decline from peak | -99.99% | -16.95% | -83.04% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -39.24% | -57.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 9.12% | +60.67% |
Volatility
ZSL vs. COPX - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to Global X Copper Miners ETF (COPX) at 19.05%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | COPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 19.05% | +9.18% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 39.12% | +68.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 44.42% | +78.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 37.03% | +37.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 35.74% | +29.99% |
ZSL vs. COPX - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than COPX's 0.65% expense ratio.
Dividends
ZSL vs. COPX - Dividend Comparison
ZSL has not paid dividends to shareholders, while COPX's dividend yield for the trailing twelve months is around 2.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 2.42% | 2.68% | 1.80% | 2.39% | 3.14% | 1.48% | 1.30% | 1.37% | 2.59% | 1.57% | 0.60% | 1.20% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and COPX have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to COPX (19.05%). In terms of maximum drawdown, ZSL dropped -100.00% vs COPX's -83.16%.
On 10-year performance, COPX leads with 20.81% vs -41.09% for ZSL. On fees, COPX is cheaper at 0.65% per year. On volatility, COPX has been the lower-risk option at 19.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COPX has performed better with a 20.81% return vs -41.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPX is cheaper with a 0.65% expense ratio, compared with 1.32% for ZSL.
COPX has the higher dividend yield at 2.42%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while COPX is Copper. ZSL tracks Bloomberg Silver Subindex (-2x), while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 1.32% for ZSL and 0.65% for COPX.
COPX currently has the higher Sharpe Ratio (2.09 vs -0.73), 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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