ZSL vs. DUST
ZSL (ProShares UltraShort Silver) and DUST (Direxion Daily Gold Miners Bear 2X Shares) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs -52.03%/yr for DUST. A 0.71 correlation means they provide meaningful diversification when combined. ZSL charges 1.32%/yr vs 1.07%/yr for DUST.
Performance
ZSL vs. DUST - 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 DUST's -17.98% return. Over the past 10 years, ZSL has outperformed DUST with an annualized return of -41.09%, while DUST has yielded a comparatively lower -52.03% 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%
DUST
- 1D
- 8.73%
- 1M
- 10.22%
- YTD
- -17.98%
- 6M
- -9.99%
- 1Y
- -73.95%
- 3Y*
- -62.05%
- 5Y*
- -48.30%
- 10Y*
- -52.03%
ZSL vs. DUST - 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% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -17.98% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
Correlation
The correlation between ZSL and DUST is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.71 |
The correlation between ZSL and DUST has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.
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Return for Risk
ZSL vs. DUST — Risk / Return Rank
ZSL
DUST
ZSL vs. DUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Direxion Daily Gold Miners Bear 2X Shares (DUST). 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 | DUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.85 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.86 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.13 | -0.14 |
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Drawdowns
ZSL vs. DUST - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum DUST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZSL and DUST.
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Drawdown Indicators
| ZSL | DUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -86.15% | -7.96% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -97.55% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -98.68% | -0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -99.98% | +0.16% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -83.38% | -13.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 65.24% | +4.55% |
Volatility
ZSL vs. DUST - Volatility Comparison
The current volatility for ProShares UltraShort Silver (ZSL) is 28.23%, while Direxion Daily Gold Miners Bear 2X Shares (DUST) has a volatility of 34.13%. This indicates that ZSL experiences smaller price fluctuations and is considered to be less risky than DUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | DUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 34.13% | -5.90% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 77.03% | +30.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 94.59% | +27.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 73.10% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 87.25% | -21.52% |
ZSL vs. DUST - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than DUST's 1.07% expense ratio.
Dividends
ZSL vs. DUST - Dividend Comparison
ZSL has not paid dividends to shareholders, while DUST's dividend yield for the trailing twelve months is around 7.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 7.95% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and DUST have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (34.13%) compared to ZSL (28.23%). In terms of maximum drawdown, ZSL dropped -100.00% vs DUST's -100.00%.
On 10-year performance, ZSL leads with -41.09% vs -52.03% for DUST. On fees, DUST is cheaper at 1.07% per year. On volatility, ZSL has been the lower-risk option at 28.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZSL has performed better with a -41.09% return vs -52.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUST is cheaper with a 1.07% expense ratio, compared with 1.32% for ZSL.
DUST has the higher dividend yield at 7.95%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while DUST is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while DUST tracks NYSE Arca Gold Miners Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.32% for ZSL and 1.07% for DUST.
ZSL currently has the higher Sharpe Ratio (-0.73 vs -0.78), 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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