ZSL vs. FAS
ZSL (ProShares UltraShort Silver) and FAS (Direxion Daily Financial Bull 3X ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while FAS is a Leveraged Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, ZSL returned -39.09%/yr vs 21.81%/yr for FAS. Their -0.14 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.88%/yr for FAS.
Performance
ZSL vs. FAS - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -41.63% return, which is significantly lower than FAS's 6.51% return. Over the past 10 years, ZSL has underperformed FAS with an annualized return of -39.09%, while FAS has yielded a comparatively higher 21.81% annualized return.
ZSL
- 1D
- -0.38%
- 1M
- 7.11%
- 6M
- 21.76%
- YTD
- -41.63%
- 1Y
- -87.28%
- 3Y*
- -65.53%
- 5Y*
- -49.79%
- 10Y*
- -39.09%
- ALL TIME*
- -41.76%
FAS
- 1D
- 2.14%
- 1M
- 8.48%
- 6M
- 12.94%
- YTD
- 6.51%
- 1Y
- 23.48%
- 3Y*
- 41.89%
- 5Y*
- 13.60%
- 10Y*
- 21.81%
- ALL TIME*
- 14.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $69.21M | $81.21M | $86.73M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.63% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
FAS Direxion Daily Financial Bull 3X ETF | 6.51% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
Correlation
The correlation between ZSL and FAS is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.14 |
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Return for Risk
ZSL vs. FAS — Risk / Return Rank
ZSL
FAS
ZSL vs. FAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Direxion Daily Financial Bull 3X ETF (FAS). 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 | FAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.12 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 0.58 | -1.51 |
| Martin ratioReturn relative to average drawdown | -1.18 | 1.28 | -2.46 |
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Drawdowns
ZSL vs. FAS - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than FAS's maximum drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for ZSL and FAS.
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Drawdown Indicators
| ZSL | FAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -91.61% | -8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -93.62% | -40.88% | -52.74% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -43.10% | -55.30% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -66.88% | -32.18% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -85.99% | -13.83% |
Current DrawdownCurrent decline from peak | -99.99% | -2.28% | -97.71% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -30.96% | -65.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 18.39% | +56.12% |
Volatility
ZSL vs. FAS - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to Direxion Daily Financial Bull 3X ETF (FAS) at 11.46%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | FAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.97% | 11.46% | +10.51% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 32.95% | +55.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 43.55% | +81.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 55.00% | +20.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 61.13% | +4.87% |
ZSL vs. FAS - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than FAS's 0.88% expense ratio.
Dividends
ZSL vs. FAS - Dividend Comparison
ZSL has not paid dividends to shareholders, while FAS's dividend yield for the trailing twelve months is around 7.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 7.88% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
ZSL ProShares UltraShort Silver | 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 FAS have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (21.97%) compared to FAS (11.46%). In terms of maximum drawdown, ZSL dropped -100.00% vs FAS's -91.61%.
On 10-year performance, FAS leads with 21.81% vs -39.09% for ZSL. On fees, FAS is cheaper at 0.88% per year. On volatility, FAS has been the lower-risk option at 11.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 21.81% return vs -39.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 0.88% expense ratio, compared with 1.32% for ZSL.
FAS has the higher dividend yield at 7.88%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while FAS is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while FAS tracks Financial Select Sector Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.32% for ZSL and 0.88% for FAS.
FAS currently has the higher Sharpe Ratio (0.54 vs -0.70), 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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