ZSL vs. FAS
ZSL (ProShares UltraShort Silver) and FAS (Direxion Daily Financial Bull 3X Shares) 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 Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, ZSL returned -43.74%/yr vs 18.36%/yr for FAS. At a correlation of -0.14, they often move in opposite directions. ZSL charges 1.32%/yr vs 1.00%/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 -59.81% return, which is significantly lower than FAS's -24.46% return. Over the past 10 years, ZSL has underperformed FAS with an annualized return of -43.74%, while FAS has yielded a comparatively higher 18.36% annualized return.
ZSL
- 1D
- 5.33%
- 1M
- -6.86%
- YTD
- -59.81%
- 6M
- -75.78%
- 1Y
- -92.31%
- 3Y*
- -69.67%
- 5Y*
- -51.93%
- 10Y*
- -43.74%
FAS
- 1D
- -3.47%
- 1M
- -5.15%
- YTD
- -24.46%
- 6M
- -18.86%
- 1Y
- -12.36%
- 3Y*
- 34.13%
- 5Y*
- 3.01%
- 10Y*
- 18.36%
ZSL vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -59.81% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
FAS Direxion Daily Financial Bull 3X Shares | -24.46% | 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 -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 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 Shares (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.
| ZSL | FAS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | -0.29 | -0.48 |
Sortino ratioReturn per unit of downside risk | -2.38 | -0.13 | -2.26 |
Omega ratioGain probability vs. loss probability | 0.74 | 0.98 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.30 | -0.67 |
Martin ratioReturn relative to average drawdown | -1.35 | -0.71 | -0.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSL | FAS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.29 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.05 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.30 | -0.97 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.19 | -0.86 |
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 | -94.55% | -40.88% | -53.67% |
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 | -100.00% | -30.69% | -69.31% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -31.11% | -65.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 17.51% | +50.72% |
Volatility
ZSL vs. FAS - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to Direxion Daily Financial Bull 3X Shares (FAS) at 9.50%. 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 | 32.31% | 9.50% | +22.81% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 32.51% | +73.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 42.76% | +76.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 55.49% | +18.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 61.29% | +3.91% |
ZSL vs. FAS - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than FAS's 1.00% 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 11.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 11.04% | 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 -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.31%) compared to FAS (9.50%). In terms of maximum drawdown, ZSL dropped -100.00% vs FAS's -91.61%.
On 10-year performance, FAS leads with 18.36% vs -43.74% for ZSL. On fees, FAS is cheaper at 1.00% per year. On volatility, FAS has been the lower-risk option at 9.50%. 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 18.36% return vs -43.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 1.00% expense ratio, compared with 1.32% for ZSL.
FAS has the higher dividend yield at 11.04%, 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 Russell 1000 Financial Services Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.32% for ZSL and 1.00% for FAS.
FAS currently has the higher Sharpe Ratio (-0.29 vs -0.77), 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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