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 -38.80%/yr vs 21.81%/yr for FAS. At a correlation of -0.14, they often move in opposite directions. 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 -40.11% return, which is significantly lower than FAS's 0.08% return. Over the past 10 years, ZSL has underperformed FAS with an annualized return of -38.80%, while FAS has yielded a comparatively higher 21.81% annualized 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%
FAS
- 1D
- 1.85%
- 1M
- 15.69%
- 6M
- -2.21%
- YTD
- 0.08%
- 1Y
- 9.95%
- 3Y*
- 41.27%
- 5Y*
- 12.60%
- 10Y*
- 21.81%
ZSL vs. FAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -40.11% | -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 | 0.08% | 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 -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.08 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 0.24 | -1.16 |
| Martin ratioReturn relative to average drawdown | -1.19 | 0.54 | -1.73 |
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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 | -93.81% | -40.88% | -52.93% |
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% | -8.18% | -91.81% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -31.05% | -65.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 18.43% | +53.24% |
Volatility
ZSL vs. FAS - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to Direxion Daily Financial Bull 3X ETF (FAS) at 12.80%. 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 | 28.50% | 12.80% | +15.70% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 33.89% | +69.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 43.84% | +80.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 55.23% | +20.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 61.09% | +4.79% |
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 8.39%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 8.39% | 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 -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.50%) compared to FAS (12.80%). In terms of maximum drawdown, ZSL dropped -100.00% vs FAS's -91.61%.
On 10-year performance, FAS leads with 21.81% vs -38.80% for ZSL. On fees, FAS is cheaper at 0.88% per year. On volatility, FAS has been the lower-risk option at 12.80%. 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 -38.80%. 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 8.39%, 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 (0.23 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.
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