ZSL vs. FAZ
ZSL (ProShares UltraShort Silver) and FAZ (Direxion Daily Financial Bear 3X Shares) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while FAZ is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (-300%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs -44.72%/yr for FAZ. At a 0.14 correlation, their price movements are largely independent. ZSL charges 1.32%/yr vs 1.07%/yr for FAZ.
Performance
ZSL vs. FAZ - 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 FAZ's 1.40% return. Over the past 10 years, ZSL has outperformed FAZ with an annualized return of -41.09%, while FAZ has yielded a comparatively lower -44.72% 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%
FAZ
- 1D
- -1.75%
- 1M
- -12.03%
- YTD
- 1.40%
- 6M
- 5.46%
- 1Y
- -17.74%
- 3Y*
- -40.57%
- 5Y*
- -30.61%
- 10Y*
- -44.72%
ZSL vs. FAZ - 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% |
FAZ Direxion Daily Financial Bear 3X Shares | 1.40% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
Correlation
The correlation between ZSL and FAZ 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 | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
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. FAZ — Risk / Return Rank
ZSL
FAZ
ZSL vs. FAZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Direxion Daily Financial Bear 3X Shares (FAZ). 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 | FAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.96 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.56 | -0.38 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.26 | -0.01 |
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Drawdowns
ZSL vs. FAZ - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum FAZ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZSL and FAZ.
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Drawdown Indicators
| ZSL | FAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -31.57% | -62.54% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -83.61% | -14.79% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -87.53% | -11.53% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -99.78% | -0.04% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -99.12% | +2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 14.64% | +55.15% |
Volatility
ZSL vs. FAZ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to Direxion Daily Financial Bear 3X Shares (FAZ) at 12.48%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than FAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | FAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 12.48% | +15.75% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 33.25% | +74.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 43.64% | +78.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 55.67% | +19.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 61.93% | +3.80% |
ZSL vs. FAZ - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than FAZ's 1.07% expense ratio.
Dividends
ZSL vs. FAZ - Dividend Comparison
ZSL has not paid dividends to shareholders, while FAZ's dividend yield for the trailing twelve months is around 3.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.35% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
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 FAZ 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 (28.23%) compared to FAZ (12.48%). In terms of maximum drawdown, ZSL dropped -100.00% vs FAZ's -100.00%.
On 10-year performance, ZSL leads with -41.09% vs -44.72% for FAZ. On fees, FAZ is cheaper at 1.07% per year. On volatility, FAZ has been the lower-risk option at 12.48%. 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 -44.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAZ is cheaper with a 1.07% expense ratio, compared with 1.32% for ZSL.
FAZ has the higher dividend yield at 3.35%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while FAZ is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while FAZ 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 1.07% for FAZ.
FAZ currently has the higher Sharpe Ratio (-0.41 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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