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 -38.38%/yr vs -44.36%/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 -35.96% return, which is significantly lower than FAZ's -12.56% return. Over the past 10 years, ZSL has outperformed FAZ with an annualized return of -38.38%, while FAZ has yielded a comparatively lower -44.36% annualized return.
ZSL
- 1D
- 7.48%
- 1M
- 50.79%
- 6M
- 17.12%
- YTD
- -35.96%
- 1Y
- -85.32%
- 3Y*
- -63.16%
- 5Y*
- -48.77%
- 10Y*
- -38.38%
FAZ
- 1D
- -0.90%
- 1M
- -12.87%
- 6M
- -14.37%
- YTD
- -12.56%
- 1Y
- -24.30%
- 3Y*
- -40.38%
- 5Y*
- -32.90%
- 10Y*
- -44.36%
ZSL vs. FAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -35.96% | -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 | -12.56% | -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 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
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. 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 | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.93 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.60 | -0.31 |
| Martin ratioReturn relative to average drawdown | -1.18 | -1.47 | +0.29 |
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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 | -93.81% | -40.37% | -53.44% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -84.31% | -14.09% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -88.07% | -10.99% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -99.72% | -0.10% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -99.12% | +2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.29% | 16.53% | +55.76% |
Volatility
ZSL vs. FAZ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 24.88% compared to Direxion Daily Financial Bear 3X Shares (FAZ) at 12.53%. 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 | 24.88% | 12.53% | +12.35% |
Volatility (6M)Calculated over the trailing 6-month period | 101.84% | 33.10% | +68.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.98% | 43.71% | +80.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.58% | 55.53% | +20.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.92% | 61.83% | +4.09% |
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 3.54%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.54% | 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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (24.88%) compared to FAZ (12.53%). In terms of maximum drawdown, ZSL dropped -100.00% vs FAZ's -100.00%.
On 10-year performance, ZSL leads with -38.38% vs -44.36% for FAZ. On fees, FAZ is cheaper at 1.07% per year. On volatility, FAZ has been the lower-risk option at 12.53%. 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 -38.38% return vs -44.36%. 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 3.54%, 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 (-0.56 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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