ZSL vs. GLD
ZSL (ProShares UltraShort Silver) and GLD (SPDR Gold Shares) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, ZSL returned -38.53%/yr vs 11.05%/yr for GLD. Their -0.79 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.40%/yr for GLD.
Performance
ZSL vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -41.40% return, which is significantly lower than GLD's -6.25% return. Over the past 10 years, ZSL has underperformed GLD with an annualized return of -38.53%, while GLD has yielded a comparatively higher 11.05% annualized return.
ZSL
- 1D
- 4.44%
- 1M
- 7.53%
- 6M
- 32.58%
- YTD
- -41.40%
- 1Y
- -87.23%
- 3Y*
- -64.77%
- 5Y*
- -49.69%
- 10Y*
- -38.53%
- ALL TIME*
- -41.76%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.38B | $2.40B | $2.72B | |
| $62.12M | $66.02M | $102.33M |
ZSL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.40% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
GLD SPDR Gold Shares | -6.25% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between ZSL and GLD is -0.81, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.79 |
The correlation between ZSL and GLD has been stable across timeframes, ranging from -0.81 to -0.76 - a consistent structural relationship.
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Return for Risk
ZSL vs. GLD — Risk / Return Rank
ZSL
GLD
ZSL vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 0.86 | -1.79 |
| Martin ratioReturn relative to average drawdown | -1.18 | 1.86 | -3.04 |
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Drawdowns
ZSL vs. GLD - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for ZSL and GLD.
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Drawdown Indicators
| ZSL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -45.56% | -54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -93.72% | -26.40% | -67.32% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -26.40% | -72.00% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -26.40% | -72.66% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -26.40% | -73.42% |
Current DrawdownCurrent decline from peak | -99.99% | -25.08% | -74.91% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -16.21% | -80.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.55% | 12.18% | +62.37% |
Volatility
ZSL vs. GLD - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 22.62% compared to SPDR Gold Shares (GLD) at 6.40%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.62% | 6.40% | +16.22% |
Volatility (6M)Calculated over the trailing 6-month period | 96.58% | 23.52% | +73.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.38% | 28.13% | +96.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.74% | 18.49% | +57.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.98% | 16.14% | +49.84% |
ZSL vs. GLD - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
ZSL vs. GLD - Dividend Comparison
Neither ZSL nor GLD has paid dividends to shareholders.
Frequently Asked Questions
ZSL and GLD have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (22.62%) compared to GLD (6.40%). In terms of maximum drawdown, ZSL dropped -100.00% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.05% vs -38.53% for ZSL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.05% return vs -38.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.32% for ZSL.
ZSL and GLD have nearly identical dividend yields, around 0.00%.
ZSL is categorized as Silver, while GLD is Gold. ZSL tracks Bloomberg Silver Subindex (-2x), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.32% for ZSL and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.81 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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