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 -44.03%/yr vs 13.23%/yr for GLD. At a correlation of -0.78, they often move in opposite directions. 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 -61.84% return, which is significantly lower than GLD's 3.95% return. Over the past 10 years, ZSL has underperformed GLD with an annualized return of -44.03%, while GLD has yielded a comparatively higher 13.23% annualized return.
ZSL
- 1D
- -0.85%
- 1M
- -5.32%
- YTD
- -61.84%
- 6M
- -76.77%
- 1Y
- -92.65%
- 3Y*
- -70.19%
- 5Y*
- -52.70%
- 10Y*
- -44.03%
GLD
- 1D
- 0.17%
- 1M
- -2.65%
- YTD
- 3.95%
- 6M
- 6.38%
- 1Y
- 32.18%
- 3Y*
- 31.53%
- 5Y*
- 18.64%
- 10Y*
- 13.23%
ZSL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -61.84% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
GLD SPDR Gold Shares | 3.95% | 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 -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.78 |
The correlation between ZSL and GLD has been stable across timeframes, ranging from -0.78 to -0.75 - 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.
| ZSL | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.78 | 1.22 | -1.99 |
Sortino ratioReturn per unit of downside risk | -2.44 | 1.61 | -4.05 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.24 | -0.51 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.86 | -2.85 |
Martin ratioReturn relative to average drawdown | -1.37 | 4.66 | -6.04 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.78 | 1.22 | -1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 1.04 | -1.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.68 | 0.83 | -1.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.60 | -1.27 |
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 | -94.55% | -19.21% | -75.34% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -19.21% | -79.19% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -21.03% | -78.03% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -22.00% | -77.82% |
Current DrawdownCurrent decline from peak | -100.00% | -16.93% | -83.07% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -16.16% | -80.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.99% | 7.65% | +60.34% |
Volatility
ZSL vs. GLD - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.64% compared to SPDR Gold Shares (GLD) at 5.78%. 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 | 32.64% | 5.78% | +26.86% |
Volatility (6M)Calculated over the trailing 6-month period | 105.75% | 23.14% | +82.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.75% | 26.71% | +93.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.08% | 18.02% | +56.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.19% | 15.95% | +49.24% |
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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.64%) compared to GLD (5.78%). In terms of maximum drawdown, ZSL dropped -100.00% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.23% vs -44.03% for ZSL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.78%. 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 13.23% return vs -44.03%. 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 (1.22 vs -0.78), 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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