ZSL vs. GLL
ZSL (ProShares UltraShort Silver) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, ZSL returned -43.74%/yr vs -23.37%/yr for GLL. A 0.79 correlation means they provide meaningful diversification when combined. ZSL charges 1.32%/yr vs 0.95%/yr for GLL.
Performance
ZSL vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -59.81% return, which is significantly lower than GLL's -14.49% return. Over the past 10 years, ZSL has underperformed GLL with an annualized return of -43.74%, while GLL has yielded a comparatively higher -23.37% annualized return.
ZSL
- 1D
- 5.33%
- 1M
- -6.86%
- YTD
- -59.81%
- 6M
- -75.78%
- 1Y
- -92.31%
- 3Y*
- -69.67%
- 5Y*
- -51.93%
- 10Y*
- -43.74%
GLL
- 1D
- 2.05%
- 1M
- 3.37%
- YTD
- -14.49%
- 6M
- -18.72%
- 1Y
- -48.24%
- 3Y*
- -41.46%
- 5Y*
- -28.82%
- 10Y*
- -23.37%
ZSL vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -59.81% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
GLL ProShares UltraShort Gold | -14.49% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between ZSL and GLL is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| 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 | 0.79 |
The correlation between ZSL and GLL has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
ZSL vs. GLL — Risk / Return Rank
ZSL
GLL
ZSL vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.83 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.74 | -0.23 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.16 | -0.19 |
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 | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.92 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.81 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | -0.73 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.67 | 0.00 |
Drawdowns
ZSL vs. GLL - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for ZSL and GLL.
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Drawdown Indicators
| ZSL | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.24% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -94.55% | -65.10% | -29.45% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -87.95% | -10.45% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -89.76% | -9.30% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -95.76% | -4.06% |
Current DrawdownCurrent decline from peak | -100.00% | -98.94% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -85.13% | -11.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 41.74% | +26.49% |
Volatility
ZSL vs. GLL - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares UltraShort Gold (GLL) at 11.07%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 11.07% | +21.24% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 44.43% | +61.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 52.38% | +67.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 35.90% | +38.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 32.12% | +33.08% |
ZSL vs. GLL - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than GLL's 0.95% expense ratio.
Dividends
ZSL vs. GLL - Dividend Comparison
Neither ZSL nor GLL has paid dividends to shareholders.
Frequently Asked Questions
ZSL and GLL 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 (32.31%) compared to GLL (11.07%). In terms of maximum drawdown, ZSL dropped -100.00% vs GLL's -99.24%.
On 10-year performance, GLL leads with -23.37% vs -43.74% for ZSL. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -23.37% return vs -43.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
ZSL and GLL have nearly identical dividend yields, around 0.00%.
ZSL is categorized as Silver, while GLL is Leveraged Commodities. ZSL tracks Bloomberg Silver Subindex (-2x), while GLL tracks Bloomberg Gold (-200%). Their fees differ too: 1.32% for ZSL and 0.95% for GLL.
ZSL currently has the higher Sharpe Ratio (-0.77 vs -0.92), 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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