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 -38.38%/yr vs -20.63%/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 -35.96% return, which is significantly lower than GLL's 5.05% return. Over the past 10 years, ZSL has underperformed GLL with an annualized return of -38.38%, while GLL has yielded a comparatively higher -20.63% 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%
GLL
- 1D
- 3.90%
- 1M
- 18.00%
- 6M
- 19.80%
- YTD
- 5.05%
- 1Y
- -37.00%
- 3Y*
- -37.43%
- 5Y*
- -27.00%
- 10Y*
- -20.63%
ZSL vs. GLL - 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% |
GLL ProShares UltraShort Gold | 5.05% | -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 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.79 |
The correlation between ZSL and GLL has been stable across timeframes, ranging from 0.77 to 0.81 - 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.
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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.90 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.57 | -0.34 |
| Martin ratioReturn relative to average drawdown | -1.18 | -0.83 | -0.34 |
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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 | -93.81% | -65.10% | -28.71% |
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 | -99.99% | -98.70% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -85.20% | -11.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.29% | 44.38% | +27.91% |
Volatility
ZSL vs. GLL - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 24.88% compared to ProShares UltraShort Gold (GLL) at 12.83%. 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 | 24.88% | 12.83% | +12.05% |
Volatility (6M)Calculated over the trailing 6-month period | 101.84% | 46.49% | +55.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.98% | 55.17% | +68.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.58% | 36.73% | +38.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.92% | 32.44% | +33.48% |
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 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (24.88%) compared to GLL (12.83%). In terms of maximum drawdown, ZSL dropped -100.00% vs GLL's -99.24%.
On 10-year performance, GLL leads with -20.63% vs -38.38% for ZSL. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 12.83%. 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 -20.63% return vs -38.38%. 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.
GLL currently has the higher Sharpe Ratio (-0.67 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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