ZSL vs. GLTR
ZSL (ProShares UltraShort Silver) and GLTR (abrdn Physical Precious Metals Basket Shares ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while GLTR is a Precious Metals fund tracking the ETFS Physical Precious Metals Basket Index. Both are passively managed. Over the past 10 years, ZSL returned -39.09%/yr vs 10.29%/yr for GLTR. Their -0.91 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.60%/yr for GLTR.
Performance
ZSL vs. GLTR - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -41.63% return, which is significantly lower than GLTR's -11.65% return. Over the past 10 years, ZSL has underperformed GLTR with an annualized return of -39.09%, while GLTR has yielded a comparatively higher 10.29% annualized return.
ZSL
- 1D
- -0.38%
- 1M
- 7.11%
- 6M
- 21.76%
- YTD
- -41.63%
- 1Y
- -87.28%
- 3Y*
- -65.53%
- 5Y*
- -49.79%
- 10Y*
- -39.09%
- ALL TIME*
- -41.76%
GLTR
- 1D
- 0.04%
- 1M
- -2.49%
- 6M
- -19.22%
- YTD
- -11.65%
- 1Y
- 29.01%
- 3Y*
- 27.11%
- 5Y*
- 13.64%
- 10Y*
- 10.29%
- ALL TIME*
- 5.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.13M | $13.13M | $13.77M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. GLTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.63% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
GLTR abrdn Physical Precious Metals Basket Shares ETF | -11.65% | 87.25% | 20.63% | 2.01% | -0.25% | -9.60% | 29.52% | 20.96% | -2.85% | 12.94% |
Correlation
The correlation between ZSL and GLTR is -0.96, 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. | -0.96 |
Correlation (3Y) Balances recent behavior with more history. | -0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2010 | -0.91 |
The correlation between ZSL and GLTR has been stable across timeframes, ranging from -0.96 to -0.90 - a consistent structural relationship.
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Return for Risk
ZSL vs. GLTR — Risk / Return Rank
ZSL
GLTR
ZSL vs. GLTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). 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 | GLTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 0.77 | -1.70 |
| Martin ratioReturn relative to average drawdown | -1.18 | 1.53 | -2.71 |
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Drawdowns
ZSL vs. GLTR - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than GLTR's maximum drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for ZSL and GLTR.
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Drawdown Indicators
| ZSL | GLTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -55.70% | -44.30% |
Max Drawdown (1Y)Largest decline over 1 year | -93.62% | -37.87% | -55.75% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -37.87% | -60.53% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -37.87% | -61.19% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -37.87% | -61.95% |
Current DrawdownCurrent decline from peak | -99.99% | -36.32% | -63.67% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -28.88% | -67.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 18.97% | +55.54% |
Volatility
ZSL vs. GLTR - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to abrdn Physical Precious Metals Basket Shares ETF (GLTR) at 7.57%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than GLTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | GLTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.97% | 7.57% | +14.40% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 28.26% | +59.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 39.57% | +85.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 24.19% | +51.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 20.81% | +45.19% |
ZSL vs. GLTR - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than GLTR's 0.60% expense ratio.
Dividends
ZSL vs. GLTR - Dividend Comparison
Neither ZSL nor GLTR has paid dividends to shareholders.
Frequently Asked Questions
ZSL and GLTR have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (21.97%) compared to GLTR (7.57%). In terms of maximum drawdown, ZSL dropped -100.00% vs GLTR's -55.70%.
On 10-year performance, GLTR leads with 10.29% vs -39.09% for ZSL. On fees, GLTR is cheaper at 0.60% per year. On volatility, GLTR has been the lower-risk option at 7.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLTR has performed better with a 10.29% return vs -39.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLTR is cheaper with a 0.60% expense ratio, compared with 1.32% for ZSL.
ZSL and GLTR have nearly identical dividend yields, around 0.00%.
ZSL is categorized as Silver, while GLTR is Precious Metals. ZSL tracks Bloomberg Silver Subindex (-2x), while GLTR tracks ETFS Physical Precious Metals Basket Index. They also come from different issuers: ProShares and abrdn. Their fees differ too: 1.32% for ZSL and 0.60% for GLTR.
GLTR currently has the higher Sharpe Ratio (0.74 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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