ZSL vs. GLTR
ZSL (ProShares UltraShort Silver) and GLTR (Aberdeen Standard 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 -43.74%/yr vs 13.17%/yr for GLTR. At a correlation of -0.91, they often move in opposite directions. 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 -59.81% return, which is significantly lower than GLTR's 1.47% return. Over the past 10 years, ZSL has underperformed GLTR with an annualized return of -43.74%, while GLTR has yielded a comparatively higher 13.17% 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%
GLTR
- 1D
- -1.81%
- 1M
- -1.45%
- YTD
- 1.47%
- 6M
- 10.73%
- 1Y
- 53.06%
- 3Y*
- 32.36%
- 5Y*
- 15.32%
- 10Y*
- 13.17%
ZSL vs. GLTR - 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% |
GLTR Aberdeen Standard Physical Precious Metals Basket Shares ETF | 1.47% | 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 -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2010 | -0.91 |
The correlation between ZSL and GLTR has been stable across timeframes, ranging from -0.94 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 Aberdeen Standard 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.
| ZSL | GLTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.29 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.80 | -2.77 |
| Martin ratioReturn relative to average drawdown | -1.35 | 4.13 | -5.48 |
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 | GLTR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 1.42 | -2.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.65 | -1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.64 | -1.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.32 | -0.99 |
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 | -94.55% | -29.70% | -64.85% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -29.70% | -68.70% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -29.70% | -69.36% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -29.70% | -70.12% |
Current DrawdownCurrent decline from peak | -100.00% | -26.86% | -73.14% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -28.83% | -67.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 12.88% | +55.35% |
Volatility
ZSL vs. GLTR - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to Aberdeen Standard Physical Precious Metals Basket Shares ETF (GLTR) at 9.13%. 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 | 32.31% | 9.13% | +23.18% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 35.41% | +70.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 37.58% | +81.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 23.63% | +50.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 20.50% | +44.70% |
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 -0.94, 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 GLTR (9.13%). In terms of maximum drawdown, ZSL dropped -100.00% vs GLTR's -55.70%.
On 10-year performance, GLTR leads with 13.17% vs -43.74% for ZSL. On fees, GLTR is cheaper at 0.60% per year. On volatility, GLTR has been the lower-risk option at 9.13%. 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 13.17% return vs -43.74%. 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 Aberdeen. Their fees differ too: 1.32% for ZSL and 0.60% for GLTR.
GLTR currently has the higher Sharpe Ratio (1.42 vs -0.77), 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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