ZSL vs. ICOP
ZSL (ProShares UltraShort Silver) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, ZSL returned -64.77%/yr vs 26.30%/yr for ICOP. Their -0.65 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.47%/yr for ICOP.
Performance
ZSL vs. ICOP - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -41.40% return, which is significantly lower than ICOP's 13.30% return.
ZSL
- 1D
- 4.44%
- 1M
- 7.53%
- 6M
- 32.58%
- YTD
- -41.40%
- 1Y
- -87.23%
- 3Y*
- -64.77%
- 5Y*
- -49.69%
- 10Y*
- -38.53%
- ALL TIME*
- -41.76%
ICOP
- 1D
- -1.40%
- 1M
- 1.44%
- 6M
- -1.66%
- YTD
- 13.30%
- 1Y
- 75.25%
- 3Y*
- 26.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.24M | $3.32M | $5.52M | |
| $62.12M | $66.02M | $102.33M |
ZSL vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.40% | -87.29% | -42.43% | -14.49% |
ICOP iShares Copper and Metals Mining ETF | 13.30% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between ZSL and ICOP is -0.73, 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. | -0.73 |
Correlation (3Y) Balances recent behavior with more history. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.65 |
The correlation between ZSL and ICOP has been stable across timeframes, ranging from -0.73 to -0.65 - a consistent structural relationship.
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Return for Risk
ZSL vs. ICOP — Risk / Return Rank
ZSL
ICOP
ZSL vs. ICOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and iShares Copper and Metals Mining ETF (ICOP). 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 | ICOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.96 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.30 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.88 | -3.81 |
| Martin ratioReturn relative to average drawdown | -1.18 | 8.34 | -9.52 |
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Drawdowns
ZSL vs. ICOP - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for ZSL and ICOP.
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Drawdown Indicators
| ZSL | ICOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -38.67% | -61.33% |
Max Drawdown (1Y)Largest decline over 1 year | -93.72% | -26.13% | -67.59% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -38.67% | -59.73% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -13.92% | -86.07% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -11.76% | -84.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.55% | 8.99% | +65.56% |
Volatility
ZSL vs. ICOP - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 22.62% compared to iShares Copper and Metals Mining ETF (ICOP) at 12.26%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | ICOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.62% | 12.26% | +10.36% |
Volatility (6M)Calculated over the trailing 6-month period | 96.58% | 35.69% | +60.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.38% | 40.68% | +83.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.74% | 34.64% | +41.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.98% | 34.64% | +31.34% |
ZSL vs. ICOP - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than ICOP's 0.47% expense ratio.
Dividends
ZSL vs. ICOP - Dividend Comparison
ZSL has not paid dividends to shareholders, while ICOP's dividend yield for the trailing twelve months is around 1.79%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 1.79% | 2.08% | 1.87% | 2.15% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and ICOP have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (22.62%) compared to ICOP (12.26%). In terms of maximum drawdown, ZSL dropped -100.00% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 26.30% vs -64.77% for ZSL. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 12.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICOP has performed better with a 26.30% return vs -64.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOP is cheaper with a 0.47% expense ratio, compared with 1.32% for ZSL.
ICOP has the higher dividend yield at 1.79%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while ICOP is Copper. ZSL tracks Bloomberg Silver Subindex (-2x), while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.32% for ZSL and 0.47% for ICOP.
ICOP currently has the higher Sharpe Ratio (1.85 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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