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 -67.63%/yr vs 30.39%/yr for ICOP. At a correlation of -0.64, they often move in opposite directions. 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 -46.07% return, which is significantly lower than ICOP's 13.96% return.
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
ICOP
- 1D
- -5.31%
- 1M
- -3.15%
- YTD
- 13.96%
- 6M
- 12.44%
- 1Y
- 82.41%
- 3Y*
- 30.39%
- 5Y*
- —
- 10Y*
- —
ZSL vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -14.49% |
ICOP iShares Copper and Metals Mining ETF | 13.96% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between ZSL and ICOP is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.64 |
The correlation between ZSL and ICOP has been stable across timeframes, ranging from -0.71 to -0.64 - 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 | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.34 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.33 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.17 | -4.12 |
| Martin ratioReturn relative to average drawdown | -1.27 | 11.16 | -12.43 |
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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 | -94.11% | -26.13% | -67.98% |
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% | -13.41% | -86.58% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -11.61% | -84.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 7.41% | +62.38% |
Volatility
ZSL vs. ICOP - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to iShares Copper and Metals Mining ETF (ICOP) at 16.27%. 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 | 28.23% | 16.27% | +11.96% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 35.00% | +72.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 39.67% | +82.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 34.44% | +40.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 34.44% | +31.29% |
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 1.78%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 1.78% | 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 -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to ICOP (16.27%). In terms of maximum drawdown, ZSL dropped -100.00% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 30.39% vs -67.63% for ZSL. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 16.27%. 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 30.39% return vs -67.63%. 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 1.78%, 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 (2.09 vs -0.73), 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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