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 -63.93%/yr vs 24.91%/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 -40.11% return, which is significantly lower than ICOP's 7.87% return.
ZSL
- 1D
- 6.92%
- 1M
- 31.50%
- 6M
- -6.76%
- YTD
- -40.11%
- 1Y
- -85.47%
- 3Y*
- -63.93%
- 5Y*
- -48.95%
- 10Y*
- -38.80%
ICOP
- 1D
- -2.44%
- 1M
- -11.83%
- 6M
- -2.13%
- YTD
- 7.87%
- 1Y
- 60.49%
- 3Y*
- 24.91%
- 5Y*
- —
- 10Y*
- —
ZSL vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -40.11% | -87.29% | -42.43% | -14.49% |
ICOP iShares Copper and Metals Mining ETF | 7.87% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between ZSL and ICOP is -0.73, 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 | -0.73 |
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 -0.73 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 | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.26 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.33 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.19 | 7.33 | -8.53 |
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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 | -93.81% | -26.13% | -67.68% |
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% | -18.04% | -81.95% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -11.69% | -84.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 8.27% | +63.40% |
Volatility
ZSL vs. ICOP - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to iShares Copper and Metals Mining ETF (ICOP) at 13.59%. 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 | 28.50% | 13.59% | +14.91% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 35.19% | +67.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 40.03% | +83.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 34.50% | +41.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 34.50% | +31.38% |
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 1.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 1.88% | 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 (28.50%) compared to ICOP (13.59%). In terms of maximum drawdown, ZSL dropped -100.00% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 24.91% vs -63.93% for ZSL. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 13.59%. 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 24.91% return vs -63.93%. 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 1.88%, 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 (1.52 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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