ZSL vs. IQQQ

Last updated Aug 4, 2026

ZSL (ProShares UltraShort Silver) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, ZSL returned -87.28% vs 23.94% for IQQQ. Their -0.28 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.55%/yr for IQQQ.

Performance

ZSL vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Silver (ZSL) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSL achieves a -41.63% return, which is significantly lower than IQQQ's 11.89% 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%

IQQQ

• 1D: 1.65%
• 1M: -1.59%
• 6M: 9.64%
• YTD: 11.89%
• 1Y: 23.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IQQQ ProShares Nasdaq-100 High Income ETF	$2.03M	$2.38M	$2.95M
ZSL ProShares UltraShort Silver	$62.16M	$64.01M	$98.74M

ZSL vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZSL ProShares UltraShort Silver	-41.63%	-87.29%	-36.67%
IQQQ ProShares Nasdaq-100 High Income ETF	11.89%	17.11%	14.82%

Correlation

The correlation between ZSL and IQQQ is -0.35, 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.	-0.35
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.28

Return for Risk

ZSL vs. IQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZSL

ZSL Risk / Return Rank: 2
ZSL Sharpe Ratio Rank: 3
ZSL Sortino Ratio Rank: 1
ZSL Omega Ratio Rank: 2
ZSL Calmar Ratio Rank: 1
ZSL Martin Ratio Rank: 3

IQQQ

IQQQ Risk / Return Rank: 52
IQQQ Sharpe Ratio Rank: 53
IQQQ Sortino Ratio Rank: 49
IQQQ Omega Ratio Rank: 48
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZSL vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.30	-2.01
Sortino ratio: Return per unit of downside risk	-1.66	1.80	-3.46
Omega ratio: Gain probability vs. loss probability	0.83	1.22	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.93	2.14	-3.07
Martin ratio: Return relative to average drawdown	-1.18	6.34	-7.52

ZSL vs. IQQQ - Sharpe Ratio Comparison

The current ZSL Sharpe Ratio is -0.70, which is lower than the IQQQ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of ZSL and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZSL vs. IQQQ - Drawdown Comparison

The maximum ZSL drawdown since its inception was -100.00%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for ZSL and IQQQ.

Drawdown Indicators

	ZSL	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-20.41%	-79.59%
Max Drawdown (1Y) Largest decline over 1 year	-93.62%	-11.25%	-82.37%
Max Drawdown (3Y) Largest decline over 3 years	-98.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.82%	—	—
Current Drawdown Current decline from peak	-99.99%	-6.04%	-93.95%
Average Drawdown Average peak-to-trough decline	-96.40%	-3.71%	-92.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.51%	3.78%	+70.73%

Volatility

ZSL vs. IQQQ - Volatility Comparison

ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 6.91%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSL	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.97%	6.91%	+15.06%
Volatility (6M) Calculated over the trailing 6-month period	87.96%	15.14%	+72.82%
Volatility (1Y) Calculated over the trailing 1-year period	124.62%	18.47%	+106.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.77%	19.31%	+56.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.00%	19.31%	+46.69%

ZSL vs. IQQQ - Expense Ratio Comparison

ZSL has a 1.32% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

ZSL vs. IQQQ - Dividend Comparison

ZSL has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 5.81%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	5.81%	10.34%	7.27%
ZSL ProShares UltraShort Silver	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZSL and IQQQ in my portfolio?

ZSL and IQQQ have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSL or IQQQ?

ZSL has higher volatility (21.97%) compared to IQQQ (6.91%). In terms of maximum drawdown, ZSL dropped -100.00% vs IQQQ's -20.41%.

Which ETF is better, ZSL or IQQQ?

On 1-year performance, IQQQ leads with 23.94% vs -87.28% for ZSL. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSL or IQQQ?

Over the 1-year period, IQQQ has performed better with a 23.94% return vs -87.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSL or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 1.32% for ZSL.

Which ETF pays a higher dividend yield, ZSL or IQQQ?

IQQQ has the higher dividend yield at 5.81%, compared with 0.00% for ZSL.

What is the main difference between ZSL and IQQQ?

ZSL is categorized as Silver, while IQQQ is Nasdaq-100. ZSL tracks Bloomberg Silver Subindex (-2x), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 1.32% for ZSL and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.30 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.