ZSL vs. PICK
ZSL (ProShares UltraShort Silver) and PICK (iShares MSCI Global Metals & Mining Producers ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while PICK is a Metals fund tracking the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index. Both are passively managed. Over the past 10 years, ZSL returned -38.80%/yr vs 14.28%/yr for PICK. At a correlation of -0.40, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.39%/yr for PICK.
Performance
ZSL vs. PICK - 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 PICK's 11.09% return. Over the past 10 years, ZSL has underperformed PICK with an annualized return of -38.80%, while PICK has yielded a comparatively higher 14.28% annualized 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%
PICK
- 1D
- -1.33%
- 1M
- -12.36%
- 6M
- 2.60%
- YTD
- 11.09%
- 1Y
- 46.35%
- 3Y*
- 13.59%
- 5Y*
- 9.06%
- 10Y*
- 14.28%
ZSL vs. PICK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -40.11% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
PICK iShares MSCI Global Metals & Mining Producers ETF | 11.09% | 51.89% | -16.37% | 9.69% | 2.54% | 22.61% | 27.46% | 16.47% | -18.65% | 38.42% |
Correlation
The correlation between ZSL and PICK is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | -0.40 |
Over the past year, the inverse relationship between ZSL and PICK has strengthened: their correlation has moved from -0.40 to -0.69, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ZSL vs. PICK — Risk / Return Rank
ZSL
PICK
ZSL vs. PICK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and iShares MSCI Global Metals & Mining Producers ETF (PICK). 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 | PICK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.55 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.28 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.38 | -3.30 |
| Martin ratioReturn relative to average drawdown | -1.19 | 7.34 | -8.54 |
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Drawdowns
ZSL vs. PICK - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than PICK's maximum drawdown of -68.87%. Use the drawdown chart below to compare losses from any high point for ZSL and PICK.
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Drawdown Indicators
| ZSL | PICK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -68.87% | -31.13% |
Max Drawdown (1Y)Largest decline over 1 year | -93.81% | -19.54% | -74.27% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -32.52% | -65.88% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -36.37% | -62.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -52.72% | -47.10% |
Current DrawdownCurrent decline from peak | -99.99% | -17.26% | -82.73% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -24.03% | -72.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 6.33% | +65.34% |
Volatility
ZSL vs. PICK - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to iShares MSCI Global Metals & Mining Producers ETF (PICK) at 10.14%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than PICK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | PICK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.50% | 10.14% | +18.36% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 26.50% | +76.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 30.12% | +93.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 28.15% | +47.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 28.26% | +37.62% |
ZSL vs. PICK - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than PICK's 0.39% expense ratio.
Dividends
ZSL vs. PICK - Dividend Comparison
ZSL has not paid dividends to shareholders, while PICK's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Metals & Mining Producers ETF | 2.33% | 2.88% | 3.26% | 4.19% | 6.93% | 5.89% | 2.27% | 5.51% | 4.77% | 2.41% | 1.15% | 15.77% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and PICK have a correlation of -0.69, 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 PICK (10.14%). In terms of maximum drawdown, ZSL dropped -100.00% vs PICK's -68.87%.
On 10-year performance, PICK leads with 14.28% vs -38.80% for ZSL. On fees, PICK is cheaper at 0.39% per year. On volatility, PICK has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICK has performed better with a 14.28% return vs -38.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICK is cheaper with a 0.39% expense ratio, compared with 1.32% for ZSL.
PICK has the higher dividend yield at 2.33%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while PICK is Metals. ZSL tracks Bloomberg Silver Subindex (-2x), while PICK tracks MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.32% for ZSL and 0.39% for PICK.
PICK currently has the higher Sharpe Ratio (1.55 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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