ZSL vs. PSLV
ZSL (ProShares UltraShort Silver) and PSLV (Sprott Physical Silver Trust) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while PSLV tracks the No Index (Physical Silver). Both are passively managed. Over the past 10 years, ZSL returned -43.83%/yr vs 14.02%/yr for PSLV. At a correlation of -0.94, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.51%/yr for PSLV.
Performance
ZSL vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -60.77% return, which is significantly lower than PSLV's -0.89% return. Over the past 10 years, ZSL has underperformed PSLV with an annualized return of -43.83%, while PSLV has yielded a comparatively higher 14.02% annualized return.
ZSL
- 1D
- -2.38%
- 1M
- -9.11%
- YTD
- -60.77%
- 6M
- -77.45%
- 1Y
- -92.58%
- 3Y*
- -69.94%
- 5Y*
- -52.16%
- 10Y*
- -43.83%
PSLV
- 1D
- 0.90%
- 1M
- -0.64%
- YTD
- -0.89%
- 6M
- 23.11%
- 1Y
- 102.24%
- 3Y*
- 42.33%
- 5Y*
- 18.65%
- 10Y*
- 14.02%
ZSL vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -60.77% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
PSLV Sprott Physical Silver Trust | -0.89% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between ZSL and PSLV is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | -0.94 |
The correlation between ZSL and PSLV has been stable across timeframes, ranging from -0.98 to -0.94 - a consistent structural relationship.
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Return for Risk
ZSL vs. PSLV — Risk / Return Rank
ZSL
PSLV
ZSL vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Sprott Physical Silver Trust (PSLV). 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.
| ZSL | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -4.41 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.33 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.53 | -3.51 |
| Martin ratioReturn relative to average drawdown | -1.38 | 5.58 | -6.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSL | PSLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.78 | 1.76 | -2.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 0.53 | -1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.45 | -1.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.17 | -0.84 |
Drawdowns
ZSL vs. PSLV - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than PSLV's maximum drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for ZSL and PSLV.
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Drawdown Indicators
| ZSL | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.38% | -20.62% |
Max Drawdown (1Y)Largest decline over 1 year | -94.13% | -40.65% | -53.48% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -40.65% | -57.75% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -40.65% | -58.41% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -42.79% | -57.03% |
Current DrawdownCurrent decline from peak | -100.00% | -35.53% | -64.47% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -58.15% | -38.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.48% | 18.38% | +50.10% |
Volatility
ZSL vs. PSLV - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.37% compared to Sprott Physical Silver Trust (PSLV) at 16.60%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.37% | 16.60% | +15.77% |
Volatility (6M)Calculated over the trailing 6-month period | 105.85% | 57.34% | +48.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.49% | 58.49% | +61.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 35.64% | +38.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.19% | 31.14% | +34.05% |
ZSL vs. PSLV - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than PSLV's 0.51% expense ratio.
Dividends
ZSL vs. PSLV - Dividend Comparison
Neither ZSL nor PSLV has paid dividends to shareholders.
Frequently Asked Questions
ZSL and PSLV have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.37%) compared to PSLV (16.60%). In terms of maximum drawdown, ZSL dropped -100.00% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 14.02% vs -43.83% for ZSL. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 16.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 14.02% return vs -43.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 1.32% for ZSL.
ZSL and PSLV have nearly identical dividend yields, around 0.00%.
ZSL tracks Bloomberg Silver Subindex (-2x), while PSLV tracks No Index (Physical Silver). They also come from different issuers: ProShares and Sprott. Their fees differ too: 1.32% for ZSL and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (1.76 vs -0.78), 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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