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 -39.09%/yr vs 9.52%/yr for PSLV. Their -0.94 correlation means they have often moved in opposite directions in the past. 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 -41.63% return, which is significantly lower than PSLV's -20.13% return. Over the past 10 years, ZSL has underperformed PSLV with an annualized return of -39.09%, while PSLV has yielded a comparatively higher 9.52% annualized 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%
PSLV
- 1D
- 0.48%
- 1M
- -2.88%
- 6M
- -26.78%
- YTD
- -20.13%
- 1Y
- 50.88%
- 3Y*
- 32.83%
- 5Y*
- 16.27%
- 10Y*
- 9.52%
- ALL TIME*
- 4.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $155.84M | $136.78M | $194.12M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.63% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
PSLV Sprott Physical Silver Trust | -20.13% | 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 -0.98, 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. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 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.
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 | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.20 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.01 | -1.94 |
| Martin ratioReturn relative to average drawdown | -1.18 | 1.96 | -3.13 |
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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 | -93.62% | -50.83% | -42.79% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -50.83% | -47.57% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -50.83% | -48.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -50.83% | -48.99% |
Current DrawdownCurrent decline from peak | -99.99% | -48.05% | -51.94% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -58.01% | -38.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 26.09% | +48.42% |
Volatility
ZSL vs. PSLV - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to Sprott Physical Silver Trust (PSLV) at 11.17%. 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 | 21.97% | 11.17% | +10.80% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 45.24% | +42.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 61.32% | +63.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 36.55% | +39.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 31.55% | +34.45% |
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 -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (21.97%) compared to PSLV (11.17%). In terms of maximum drawdown, ZSL dropped -100.00% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 9.52% vs -39.09% for ZSL. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 11.17%. 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 9.52% return vs -39.09%. 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 (0.84 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.
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