ZSL vs. QLD
ZSL (ProShares UltraShort Silver) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs 36.27%/yr for QLD. At a correlation of -0.19, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.95%/yr for QLD.
Performance
ZSL vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -46.07% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, ZSL has underperformed QLD with an annualized return of -41.09%, while QLD has yielded a comparatively higher 36.27% annualized return.
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
ZSL vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
QLD ProShares Ultra QQQ | 29.58% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between ZSL and QLD is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.19 |
The correlation between ZSL and QLD shifts across timeframes, from -0.33 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. QLD — Risk / Return Rank
ZSL
QLD
ZSL vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.31 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.67 | -3.62 |
| Martin ratioReturn relative to average drawdown | -1.27 | 9.05 | -10.32 |
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Drawdowns
ZSL vs. QLD - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for ZSL and QLD.
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Drawdown Indicators
| ZSL | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -83.13% | -16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -25.13% | -68.98% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -42.29% | -56.11% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -63.68% | -35.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -63.68% | -36.14% |
Current DrawdownCurrent decline from peak | -99.99% | -9.26% | -90.73% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -18.14% | -78.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 7.40% | +62.39% |
Volatility
ZSL vs. QLD - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares Ultra QQQ (QLD) at 18.22%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 18.22% | +10.01% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 28.95% | +78.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 35.77% | +86.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 45.34% | +29.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 44.80% | +20.93% |
ZSL vs. QLD - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than QLD's 0.95% expense ratio.
Dividends
ZSL vs. QLD - Dividend Comparison
ZSL has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
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 QLD have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to QLD (18.22%). In terms of maximum drawdown, ZSL dropped -100.00% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.27% vs -41.09% for ZSL. On fees, QLD is cheaper at 0.95% per year. On volatility, QLD has been the lower-risk option at 18.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.27% return vs -41.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QLD is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while QLD is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 1.32% for ZSL and 0.95% for QLD.
QLD currently has the higher Sharpe Ratio (1.88 vs -0.73), 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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