ZSL vs. SDOW
ZSL (ProShares UltraShort Silver) and SDOW (ProShares UltraPro Short Dow30) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs -38.66%/yr for SDOW. At a 0.17 correlation, their price movements are largely independent. ZSL charges 1.32%/yr vs 0.95%/yr for SDOW.
Performance
ZSL vs. SDOW - 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 SDOW's -20.41% return. Over the past 10 years, ZSL has underperformed SDOW with an annualized return of -41.09%, while SDOW has yielded a comparatively higher -38.66% 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%
SDOW
- 1D
- 0.32%
- 1M
- -6.58%
- YTD
- -20.41%
- 6M
- -18.40%
- 1Y
- -43.24%
- 3Y*
- -33.77%
- 5Y*
- -25.99%
- 10Y*
- -38.66%
ZSL vs. SDOW - 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% |
SDOW ProShares UltraPro Short Dow30 | -20.41% | -33.94% | -25.95% | -28.78% | 4.00% | -49.00% | -66.48% | -49.54% | -0.30% | -52.26% |
Correlation
The correlation between ZSL and SDOW is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.17 |
The correlation between ZSL and SDOW shifts across timeframes, from 0.17 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. SDOW — Risk / Return Rank
ZSL
SDOW
ZSL vs. SDOW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares UltraPro Short Dow30 (SDOW). 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 | SDOW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.80 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -1.01 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.70 | +0.43 |
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Drawdowns
ZSL vs. SDOW - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum SDOW drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for ZSL and SDOW.
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Drawdown Indicators
| ZSL | SDOW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.96% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -42.83% | -51.28% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -75.55% | -22.85% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -83.15% | -15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -99.29% | -0.53% |
Current DrawdownCurrent decline from peak | -99.99% | -99.96% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -89.59% | -6.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 27.36% | +42.43% |
Volatility
ZSL vs. SDOW - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares UltraPro Short Dow30 (SDOW) at 12.39%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SDOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 12.39% | +15.84% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 29.43% | +78.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 37.16% | +85.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 44.43% | +30.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 52.13% | +13.60% |
ZSL vs. SDOW - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SDOW's 0.95% expense ratio.
Dividends
ZSL vs. SDOW - Dividend Comparison
ZSL has not paid dividends to shareholders, while SDOW's dividend yield for the trailing twelve months is around 5.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | 5.85% | 5.80% | 8.30% | 5.38% | 0.36% | 0.00% | 0.52% | 2.17% | 1.23% | 0.09% |
ZSL ProShares UltraShort Silver | 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 SDOW have a correlation of 0.29, 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 SDOW (12.39%). In terms of maximum drawdown, ZSL dropped -100.00% vs SDOW's -99.96%.
On 10-year performance, SDOW leads with -38.66% vs -41.09% for ZSL. On fees, SDOW is cheaper at 0.95% per year. On volatility, SDOW has been the lower-risk option at 12.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDOW has performed better with a -38.66% return vs -41.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDOW is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
SDOW has the higher dividend yield at 5.85%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while SDOW is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while SDOW tracks Dow Jones Industrial Average (-300%). Their fees differ too: 1.32% for ZSL and 0.95% for SDOW.
ZSL currently has the higher Sharpe Ratio (-0.73 vs -1.17), 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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