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 -43.74%/yr vs -37.95%/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
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -59.81% return, which is significantly lower than SDOW's -15.72% return. Over the past 10 years, ZSL has underperformed SDOW with an annualized return of -43.74%, while SDOW has yielded a comparatively higher -37.95% annualized return.
ZSL
- 1D
- 5.33%
- 1M
- -6.86%
- YTD
- -59.81%
- 6M
- -75.78%
- 1Y
- -92.31%
- 3Y*
- -69.67%
- 5Y*
- -51.93%
- 10Y*
- -43.74%
SDOW
- 1D
- 3.40%
- 1M
- -10.23%
- YTD
- -15.72%
- 6M
- -16.21%
- 1Y
- -39.90%
- 3Y*
- -32.27%
- 5Y*
- -24.52%
- 10Y*
- -37.95%
ZSL vs. SDOW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -59.81% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SDOW ProShares UltraPro Short Dow30 | -15.72% | -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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.17 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| ZSL | SDOW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.82 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.92 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.45 | +0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZSL | SDOW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -1.11 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.56 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | -0.73 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.78 | +0.11 |
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.
Loading charts...
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 | -94.55% | -43.45% | -51.10% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -74.39% | -24.01% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -82.35% | -16.71% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -99.26% | -0.56% |
Current DrawdownCurrent decline from peak | -100.00% | -99.96% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -89.43% | -6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 27.47% | +40.76% |
Volatility
ZSL vs. SDOW - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares UltraPro Short Dow30 (SDOW) at 8.86%. 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.
Loading charts...
Volatility by Period
| ZSL | SDOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 8.86% | +23.45% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 28.01% | +77.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 36.20% | +83.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 44.29% | +29.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 52.13% | +13.07% |
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 5.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | 5.52% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.31%) compared to SDOW (8.86%). In terms of maximum drawdown, ZSL dropped -100.00% vs SDOW's -99.96%.
On 10-year performance, SDOW leads with -37.95% vs -43.74% for ZSL. On fees, SDOW is cheaper at 0.95% per year. On volatility, SDOW has been the lower-risk option at 8.86%. 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 -37.95% return vs -43.74%. 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 5.52%, 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 (-0.77 vs -1.11), 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.
Find the right allocation for ZSL and SDOW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer