ZSL vs. SIL
ZSL (ProShares UltraShort Silver) and SIL (Global X Silver Miners ETF) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while SIL tracks the Solactive Global Silver Miners Total Return Index. Both are passively managed. Over the past 10 years, ZSL returned -38.80%/yr vs 5.67%/yr for SIL. At a correlation of -0.76, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.65%/yr for SIL.
Performance
ZSL vs. SIL - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than SIL's -10.96% return. Over the past 10 years, ZSL has underperformed SIL with an annualized return of -38.80%, while SIL has yielded a comparatively higher 5.67% annualized return.
ZSL
- 1D
- 6.92%
- 1M
- 31.50%
- 6M
- -6.76%
- YTD
- -40.11%
- 1Y
- -85.47%
- 3Y*
- -63.93%
- 5Y*
- -48.95%
- 10Y*
- -38.80%
SIL
- 1D
- -2.74%
- 1M
- -8.96%
- 6M
- -20.89%
- YTD
- -10.96%
- 1Y
- 47.84%
- 3Y*
- 40.97%
- 5Y*
- 13.18%
- 10Y*
- 5.67%
ZSL vs. SIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -40.11% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SIL Global X Silver Miners ETF | -10.96% | 166.16% | 14.62% | 1.31% | -22.83% | -18.35% | 40.30% | 34.78% | -22.42% | 1.67% |
Correlation
The correlation between ZSL and SIL is -0.83, 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 | -0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | -0.76 |
The correlation between ZSL and SIL has been stable across timeframes, ranging from -0.83 to -0.76 - a consistent structural relationship.
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Return for Risk
ZSL vs. SIL — Risk / Return Rank
ZSL
SIL
ZSL vs. SIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Global X Silver Miners ETF (SIL). 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 | SIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.18 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.29 | -2.20 |
| Martin ratioReturn relative to average drawdown | -1.19 | 2.90 | -4.09 |
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Drawdowns
ZSL vs. SIL - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SIL's maximum drawdown of -82.99%. Use the drawdown chart below to compare losses from any high point for ZSL and SIL.
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Drawdown Indicators
| ZSL | SIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -82.99% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -93.81% | -37.20% | -56.61% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -37.20% | -61.20% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -48.73% | -50.33% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -63.04% | -36.78% |
Current DrawdownCurrent decline from peak | -99.99% | -37.00% | -62.99% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -51.32% | -45.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 16.57% | +55.10% |
Volatility
ZSL vs. SIL - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to Global X Silver Miners ETF (SIL) at 15.75%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.50% | 15.75% | +12.75% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 44.24% | +58.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 52.93% | +71.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 39.99% | +35.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 39.82% | +26.06% |
ZSL vs. SIL - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SIL's 0.65% expense ratio.
Dividends
ZSL vs. SIL - Dividend Comparison
ZSL has not paid dividends to shareholders, while SIL's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIL Global X Silver Miners ETF | 1.37% | 1.18% | 2.40% | 0.59% | 0.48% | 1.59% | 1.92% | 1.53% | 1.21% | 0.02% | 3.34% | 0.38% |
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 SIL have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.50%) compared to SIL (15.75%). In terms of maximum drawdown, ZSL dropped -100.00% vs SIL's -82.99%.
On 10-year performance, SIL leads with 5.67% vs -38.80% for ZSL. On fees, SIL is cheaper at 0.65% per year. On volatility, SIL has been the lower-risk option at 15.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIL has performed better with a 5.67% return vs -38.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIL is cheaper with a 0.65% expense ratio, compared with 1.32% for ZSL.
SIL has the higher dividend yield at 1.37%, compared with 0.00% for ZSL.
ZSL tracks Bloomberg Silver Subindex (-2x), while SIL tracks Solactive Global Silver Miners Total Return Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 1.32% for ZSL and 0.65% for SIL.
SIL currently has the higher Sharpe Ratio (0.91 vs -0.69), 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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