ZSL vs. SILJ
ZSL (ProShares UltraShort Silver) and SILJ (Amplify Junior Silver Miners ETF) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while SILJ tracks the Nasdaq Junior Silver Miners Index. Both are passively managed. Over the past 10 years, ZSL returned -39.09%/yr vs 4.60%/yr for SILJ. Their -0.73 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.69%/yr for SILJ.
Performance
ZSL vs. SILJ - 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 SILJ's -10.26% return. Over the past 10 years, ZSL has underperformed SILJ with an annualized return of -39.09%, while SILJ has yielded a comparatively higher 4.60% 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%
SILJ
- 1D
- 3.07%
- 1M
- -7.11%
- 6M
- -21.22%
- YTD
- -10.26%
- 1Y
- 73.98%
- 3Y*
- 41.19%
- 5Y*
- 14.07%
- 10Y*
- 4.60%
- ALL TIME*
- 2.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.35M | $79.38M | $126.76M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. SILJ - 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% |
SILJ Amplify Junior Silver Miners ETF | -10.26% | 183.89% | 6.39% | -5.21% | -15.42% | -23.21% | 33.00% | 57.06% | -27.95% | -5.65% |
Correlation
The correlation between ZSL and SILJ is -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2012 | -0.73 |
The correlation between ZSL and SILJ has been stable across timeframes, ranging from -0.82 to -0.73 - a consistent structural relationship.
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Return for Risk
ZSL vs. SILJ — Risk / Return Rank
ZSL
SILJ
ZSL vs. SILJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Amplify Junior Silver Miners ETF (SILJ). 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 | SILJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.23 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.81 | -2.74 |
| Martin ratioReturn relative to average drawdown | -1.18 | 3.67 | -4.84 |
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Drawdowns
ZSL vs. SILJ - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SILJ's maximum drawdown of -79.04%. Use the drawdown chart below to compare losses from any high point for ZSL and SILJ.
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Drawdown Indicators
| ZSL | SILJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.04% | -20.96% |
Max Drawdown (1Y)Largest decline over 1 year | -93.62% | -41.12% | -52.50% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -41.12% | -57.28% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -48.29% | -50.77% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -70.06% | -29.76% |
Current DrawdownCurrent decline from peak | -99.99% | -38.39% | -61.60% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -41.36% | -55.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 20.23% | +54.28% |
Volatility
ZSL vs. SILJ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to Amplify Junior Silver Miners ETF (SILJ) at 14.87%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SILJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SILJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.97% | 14.87% | +7.10% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 44.88% | +43.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 58.60% | +66.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 45.15% | +30.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 46.37% | +19.63% |
ZSL vs. SILJ - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SILJ's 0.69% expense ratio.
Dividends
ZSL vs. SILJ - Dividend Comparison
ZSL has not paid dividends to shareholders, while SILJ's dividend yield for the trailing twelve months is around 2.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SILJ Amplify Junior Silver Miners ETF | 2.23% | 2.00% | 7.26% | 0.01% | 0.05% | 0.36% | 1.23% | 1.45% | 1.66% | 0.00% | 0.52% | 2.46% |
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 SILJ have a correlation of -0.82, 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 SILJ (14.87%). In terms of maximum drawdown, ZSL dropped -100.00% vs SILJ's -79.04%.
On 10-year performance, SILJ leads with 4.60% vs -39.09% for ZSL. On fees, SILJ is cheaper at 0.69% per year. On volatility, SILJ has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SILJ has performed better with a 4.60% return vs -39.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SILJ is cheaper with a 0.69% expense ratio, compared with 1.32% for ZSL.
SILJ has the higher dividend yield at 2.23%, compared with 0.00% for ZSL.
ZSL tracks Bloomberg Silver Subindex (-2x), while SILJ tracks Nasdaq Junior Silver Miners Index. They also come from different issuers: ProShares and Amplify. Their fees differ too: 1.32% for ZSL and 0.69% for SILJ.
SILJ currently has the higher Sharpe Ratio (1.27 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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