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 -43.74%/yr vs 10.08%/yr for SILJ. At a correlation of -0.73, they often move in opposite directions. 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 -59.81% return, which is significantly lower than SILJ's 6.61% return. Over the past 10 years, ZSL has underperformed SILJ with an annualized return of -43.74%, while SILJ has yielded a comparatively higher 10.08% 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%
SILJ
- 1D
- -5.24%
- 1M
- 2.57%
- YTD
- 6.61%
- 6M
- 16.40%
- 1Y
- 111.95%
- 3Y*
- 47.77%
- 5Y*
- 13.13%
- 10Y*
- 10.08%
ZSL vs. SILJ - 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% |
SILJ Amplify Junior Silver Miners ETF | 6.61% | 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 -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2012 | -0.73 |
The correlation between ZSL and SILJ has been stable across timeframes, ranging from -0.79 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.
| ZSL | SILJ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | 2.05 | -2.82 |
Sortino ratioReturn per unit of downside risk | -2.38 | 2.35 | -4.74 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.32 | -0.58 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.24 | -4.22 |
Martin ratioReturn relative to average drawdown | -1.35 | 7.99 | -9.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSL | SILJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.05 | -2.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.30 | -1.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.22 | -0.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.09 | -0.76 |
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 | -94.55% | -34.71% | -59.84% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -34.71% | -63.69% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -55.47% | -43.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -70.06% | -29.76% |
Current DrawdownCurrent decline from peak | -100.00% | -26.80% | -73.20% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -41.43% | -54.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 14.06% | +54.17% |
Volatility
ZSL vs. SILJ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to Amplify Junior Silver Miners ETF (SILJ) at 18.69%. 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 | 32.31% | 18.69% | +13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 45.24% | +60.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 54.90% | +64.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 44.35% | +29.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 46.24% | +18.96% |
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 1.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SILJ Amplify Junior Silver Miners ETF | 1.88% | 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 -0.79, 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 SILJ (18.69%). In terms of maximum drawdown, ZSL dropped -100.00% vs SILJ's -79.04%.
On 10-year performance, SILJ leads with 10.08% vs -43.74% for ZSL. On fees, SILJ is cheaper at 0.69% per year. On volatility, SILJ has been the lower-risk option at 18.69%. 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 10.08% return vs -43.74%. 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 1.88%, 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 (2.05 vs -0.77), 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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