ZSL vs. SIVR
ZSL (ProShares UltraShort Silver) and SIVR (abrdn Physical Silver Shares ETF) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while SIVR tracks the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 10 years, ZSL returned -44.03%/yr vs 16.08%/yr for SIVR. At a correlation of -0.99, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.30%/yr for SIVR.
Performance
ZSL vs. SIVR - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -61.84% return, which is significantly lower than SIVR's 5.62% return. Over the past 10 years, ZSL has underperformed SIVR with an annualized return of -44.03%, while SIVR has yielded a comparatively higher 16.08% annualized return.
ZSL
- 1D
- -0.85%
- 1M
- -5.32%
- YTD
- -61.84%
- 6M
- -76.77%
- 1Y
- -92.65%
- 3Y*
- -70.19%
- 5Y*
- -52.70%
- 10Y*
- -44.03%
SIVR
- 1D
- 0.48%
- 1M
- -0.39%
- YTD
- 5.62%
- 6M
- 28.07%
- 1Y
- 115.70%
- 3Y*
- 46.67%
- 5Y*
- 21.96%
- 10Y*
- 16.08%
ZSL vs. SIVR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -61.84% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SIVR abrdn Physical Silver Shares ETF | 5.62% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
Correlation
The correlation between ZSL and SIVR is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2009 | -0.99 |
The correlation between ZSL and SIVR has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
ZSL vs. SIVR — Risk / Return Rank
ZSL
SIVR
ZSL vs. SIVR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and abrdn Physical Silver Shares ETF (SIVR). 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 | SIVR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.78 | 1.98 | -2.76 |
Sortino ratioReturn per unit of downside risk | -2.44 | 2.12 | -4.57 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.36 | -0.63 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.00 | -3.99 |
Martin ratioReturn relative to average drawdown | -1.37 | 6.52 | -7.89 |
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 | SIVR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.78 | 1.98 | -2.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 0.61 | -1.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.68 | 0.51 | -1.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.32 | -0.99 |
Drawdowns
ZSL vs. SIVR - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SIVR's maximum drawdown of -75.85%. Use the drawdown chart below to compare losses from any high point for ZSL and SIVR.
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Drawdown Indicators
| ZSL | SIVR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.85% | -24.15% |
Max Drawdown (1Y)Largest decline over 1 year | -94.55% | -42.42% | -52.13% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -42.42% | -55.98% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -42.42% | -56.64% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -42.42% | -57.40% |
Current DrawdownCurrent decline from peak | -100.00% | -35.56% | -64.44% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -47.86% | -48.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.99% | 19.50% | +48.49% |
Volatility
ZSL vs. SIVR - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.64% compared to abrdn Physical Silver Shares ETF (SIVR) at 16.44%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SIVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.64% | 16.44% | +16.20% |
Volatility (6M)Calculated over the trailing 6-month period | 105.75% | 58.28% | +47.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.75% | 58.97% | +60.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.08% | 36.17% | +37.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.19% | 31.86% | +33.33% |
ZSL vs. SIVR - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SIVR's 0.30% expense ratio.
Dividends
ZSL vs. SIVR - Dividend Comparison
Neither ZSL nor SIVR has paid dividends to shareholders.
Frequently Asked Questions
ZSL and SIVR have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.64%) compared to SIVR (16.44%). In terms of maximum drawdown, ZSL dropped -100.00% vs SIVR's -75.85%.
On 10-year performance, SIVR leads with 16.08% vs -44.03% for ZSL. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 16.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SIVR has performed better with a 16.08% return vs -44.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 1.32% for ZSL.
ZSL and SIVR have nearly identical dividend yields, around 0.00%.
ZSL tracks Bloomberg Silver Subindex (-2x), while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: ProShares and abrdn. Their fees differ too: 1.32% for ZSL and 0.30% for SIVR.
SIVR currently has the higher Sharpe Ratio (1.98 vs -0.78), 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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