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 -38.80%/yr vs 10.79%/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
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than SIVR's -18.94% return. Over the past 10 years, ZSL has underperformed SIVR with an annualized return of -38.80%, while SIVR has yielded a comparatively higher 10.79% 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%
SIVR
- 1D
- -3.32%
- 1M
- -14.90%
- 6M
- -32.38%
- YTD
- -18.94%
- 1Y
- 49.40%
- 3Y*
- 31.93%
- 5Y*
- 16.72%
- 10Y*
- 10.79%
ZSL vs. SIVR - 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% |
SIVR abrdn Physical Silver Shares ETF | -18.94% | 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 24, 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.
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. 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.
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 | SIVR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.20 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 0.97 | -1.89 |
| Martin ratioReturn relative to average drawdown | -1.19 | 2.02 | -3.21 |
Loading charts...
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.
Loading charts...
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 | -93.81% | -50.92% | -42.89% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -50.92% | -47.48% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -50.92% | -48.14% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -50.92% | -48.90% |
Current DrawdownCurrent decline from peak | -99.99% | -50.55% | -49.44% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -47.83% | -48.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 24.57% | +47.10% |
Volatility
ZSL vs. SIVR - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to abrdn Physical Silver Shares ETF (SIVR) at 14.52%. 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.
Loading charts...
Volatility by Period
| ZSL | SIVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.50% | 14.52% | +13.98% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 57.47% | +45.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 61.06% | +62.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 36.88% | +38.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 32.20% | +33.68% |
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 (28.50%) compared to SIVR (14.52%). In terms of maximum drawdown, ZSL dropped -100.00% vs SIVR's -75.85%.
On 10-year performance, SIVR leads with 10.79% vs -38.80% for ZSL. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 14.52%. 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 10.79% return vs -38.80%. 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 (0.81 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.
Find the right allocation for ZSL and SIVR
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