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 -38.53%/yr vs 10.56%/yr for SIVR. Their -0.99 correlation means they have often moved in opposite directions in the past. 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 -41.40% return, which is significantly lower than SIVR's -18.61% return. Over the past 10 years, ZSL has underperformed SIVR with an annualized return of -38.53%, while SIVR has yielded a comparatively higher 10.56% annualized return.
ZSL
- 1D
- 4.44%
- 1M
- 7.53%
- 6M
- 32.58%
- YTD
- -41.40%
- 1Y
- -87.23%
- 3Y*
- -64.77%
- 5Y*
- -49.69%
- 10Y*
- -38.53%
- ALL TIME*
- -41.76%
SIVR
- 1D
- -2.08%
- 1M
- -4.79%
- 6M
- -30.49%
- YTD
- -18.61%
- 1Y
- 56.26%
- 3Y*
- 33.21%
- 5Y*
- 17.49%
- 10Y*
- 10.56%
- ALL TIME*
- 8.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.50M | $48.83M | $86.59M | |
| $62.12M | $66.02M | $102.33M |
ZSL vs. SIVR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.40% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SIVR abrdn Physical Silver Shares ETF | -18.61% | 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 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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.
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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.
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 | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.22 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.10 | -2.04 |
| Martin ratioReturn relative to average drawdown | -1.18 | 2.11 | -3.29 |
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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 | -93.72% | -52.27% | -41.45% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -52.27% | -46.13% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -52.27% | -46.79% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -52.27% | -47.55% |
Current DrawdownCurrent decline from peak | -99.99% | -50.35% | -49.64% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -47.84% | -48.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.55% | 27.28% | +47.27% |
Volatility
ZSL vs. SIVR - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 22.62% compared to abrdn Physical Silver Shares ETF (SIVR) at 11.28%. 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 | 22.62% | 11.28% | +11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 96.58% | 55.47% | +41.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.38% | 61.33% | +63.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.74% | 37.00% | +38.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.98% | 32.26% | +33.72% |
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 (22.62%) compared to SIVR (11.28%). In terms of maximum drawdown, ZSL dropped -100.00% vs SIVR's -75.85%.
On 10-year performance, SIVR leads with 10.56% vs -38.53% for ZSL. On fees, SIVR is cheaper at 0.30% per year. On volatility, SIVR has been the lower-risk option at 11.28%. 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 10.56% return vs -38.53%. 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 (0.94 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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