ZSL vs. SLV
ZSL (ProShares UltraShort Silver) and SLV (iShares Silver Trust) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while SLV tracks the LBMA Silver Price. Both are passively managed. Over the past 10 years, ZSL returned -38.53%/yr vs 10.33%/yr for SLV. Their -0.99 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.50%/yr for SLV.
Performance
ZSL vs. SLV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -41.40% return, which is significantly lower than SLV's -18.72% return. Over the past 10 years, ZSL has underperformed SLV with an annualized return of -38.53%, while SLV has yielded a comparatively higher 10.33% 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%
SLV
- 1D
- -2.13%
- 1M
- -4.83%
- 6M
- -30.59%
- YTD
- -18.72%
- 1Y
- 55.88%
- 3Y*
- 32.93%
- 5Y*
- 17.25%
- 10Y*
- 10.33%
- ALL TIME*
- 7.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $716.70M | $772.79M | $1.26B | |
| $62.12M | $66.02M | $102.33M |
ZSL vs. SLV - 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% |
SLV iShares Silver Trust | -18.72% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between ZSL and SLV 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 Dec 3, 2008 | -0.99 |
The correlation between ZSL and SLV 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. SLV — Risk / Return Rank
ZSL
SLV
ZSL vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.10 | -2.03 |
| Martin ratioReturn relative to average drawdown | -1.18 | 2.10 | -3.27 |
Loading charts...
Drawdowns
ZSL vs. SLV - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for ZSL and SLV.
Loading charts...
Drawdown Indicators
| ZSL | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.28% | -23.72% |
Max Drawdown (1Y)Largest decline over 1 year | -93.72% | -52.28% | -41.44% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -52.28% | -46.12% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -52.28% | -46.78% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -52.28% | -47.54% |
Current DrawdownCurrent decline from peak | -99.99% | -50.42% | -49.57% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -44.68% | -51.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.55% | 27.31% | +47.24% |
Volatility
ZSL vs. SLV - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 22.62% compared to iShares Silver Trust (SLV) at 11.23%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZSL | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.62% | 11.23% | +11.39% |
Volatility (6M)Calculated over the trailing 6-month period | 96.58% | 55.44% | +41.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.38% | 61.35% | +63.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.74% | 36.97% | +38.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.98% | 32.22% | +33.76% |
ZSL vs. SLV - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
ZSL vs. SLV - Dividend Comparison
Neither ZSL nor SLV has paid dividends to shareholders.
Frequently Asked Questions
ZSL and SLV 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 SLV (11.23%). In terms of maximum drawdown, ZSL dropped -100.00% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.33% vs -38.53% for ZSL. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 11.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 10.33% return vs -38.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 1.32% for ZSL.
ZSL and SLV have nearly identical dividend yields, around 0.00%.
ZSL tracks Bloomberg Silver Subindex (-2x), while SLV tracks LBMA Silver Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.32% for ZSL and 0.50% for SLV.
SLV 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.
Find the right allocation for ZSL and SLV
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