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 -38.80%/yr vs 10.58%/yr for SLV. At a correlation of -0.99, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.50%/yr for SLV.
Performance
ZSL vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than SLV's -19.03% return. Over the past 10 years, ZSL has underperformed SLV with an annualized return of -38.80%, while SLV has yielded a comparatively higher 10.58% 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%
SLV
- 1D
- -3.32%
- 1M
- -14.90%
- 6M
- -32.46%
- YTD
- -19.03%
- 1Y
- 48.90%
- 3Y*
- 31.65%
- 5Y*
- 16.48%
- 10Y*
- 10.58%
ZSL vs. SLV - 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% |
SLV iShares Silver Trust | -19.03% | 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 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 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.
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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 | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.20 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 0.96 | -1.88 |
| Martin ratioReturn relative to average drawdown | -1.19 | 1.99 | -3.19 |
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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.
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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 | -93.81% | -50.97% | -42.84% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -50.97% | -47.43% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -50.97% | -48.09% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -50.97% | -48.85% |
Current DrawdownCurrent decline from peak | -99.99% | -50.61% | -49.38% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -44.67% | -51.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 24.60% | +47.07% |
Volatility
ZSL vs. SLV - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to iShares Silver Trust (SLV) at 14.50%. 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.
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Volatility by Period
| ZSL | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.50% | 14.50% | +14.00% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 57.45% | +45.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 61.10% | +62.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 36.85% | +38.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 32.17% | +33.71% |
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 (28.50%) compared to SLV (14.50%). In terms of maximum drawdown, ZSL dropped -100.00% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.58% vs -38.80% for ZSL. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 14.50%. 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 10.58% return vs -38.80%. 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 (0.81 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.
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