ZSL vs. SLVO
ZSL (ProShares UltraShort Silver) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while SLVO tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, ZSL returned -92.31% vs 62.53% for SLVO. At a correlation of -0.90, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.65%/yr for SLVO.
Performance
ZSL vs. SLVO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -59.81% return, which is significantly lower than SLVO's 13.49% return.
ZSL
- 1D
- 5.33%
- 1M
- -6.86%
- YTD
- -59.81%
- 6M
- -75.78%
- 1Y
- -92.31%
- 3Y*
- -69.67%
- 5Y*
- -51.93%
- 10Y*
- -43.74%
SLVO
- 1D
- -1.17%
- 1M
- 4.05%
- YTD
- 13.49%
- 6M
- 17.86%
- 1Y
- 62.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZSL vs. SLVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZSL ProShares UltraShort Silver | -59.81% | -87.29% | -1.22% |
SLVO UBS ETRACS Silver Shares Covered Call ETN | 13.49% | 71.20% | 1.24% |
Correlation
The correlation between ZSL and SLVO is -0.86, 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 | -0.86 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | -0.90 |
The correlation between ZSL and SLVO has been stable across timeframes, ranging from -0.90 to -0.86 - 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. SLVO — Risk / Return Rank
ZSL
SLVO
ZSL vs. SLVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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 | SLVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -4.78 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.44 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.65 | -4.62 |
| Martin ratioReturn relative to average drawdown | -1.35 | 15.01 | -16.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZSL | SLVO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.13 | -2.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 1.61 | -2.28 |
Drawdowns
ZSL vs. SLVO - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for ZSL and SLVO.
Loading charts...
Drawdown Indicators
| ZSL | SLVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -17.23% | -82.77% |
Max Drawdown (1Y)Largest decline over 1 year | -94.55% | -17.23% | -77.32% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -3.22% | -96.78% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -3.13% | -93.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 4.18% | +64.05% |
Volatility
ZSL vs. SLVO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 6.39%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZSL | SLVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 6.39% | +25.92% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 27.33% | +78.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 29.53% | +89.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 25.23% | +48.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 25.23% | +39.97% |
ZSL vs. SLVO - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SLVO's 0.65% expense ratio.
Dividends
ZSL vs. SLVO - Dividend Comparison
ZSL has not paid dividends to shareholders, while SLVO's dividend yield for the trailing twelve months is around 46.44%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
SLVO UBS ETRACS Silver Shares Covered Call ETN | 46.44% | 19.35% | 14.45% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and SLVO have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.31%) compared to SLVO (6.39%). In terms of maximum drawdown, ZSL dropped -100.00% vs SLVO's -17.23%.
On 1-year performance, SLVO leads with 62.53% vs -92.31% for ZSL. On fees, SLVO is cheaper at 0.65% per year. On volatility, SLVO has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SLVO has performed better with a 62.53% return vs -92.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVO is cheaper with a 0.65% expense ratio, compared with 1.32% for ZSL.
SLVO has the higher dividend yield at 46.44%, compared with 0.00% for ZSL.
ZSL tracks Bloomberg Silver Subindex (-2x), while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. They also come from different issuers: ProShares and UBS. Their fees differ too: 1.32% for ZSL and 0.65% for SLVO.
SLVO currently has the higher Sharpe Ratio (2.13 vs -0.77), 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 SLVO
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