ZSL vs. SLVP
ZSL (ProShares UltraShort Silver) and SLVP (iShares MSCI Global Silver and Metals Miners ETF) are both Silver funds - ZSL tracks the Bloomberg Silver Subindex (-2x) while SLVP tracks the MSCI ACWI Select Silver Miners Investable Market Index. Both are passively managed. Over the past 10 years, ZSL returned -38.38%/yr vs 8.37%/yr for SLVP. At a correlation of -0.73, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.39%/yr for SLVP.
Performance
ZSL vs. SLVP - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -35.96% return, which is significantly lower than SLVP's -15.05% return. Over the past 10 years, ZSL has underperformed SLVP with an annualized return of -38.38%, while SLVP has yielded a comparatively higher 8.37% annualized return.
ZSL
- 1D
- 7.48%
- 1M
- 50.79%
- 6M
- 17.12%
- YTD
- -35.96%
- 1Y
- -85.32%
- 3Y*
- -63.16%
- 5Y*
- -48.77%
- 10Y*
- -38.38%
SLVP
- 1D
- -4.20%
- 1M
- -17.78%
- 6M
- -27.63%
- YTD
- -15.05%
- 1Y
- 62.82%
- 3Y*
- 41.86%
- 5Y*
- 16.23%
- 10Y*
- 8.37%
ZSL vs. SLVP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -35.96% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SLVP iShares MSCI Global Silver and Metals Miners ETF | -15.05% | 202.84% | 14.47% | -2.31% | -18.06% | -23.53% | 56.45% | 37.71% | -22.10% | 4.53% |
Correlation
The correlation between ZSL and SLVP is -0.83, 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 | -0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | -0.73 |
The correlation between ZSL and SLVP has been stable across timeframes, ranging from -0.83 to -0.73 - a consistent structural relationship.
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Return for Risk
ZSL vs. SLVP — Risk / Return Rank
ZSL
SLVP
ZSL vs. SLVP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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 | SLVP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.63 | -2.54 |
| Martin ratioReturn relative to average drawdown | -1.18 | 3.62 | -4.80 |
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Drawdowns
ZSL vs. SLVP - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SLVP's maximum drawdown of -80.47%. Use the drawdown chart below to compare losses from any high point for ZSL and SLVP.
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Drawdown Indicators
| ZSL | SLVP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -80.47% | -19.53% |
Max Drawdown (1Y)Largest decline over 1 year | -93.81% | -38.72% | -55.09% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -38.72% | -59.68% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -47.73% | -51.33% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -62.03% | -37.79% |
Current DrawdownCurrent decline from peak | -99.99% | -38.72% | -61.27% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -46.70% | -49.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.29% | 17.42% | +54.87% |
Volatility
ZSL vs. SLVP - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 24.88% compared to iShares MSCI Global Silver and Metals Miners ETF (SLVP) at 13.68%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SLVP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SLVP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.88% | 13.68% | +11.20% |
Volatility (6M)Calculated over the trailing 6-month period | 101.84% | 45.30% | +56.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.98% | 55.88% | +68.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.58% | 43.49% | +32.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.92% | 42.51% | +23.41% |
ZSL vs. SLVP - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SLVP's 0.39% expense ratio.
Dividends
ZSL vs. SLVP - Dividend Comparison
ZSL has not paid dividends to shareholders, while SLVP's dividend yield for the trailing twelve months is around 2.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLVP iShares MSCI Global Silver and Metals Miners ETF | 2.43% | 1.78% | 1.05% | 0.88% | 0.63% | 1.63% | 2.39% | 2.03% | 1.28% | 0.85% | 2.32% | 0.72% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and SLVP have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (24.88%) compared to SLVP (13.68%). In terms of maximum drawdown, ZSL dropped -100.00% vs SLVP's -80.47%.
On 10-year performance, SLVP leads with 8.37% vs -38.38% for ZSL. On fees, SLVP is cheaper at 0.39% per year. On volatility, SLVP has been the lower-risk option at 13.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLVP has performed better with a 8.37% return vs -38.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVP is cheaper with a 0.39% expense ratio, compared with 1.32% for ZSL.
SLVP has the higher dividend yield at 2.43%, compared with 0.00% for ZSL.
ZSL tracks Bloomberg Silver Subindex (-2x), while SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.32% for ZSL and 0.39% for SLVP.
SLVP currently has the higher Sharpe Ratio (1.13 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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