ZSL vs. SOXS
ZSL (ProShares UltraShort Silver) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, ZSL returned -43.74%/yr vs -78.92%/yr for SOXS. At a 0.16 correlation, their price movements are largely independent. ZSL charges 1.32%/yr vs 1.08%/yr for SOXS.
Performance
ZSL vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -59.81% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, ZSL has outperformed SOXS with an annualized return of -43.74%, while SOXS has yielded a comparatively lower -78.92% annualized 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%
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
ZSL vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -59.81% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.10% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between ZSL and SOXS is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | 0.16 |
The correlation between ZSL and SOXS shifts across timeframes, from 0.16 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. SOXS — Risk / Return Rank
ZSL
SOXS
ZSL vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.58 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -1.00 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.44 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSL | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.96 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.74 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | -0.79 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.79 | +0.12 |
Drawdowns
ZSL vs. SOXS - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZSL and SOXS.
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Drawdown Indicators
| ZSL | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -94.55% | -97.68% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -99.80% | +1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -99.97% | +0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -100.00% | +0.18% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -92.60% | -3.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 68.64% | -0.41% |
Volatility
ZSL vs. SOXS - Volatility Comparison
The current volatility for ProShares UltraShort Silver (ZSL) is 32.31%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. This indicates that ZSL experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 44.22% | -11.91% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 83.94% | +21.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 102.18% | +17.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 108.21% | -34.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 100.48% | -35.28% |
ZSL vs. SOXS - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
ZSL vs. SOXS - Dividend Comparison
ZSL has not paid dividends to shareholders, while SOXS's dividend yield for the trailing twelve months is around 68.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
ZSL ProShares UltraShort Silver | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSL and SOXS have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to ZSL (32.31%). In terms of maximum drawdown, ZSL dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, ZSL leads with -43.74% vs -78.92% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, ZSL has been the lower-risk option at 32.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZSL has performed better with a -43.74% return vs -78.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.32% for ZSL.
SOXS has the higher dividend yield at 68.34%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while SOXS is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while SOXS tracks PHLX Semiconductor Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.32% for ZSL and 1.08% for SOXS.
ZSL currently has the higher Sharpe Ratio (-0.77 vs -0.96), 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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