ZSL vs. SOXS

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Silver (ZSL) and Direxion Daily Semiconductor Bear 3x Shares (SOXS).

ZSL and SOXS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (-200%). It was launched on Dec 1, 2008. SOXS is a passively managed fund by Direxion that tracks the performance of the PHLX Semiconductor Index (-300%). It was launched on Mar 11, 2010. Both ZSL and SOXS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZSL vs. SOXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Silver (ZSL) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). The values are adjusted to include any dividend payments, if applicable.

ZSL vs. SOXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZSL ProShares UltraShort Silver	-57.85%	-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	-35.85%	-85.53%	-59.55%	-84.56%	15.76%	-80.94%	-92.90%	-83.81%	-19.39%	-69.39%

Returns By Period

In the year-to-date period, ZSL achieves a -57.85% return, which is significantly lower than SOXS's -35.85% return. Over the past 10 years, ZSL has outperformed SOXS with an annualized return of -44.59%, while SOXS has yielded a comparatively lower -74.41% annualized return.

ZSL

• 1D: -14.31%
• 1M: 41.39%
• YTD: -57.85%
• 6M: -85.35%
• 1Y: -92.33%
• 3Y*: -68.82%
• 5Y*: -53.86%
• 10Y*: -44.59%

SOXS

• 1D: -18.22%
• 1M: 12.17%
• YTD: -35.85%
• 6M: -60.64%
• 1Y: -92.86%
• 3Y*: -75.94%
• 5Y*: -69.51%
• 10Y*: -74.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSL vs. SOXS - Expense Ratio Comparison

ZSL has a 1.32% expense ratio, which is higher than SOXS's 1.08% expense ratio.

ZSL

ProShares UltraShort Silver

SOXS

Direxion Daily Semiconductor Bear 3x Shares

Return for Risk

ZSL vs. SOXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZSL

ZSL Risk / Return Rank: 1
ZSL Sharpe Ratio Rank: 1
ZSL Sortino Ratio Rank: 0
ZSL Omega Ratio Rank: 0
ZSL Calmar Ratio Rank: 0
ZSL Martin Ratio Rank: 2

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 2
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio Return per unit of total volatility	-0.79	-0.78	-0.02
Sortino ratio Return per unit of downside risk	-2.51	-1.97	-0.54
Omega ratio Gain probability vs. loss probability	0.73	0.75	-0.02
Calmar ratio Return relative to maximum drawdown	-0.96	-0.96	0.00
Martin ratio Return relative to average drawdown	-1.45	-1.09	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSL vs. SOXS - Sharpe Ratio Comparison

The current ZSL Sharpe Ratio is -0.79, which is comparable to the SOXS Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of ZSL and SOXS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZSL	SOXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.79	-0.78	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.75	-0.66	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.70	-0.75	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	-0.75	+0.08

Correlation

The correlation between ZSL and SOXS is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 8.42%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ZSL ProShares UltraShort Silver	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXS Direxion Daily Semiconductor Bear 3x Shares	8.42%	10.79%	5.45%	9.22%	0.19%	0.00%	3.58%	2.30%	0.76%

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.

Drawdown Indicators

	ZSL	SOXS	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-95.92%	-96.52%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-99.04%	-99.85%	+0.81%
Max Drawdown (10Y) Largest decline over 10 years	-99.81%	-100.00%	+0.19%
Current Drawdown Current decline from peak	-99.99%	-100.00%	+0.01%
Average Drawdown Average peak-to-trough decline	-96.35%	-92.52%	-3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.73%	85.40%	-21.67%

Volatility

ZSL vs. SOXS - Volatility Comparison

The current volatility for ProShares UltraShort Silver (ZSL) is 37.36%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 40.43%. 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.

Volatility by Period

	ZSL	SOXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.36%	40.43%	-3.07%
Volatility (6M) Calculated over the trailing 6-month period	104.15%	78.54%	+25.61%
Volatility (1Y) Calculated over the trailing 1-year period	116.32%	119.87%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.42%	106.45%	-34.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.24%	99.17%	-34.93%