ZSL vs. SPMO
ZSL (ProShares UltraShort Silver) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, ZSL returned -38.53%/yr vs 19.57%/yr for SPMO. Their -0.18 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.13%/yr for SPMO.
Performance
ZSL vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -41.40% return, which is significantly lower than SPMO's 21.07% return. Over the past 10 years, ZSL has underperformed SPMO with an annualized return of -38.53%, while SPMO has yielded a comparatively higher 19.57% annualized return.
ZSL
- 1D
- 4.44%
- 1M
- 7.53%
- 6M
- 32.58%
- YTD
- -41.40%
- 1Y
- -87.23%
- 3Y*
- -64.77%
- 5Y*
- -49.69%
- 10Y*
- -38.53%
- ALL TIME*
- -41.76%
SPMO
- 1D
- 0.29%
- 1M
- -4.64%
- 6M
- 20.51%
- YTD
- 21.07%
- 1Y
- 28.09%
- 3Y*
- 37.36%
- 5Y*
- 20.21%
- 10Y*
- 19.57%
- ALL TIME*
- 18.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $331.54M | $346.70M | $350.59M | |
| $62.12M | $66.02M | $102.33M |
ZSL vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.40% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SPMO Invesco S&P 500 Momentum ETF | 21.07% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between ZSL and SPMO is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | -0.18 |
The correlation between ZSL and SPMO shifts across timeframes, from -0.31 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. SPMO — Risk / Return Rank
ZSL
SPMO
ZSL vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.63 | -2.56 |
| Martin ratioReturn relative to average drawdown | -1.18 | 5.93 | -7.11 |
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Drawdowns
ZSL vs. SPMO - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for ZSL and SPMO.
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Drawdown Indicators
| ZSL | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -30.95% | -69.05% |
Max Drawdown (1Y)Largest decline over 1 year | -93.72% | -15.64% | -78.08% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -20.13% | -78.27% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -22.74% | -76.32% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -30.95% | -68.87% |
Current DrawdownCurrent decline from peak | -99.99% | -11.03% | -88.96% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -4.62% | -91.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.55% | 4.29% | +70.26% |
Volatility
ZSL vs. SPMO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 22.62% compared to Invesco S&P 500 Momentum ETF (SPMO) at 10.53%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.62% | 10.53% | +12.09% |
Volatility (6M)Calculated over the trailing 6-month period | 96.58% | 21.52% | +75.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.38% | 23.90% | +100.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.74% | 20.60% | +55.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.98% | 20.92% | +45.06% |
ZSL vs. SPMO - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
ZSL vs. SPMO - Dividend Comparison
ZSL has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.73% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
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 SPMO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (22.62%) compared to SPMO (10.53%). In terms of maximum drawdown, ZSL dropped -100.00% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 19.57% vs -38.53% for ZSL. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 19.57% return vs -38.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 1.32% for ZSL.
SPMO has the higher dividend yield at 0.73%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while SPMO is Momentum. ZSL tracks Bloomberg Silver Subindex (-2x), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 1.32% for ZSL and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (1.07 vs -0.70), 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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