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 -41.09%/yr vs 21.03%/yr for SPMO. At a correlation of -0.18, they often move in opposite directions. 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 -46.07% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, ZSL has underperformed SPMO with an annualized return of -41.09%, while SPMO has yielded a comparatively higher 21.03% annualized return.
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
ZSL vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -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 | 29.91% | 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 -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | -0.18 |
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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 | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -4.66 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.39 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.45 | -4.39 |
| Martin ratioReturn relative to average drawdown | -1.27 | 12.97 | -14.24 |
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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 | -94.11% | -12.70% | -81.41% |
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% | -4.53% | -95.46% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -4.59% | -91.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 3.37% | +66.42% |
Volatility
ZSL vs. SPMO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to Invesco S&P 500 Momentum ETF (SPMO) at 11.75%. 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 | 28.23% | 11.75% | +16.48% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 17.78% | +90.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 20.55% | +101.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 19.88% | +55.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 20.60% | +45.13% |
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 0.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 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 -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.23%) compared to SPMO (11.75%). In terms of maximum drawdown, ZSL dropped -100.00% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs -41.09% for ZSL. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 11.75%. 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 21.03% return vs -41.09%. 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 0.68%, 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 (2.13 vs -0.73), 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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