ZSL vs. SPY
ZSL (ProShares UltraShort Silver) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZSL returned -38.38%/yr vs 15.08%/yr for SPY. At a correlation of -0.22, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.09%/yr for SPY.
Performance
ZSL vs. SPY - 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 SPY's 10.67% return. Over the past 10 years, ZSL has underperformed SPY with an annualized return of -38.38%, while SPY has yielded a comparatively higher 15.08% 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%
SPY
- 1D
- -0.54%
- 1M
- 0.31%
- 6M
- 9.02%
- YTD
- 10.67%
- 1Y
- 21.60%
- 3Y*
- 20.01%
- 5Y*
- 13.24%
- 10Y*
- 15.08%
ZSL vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.67% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between ZSL and SPY is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.22 |
The correlation between ZSL and SPY shifts across timeframes, from -0.36 (1 year) to -0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. SPY — Risk / Return Rank
ZSL
SPY
ZSL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.31 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.44 | -3.35 |
| Martin ratioReturn relative to average drawdown | -1.18 | 10.63 | -11.81 |
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Drawdowns
ZSL vs. SPY - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ZSL and SPY.
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Drawdown Indicators
| ZSL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -55.19% | -44.81% |
Max Drawdown (1Y)Largest decline over 1 year | -93.81% | -8.88% | -84.93% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -18.76% | -79.64% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -24.50% | -74.56% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -33.72% | -66.10% |
Current DrawdownCurrent decline from peak | -99.99% | -0.91% | -99.08% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -9.02% | -87.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.29% | 2.04% | +70.25% |
Volatility
ZSL vs. SPY - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 24.88% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.88% | 3.58% | +21.30% |
Volatility (6M)Calculated over the trailing 6-month period | 101.84% | 10.02% | +91.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.98% | 12.58% | +111.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.58% | 17.17% | +58.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.92% | 17.93% | +47.99% |
ZSL vs. SPY - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
ZSL vs. SPY - Dividend Comparison
ZSL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY have a correlation of -0.36, 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 SPY (3.58%). In terms of maximum drawdown, ZSL dropped -100.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.08% vs -38.38% for ZSL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.08% return vs -38.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.32% for ZSL.
SPY has the higher dividend yield at 1.00%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while SPY is S&P 500. ZSL tracks Bloomberg Silver Subindex (-2x), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.32% for ZSL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.72 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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