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 -43.74%/yr vs 15.49%/yr for SPY. At a correlation of -0.21, 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 -59.81% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, ZSL has underperformed SPY with an annualized return of -43.74%, while SPY has yielded a comparatively higher 15.49% 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%
SPY
- 1D
- -0.70%
- 1M
- 5.05%
- YTD
- 10.91%
- 6M
- 10.91%
- 1Y
- 27.98%
- 3Y*
- 22.35%
- 5Y*
- 13.83%
- 10Y*
- 15.49%
ZSL vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.91% | 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 -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.21 |
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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.
| ZSL | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | 2.38 | -3.15 |
Sortino ratioReturn per unit of downside risk | -2.38 | 3.24 | -5.62 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.43 | -0.69 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.16 | -4.14 |
Martin ratioReturn relative to average drawdown | -1.35 | 14.72 | -16.07 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.38 | -3.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.82 | -1.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.87 | -1.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.59 | -1.25 |
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 | -94.55% | -8.88% | -85.67% |
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 | -100.00% | -0.70% | -99.30% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -9.05% | -87.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 1.91% | +66.32% |
Volatility
ZSL vs. SPY - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. 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 | 32.31% | 2.84% | +29.47% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 8.90% | +96.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 11.83% | +107.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 17.05% | +57.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 17.94% | +47.26% |
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 0.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 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 -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (32.31%) compared to SPY (2.84%). In terms of maximum drawdown, ZSL dropped -100.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.49% vs -43.74% for ZSL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. 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 15.49% return vs -43.74%. 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 0.98%, 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 (2.38 vs -0.77), 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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