ZSL vs. SQQQ
ZSL (ProShares UltraShort Silver) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, ZSL returned -43.74%/yr vs -56.01%/yr for SQQQ. At a 0.17 correlation, their price movements are largely independent. ZSL charges 1.32%/yr vs 0.95%/yr for SQQQ.
Performance
ZSL vs. SQQQ - 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 SQQQ's -45.27% return. Over the past 10 years, ZSL has outperformed SQQQ with an annualized return of -43.74%, while SQQQ has yielded a comparatively lower -56.01% 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%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
ZSL vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between ZSL and SQQQ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.17 |
The correlation between ZSL and SQQQ shifts across timeframes, from 0.17 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. SQQQ — Risk / Return Rank
ZSL
SQQQ
ZSL vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.72 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.82 | +0.47 |
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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -1.37 | +0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.74 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | -0.85 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.88 | +0.21 |
Drawdowns
ZSL vs. SQQQ - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZSL and SQQQ.
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Drawdown Indicators
| ZSL | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -94.55% | -65.95% | -28.60% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -92.38% | -6.02% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -97.23% | -1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -99.98% | +0.16% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -92.40% | -3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 35.73% | +32.50% |
Volatility
ZSL vs. SQQQ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 13.75% | +18.56% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 36.45% | +69.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 47.79% | +71.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 66.64% | +7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 66.11% | -0.91% |
ZSL vs. SQQQ - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
ZSL vs. SQQQ - Dividend Comparison
ZSL has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
ZSL ProShares UltraShort Silver | 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 SQQQ 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 SQQQ (13.75%). In terms of maximum drawdown, ZSL dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, ZSL leads with -43.74% vs -56.01% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZSL has performed better with a -43.74% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while SQQQ is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 1.32% for ZSL and 0.95% for SQQQ.
ZSL currently has the higher Sharpe Ratio (-0.77 vs -1.37), 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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