ZSL vs. SSO
ZSL (ProShares UltraShort Silver) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, ZSL returned -38.80%/yr vs 23.27%/yr for SSO. At a correlation of -0.21, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.87%/yr for SSO.
Performance
ZSL vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than SSO's 17.32% return. Over the past 10 years, ZSL has underperformed SSO with an annualized return of -38.80%, while SSO has yielded a comparatively higher 23.27% annualized return.
ZSL
- 1D
- 6.92%
- 1M
- 31.50%
- 6M
- -6.76%
- YTD
- -40.11%
- 1Y
- -85.47%
- 3Y*
- -63.93%
- 5Y*
- -48.95%
- 10Y*
- -38.80%
SSO
- 1D
- -1.53%
- 1M
- 1.94%
- 6M
- 13.10%
- YTD
- 17.32%
- 1Y
- 37.37%
- 3Y*
- 32.47%
- 5Y*
- 17.61%
- 10Y*
- 23.27%
ZSL vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -40.11% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SSO ProShares Ultra S&P500 | 17.32% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between ZSL and SSO 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 | -0.21 |
The correlation between ZSL and SSO 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. SSO — Risk / Return Rank
ZSL
SSO
ZSL vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.07 | -2.98 |
| Martin ratioReturn relative to average drawdown | -1.19 | 8.51 | -9.70 |
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Drawdowns
ZSL vs. SSO - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for ZSL and SSO.
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Drawdown Indicators
| ZSL | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -84.67% | -15.33% |
Max Drawdown (1Y)Largest decline over 1 year | -93.81% | -18.17% | -75.64% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -35.21% | -63.19% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -46.73% | -52.33% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -59.34% | -40.48% |
Current DrawdownCurrent decline from peak | -99.99% | -3.10% | -96.89% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -19.49% | -76.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 4.40% | +67.27% |
Volatility
ZSL vs. SSO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to ProShares Ultra S&P500 (SSO) at 8.22%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.50% | 8.22% | +20.28% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 19.91% | +83.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 25.05% | +98.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 33.87% | +41.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 35.88% | +30.00% |
ZSL vs. SSO - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
ZSL vs. SSO - Dividend Comparison
ZSL has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.67% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
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 SSO 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 (28.50%) compared to SSO (8.22%). In terms of maximum drawdown, ZSL dropped -100.00% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.27% vs -38.80% for ZSL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.27% return vs -38.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 1.32% for ZSL.
SSO has the higher dividend yield at 0.67%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while SSO is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while SSO tracks S&P 500. Their fees differ too: 1.32% for ZSL and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.50 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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