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 -41.09%/yr vs 24.26%/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 -46.07% return, which is significantly lower than SSO's 12.95% return. Over the past 10 years, ZSL has underperformed SSO with an annualized return of -41.09%, while SSO has yielded a comparatively higher 24.26% 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%
SSO
- 1D
- -2.86%
- 1M
- -3.30%
- YTD
- 12.95%
- 6M
- 10.86%
- 1Y
- 42.28%
- 3Y*
- 33.83%
- 5Y*
- 17.91%
- 10Y*
- 24.26%
ZSL vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 12.95% | 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 -0.33, 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 | -0.33 |
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 -0.33 (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 | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -4.09 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.30 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.34 | -3.28 |
| Martin ratioReturn relative to average drawdown | -1.27 | 9.90 | -11.17 |
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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 | -94.11% | -18.17% | -75.94% |
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% | -6.70% | -93.29% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -19.53% | -76.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 4.28% | +65.51% |
Volatility
ZSL vs. SSO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares Ultra S&P500 (SSO) at 9.70%. 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 | 28.23% | 9.70% | +18.53% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 19.65% | +88.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 24.92% | +97.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 33.85% | +41.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 35.93% | +29.80% |
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 0.65%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.65% | 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 -0.33, 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 SSO (9.70%). In terms of maximum drawdown, ZSL dropped -100.00% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.26% vs -41.09% for ZSL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 9.70%. 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 24.26% return vs -41.09%. 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 0.65%, 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 (1.71 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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