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 -43.74%/yr vs 24.21%/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 -59.81% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, ZSL has underperformed SSO with an annualized return of -43.74%, while SSO has yielded a comparatively higher 24.21% 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%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
ZSL vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 19.37% | 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 -0.28, 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. 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.
| ZSL | SSO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | 2.25 | -3.02 |
Sortino ratioReturn per unit of downside risk | -2.38 | 2.86 | -5.24 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.38 | -0.63 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.91 | -3.89 |
Martin ratioReturn relative to average drawdown | -1.35 | 12.80 | -14.15 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.25 | -3.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.59 | -1.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.68 | -1.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.42 | -1.08 |
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 | -94.55% | -18.17% | -76.38% |
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 | -100.00% | -1.40% | -98.60% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -19.57% | -76.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 4.13% | +64.10% |
Volatility
ZSL vs. SSO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares Ultra S&P500 (SSO) at 5.66%. 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 | 32.31% | 5.66% | +26.65% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 17.78% | +88.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 23.60% | +95.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 33.65% | +40.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 35.89% | +29.31% |
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 0.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.62% | 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 -0.28, 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 SSO (5.66%). In terms of maximum drawdown, ZSL dropped -100.00% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs -43.74% for ZSL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. 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 24.21% return vs -43.74%. 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 0.62%, 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 (2.25 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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