ZSL vs. SSO
Compare and contrast key facts about ProShares UltraShort Silver (ZSL) and ProShares Ultra S&P500 (SSO).
ZSL and SSO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (-200%). It was launched on Dec 1, 2008. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. Both ZSL and SSO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ZSL vs. SSO - Performance Comparison
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ZSL vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -57.85% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Returns By Period
In the year-to-date period, ZSL achieves a -57.85% return, which is significantly lower than SSO's -10.23% return. Over the past 10 years, ZSL has underperformed SSO with an annualized return of -44.59%, while SSO has yielded a comparatively higher 21.06% annualized return.
ZSL
- 1D
- -14.31%
- 1M
- 41.39%
- YTD
- -57.85%
- 6M
- -85.35%
- 1Y
- -92.33%
- 3Y*
- -68.82%
- 5Y*
- -53.86%
- 10Y*
- -44.59%
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
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ZSL vs. SSO - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than SSO's 0.87% expense ratio.
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 | -0.79 | 0.73 | -1.52 |
Sortino ratioReturn per unit of downside risk | -2.51 | 1.23 | -3.74 |
Omega ratioGain probability vs. loss probability | 0.73 | 1.19 | -0.46 |
Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.20 | -2.17 |
Martin ratioReturn relative to average drawdown | -1.45 | 5.18 | -6.63 |
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 | -0.79 | 0.73 | -1.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.75 | 0.46 | -1.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.70 | 0.59 | -1.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.38 | -1.05 |
Correlation
The correlation between ZSL and SSO is -0.21. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
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 0.82%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SSO ProShares Ultra S&P500 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
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 | -95.92% | -23.17% | -72.75% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -46.73% | -52.31% |
Max Drawdown (10Y)Largest decline over 10 years | -99.81% | -59.34% | -40.47% |
Current DrawdownCurrent decline from peak | -99.99% | -13.46% | -86.53% |
Average DrawdownAverage peak-to-trough decline | -96.35% | -19.72% | -76.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 63.73% | 5.38% | +58.35% |
Volatility
ZSL vs. SSO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 37.36% compared to ProShares Ultra S&P500 (SSO) at 10.60%. 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 | 37.36% | 10.60% | +26.76% |
Volatility (6M)Calculated over the trailing 6-month period | 104.15% | 18.95% | +85.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 116.32% | 36.45% | +79.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.42% | 33.66% | +38.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 64.24% | 35.86% | +28.38% |