ZSL vs. TMF
ZSL (ProShares UltraShort Silver) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs -16.87%/yr for TMF. At a correlation of -0.07, they often move in opposite directions. ZSL charges 1.32%/yr vs 1.01%/yr for TMF.
Performance
ZSL vs. TMF - 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 TMF's -4.67% return. Over the past 10 years, ZSL has underperformed TMF with an annualized return of -41.09%, while TMF has yielded a comparatively higher -16.87% 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%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
ZSL vs. TMF - 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between ZSL and TMF is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.07 |
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Return for Risk
ZSL vs. TMF — Risk / Return Rank
ZSL
TMF
ZSL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.01 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.11 | -0.84 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.23 | -1.04 |
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Drawdowns
ZSL vs. TMF - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for ZSL and TMF.
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Drawdown Indicators
| ZSL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.89% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -26.51% | -67.60% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -56.09% | -42.31% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -88.81% | -10.25% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -92.89% | -6.93% |
Current DrawdownCurrent decline from peak | -99.99% | -92.11% | -7.88% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -43.76% | -52.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 12.26% | +57.53% |
Volatility
ZSL vs. TMF - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 6.50% | +21.73% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 19.35% | +88.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 27.91% | +94.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 46.59% | +28.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 43.86% | +21.87% |
ZSL vs. TMF - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
ZSL vs. TMF - Dividend Comparison
ZSL has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
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 TMF have a correlation of -0.10, 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 TMF (6.50%). In terms of maximum drawdown, ZSL dropped -100.00% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -41.09% for ZSL. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -16.87% return vs -41.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.32% for ZSL.
TMF has the higher dividend yield at 4.09%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while TMF is Leveraged Bonds. ZSL tracks Bloomberg Silver Subindex (-2x), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.32% for ZSL and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.10 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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