ZSL vs. TQQQ
ZSL (ProShares UltraShort Silver) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, ZSL returned -43.74%/yr vs 45.33%/yr for TQQQ. At a correlation of -0.17, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.95%/yr for TQQQ.
Performance
ZSL vs. TQQQ - 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 TQQQ's 64.46% return. Over the past 10 years, ZSL has underperformed TQQQ with an annualized return of -43.74%, while TQQQ has yielded a comparatively higher 45.33% 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%
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
ZSL vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between ZSL and TQQQ 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 | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.17 |
The correlation between ZSL and TQQQ shifts across timeframes, from -0.28 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. TQQQ — Risk / Return Rank
ZSL
TQQQ
ZSL vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.69 | ||
| Sortino ratioReturn per unit of downside risk | -5.47 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.40 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.75 | -4.73 |
| Martin ratioReturn relative to average drawdown | -1.35 | 12.27 | -13.62 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.92 | -3.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.43 | -1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.69 | -1.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.74 | -1.41 |
Drawdowns
ZSL vs. TQQQ - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for ZSL and TQQQ.
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Drawdown Indicators
| ZSL | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.66% | -18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -94.55% | -36.97% | -57.58% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -58.04% | -40.36% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -81.66% | -17.40% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -81.66% | -18.16% |
Current DrawdownCurrent decline from peak | -100.00% | -0.76% | -99.24% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -18.52% | -77.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 11.28% | +56.95% |
Volatility
ZSL vs. TQQQ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares UltraPro QQQ (TQQQ) at 13.29%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 13.29% | +19.02% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 36.04% | +69.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 47.60% | +71.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 66.53% | +7.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 65.96% | -0.76% |
ZSL vs. TQQQ - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than TQQQ's 0.95% expense ratio.
Dividends
ZSL vs. TQQQ - Dividend Comparison
ZSL has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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 TQQQ 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 TQQQ (13.29%). In terms of maximum drawdown, ZSL dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.33% vs -43.74% for ZSL. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.33% return vs -43.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while TQQQ is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 1.32% for ZSL and 0.95% for TQQQ.
TQQQ currently has the higher Sharpe Ratio (2.92 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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