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 -39.09%/yr vs 39.51%/yr for TQQQ. Their -0.18 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.95%/yr for TQQQ.
Performance
ZSL vs. TQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -41.63% return, which is significantly lower than TQQQ's 29.42% return. Over the past 10 years, ZSL has underperformed TQQQ with an annualized return of -39.09%, while TQQQ has yielded a comparatively higher 39.51% annualized return.
ZSL
- 1D
- -0.38%
- 1M
- 7.11%
- 6M
- 21.76%
- YTD
- -41.63%
- 1Y
- -87.28%
- 3Y*
- -65.53%
- 5Y*
- -49.79%
- 10Y*
- -39.09%
- ALL TIME*
- -41.76%
TQQQ
- 1D
- 5.17%
- 1M
- -7.35%
- 6M
- 23.83%
- YTD
- 29.42%
- 1Y
- 64.98%
- 3Y*
- 50.64%
- 5Y*
- 16.02%
- 10Y*
- 39.51%
- ALL TIME*
- 42.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.46B | $4.47B | $5.36B | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -41.63% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
TQQQ ProShares UltraPro QQQ | 29.42% | 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 -0.36, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.18 |
The correlation between ZSL and TQQQ shifts across timeframes, from -0.36 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.21 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.77 | -2.70 |
| Martin ratioReturn relative to average drawdown | -1.18 | 4.90 | -6.07 |
Loading charts...
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.
Loading charts...
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 | -93.62% | -36.97% | -56.65% |
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 | -99.99% | -21.90% | -78.09% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -18.50% | -77.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 13.31% | +61.20% |
Volatility
ZSL vs. TQQQ - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to ProShares UltraPro QQQ (TQQQ) at 20.63%. 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.
Loading charts...
Volatility by Period
| ZSL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.97% | 20.63% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 47.88% | +40.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 57.57% | +67.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 68.10% | +7.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 66.61% | -0.61% |
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 0.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.56% | 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 -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (21.97%) compared to TQQQ (20.63%). In terms of maximum drawdown, ZSL dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.51% vs -39.09% for ZSL. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 20.63%. 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 39.51% return vs -39.09%. 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 0.56%, 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 (1.14 vs -0.70), 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.
Find the right allocation for ZSL and TQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer