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 -41.09%/yr vs 45.48%/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
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -46.07% return, which is significantly lower than TQQQ's 41.43% return. Over the past 10 years, ZSL has underperformed TQQQ with an annualized return of -41.09%, while TQQQ has yielded a comparatively higher 45.48% 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%
TQQQ
- 1D
- -9.86%
- 1M
- -4.37%
- YTD
- 41.43%
- 6M
- 35.75%
- 1Y
- 100.69%
- 3Y*
- 58.02%
- 5Y*
- 21.47%
- 10Y*
- 45.48%
ZSL vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 41.43% | 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 -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.17 |
The correlation between ZSL and TQQQ shifts across timeframes, from -0.33 (1 year) to -0.17 (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 | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -4.12 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.30 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.74 | -3.68 |
| Martin ratioReturn relative to average drawdown | -1.27 | 8.72 | -9.99 |
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 | -94.11% | -36.97% | -57.14% |
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% | -14.65% | -85.34% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -18.49% | -77.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 11.59% | +58.20% |
Volatility
ZSL vs. TQQQ - Volatility Comparison
ProShares UltraShort Silver (ZSL) and ProShares UltraPro QQQ (TQQQ) have volatilities of 28.23% and 27.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 28.23% | 27.27% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 43.35% | +64.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 53.39% | +69.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 67.41% | +7.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 66.32% | -0.59% |
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 0.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.42% | 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 -0.33, 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 TQQQ (27.27%). In terms of maximum drawdown, ZSL dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.48% vs -41.09% for ZSL. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 27.27%. 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 45.48% return vs -41.09%. 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 0.42%, 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 (1.90 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.
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