ZSL vs. UDOW
ZSL (ProShares UltraShort Silver) and UDOW (ProShares UltraPro Dow30) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs 24.78%/yr for UDOW. At a correlation of -0.17, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.95%/yr for UDOW.
Performance
ZSL vs. UDOW - 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 UDOW's 17.55% return. Over the past 10 years, ZSL has underperformed UDOW with an annualized return of -41.09%, while UDOW has yielded a comparatively higher 24.78% 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%
UDOW
- 1D
- -0.35%
- 1M
- 5.73%
- YTD
- 17.55%
- 6M
- 14.69%
- 1Y
- 60.59%
- 3Y*
- 35.49%
- 5Y*
- 14.94%
- 10Y*
- 24.78%
ZSL vs. UDOW - 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% |
UDOW ProShares UltraPro Dow30 | 17.55% | 24.46% | 28.47% | 32.72% | -32.39% | 65.67% | -17.15% | 75.24% | -23.86% | 99.07% |
Correlation
The correlation between ZSL and UDOW is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.17 |
The correlation between ZSL and UDOW shifts across timeframes, from -0.29 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. UDOW — Risk / Return Rank
ZSL
UDOW
ZSL vs. UDOW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares UltraPro Dow30 (UDOW). 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 | UDOW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.27 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.17 | -3.11 |
| Martin ratioReturn relative to average drawdown | -1.27 | 7.68 | -8.95 |
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Drawdowns
ZSL vs. UDOW - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than UDOW's maximum drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for ZSL and UDOW.
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Drawdown Indicators
| ZSL | UDOW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -80.29% | -19.71% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -28.07% | -66.04% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -44.83% | -53.57% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -55.79% | -43.27% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -80.29% | -19.53% |
Current DrawdownCurrent decline from peak | -99.99% | -2.25% | -97.74% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -14.35% | -82.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 7.91% | +61.88% |
Volatility
ZSL vs. UDOW - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares UltraPro Dow30 (UDOW) at 12.43%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | UDOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 12.43% | +15.80% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 29.07% | +78.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 37.10% | +85.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 44.33% | +30.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 51.76% | +13.97% |
ZSL vs. UDOW - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than UDOW's 0.95% expense ratio.
Dividends
ZSL vs. UDOW - Dividend Comparison
ZSL has not paid dividends to shareholders, while UDOW's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 1.15% | 1.38% | 0.95% | 0.95% | 0.83% | 0.26% | 0.19% | 0.61% | 0.73% | 0.13% | 0.26% | 0.21% |
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 UDOW have a correlation of -0.29, 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 UDOW (12.43%). In terms of maximum drawdown, ZSL dropped -100.00% vs UDOW's -80.29%.
On 10-year performance, UDOW leads with 24.78% vs -41.09% for ZSL. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UDOW has performed better with a 24.78% return vs -41.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UDOW is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
UDOW has the higher dividend yield at 1.15%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while UDOW is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while UDOW tracks Dow Jones Industrial Average (300%). Their fees differ too: 1.32% for ZSL and 0.95% for UDOW.
UDOW currently has the higher Sharpe Ratio (1.65 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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