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 -43.74%/yr vs 23.30%/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 -59.81% return, which is significantly lower than UDOW's 12.27% return. Over the past 10 years, ZSL has underperformed UDOW with an annualized return of -43.74%, while UDOW has yielded a comparatively higher 23.30% 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%
UDOW
- 1D
- -3.38%
- 1M
- 10.84%
- YTD
- 12.27%
- 6M
- 12.78%
- 1Y
- 53.13%
- 3Y*
- 33.01%
- 5Y*
- 12.75%
- 10Y*
- 23.30%
ZSL vs. UDOW - 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% |
UDOW ProShares UltraPro Dow30 | 12.27% | 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 -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.17 |
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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.
| ZSL | UDOW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | 1.48 | -2.25 |
Sortino ratioReturn per unit of downside risk | -2.38 | 2.09 | -4.47 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.25 | -0.51 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.90 | -2.88 |
Martin ratioReturn relative to average drawdown | -1.35 | 6.75 | -8.10 |
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 | UDOW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 1.48 | -2.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.29 | -0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.45 | -1.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.53 | -1.20 |
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 | -94.55% | -28.07% | -66.48% |
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 | -100.00% | -3.38% | -96.62% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -14.39% | -82.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 7.90% | +60.33% |
Volatility
ZSL vs. UDOW - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares UltraPro Dow30 (UDOW) at 8.80%. 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 | 32.31% | 8.80% | +23.51% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 27.61% | +78.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 36.12% | +83.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 44.19% | +29.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 51.76% | +13.44% |
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 1.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 1.21% | 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 -0.25, 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 UDOW (8.80%). In terms of maximum drawdown, ZSL dropped -100.00% vs UDOW's -80.29%.
On 10-year performance, UDOW leads with 23.30% vs -43.74% for ZSL. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 8.80%. 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 23.30% return vs -43.74%. 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 1.21%, 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 (1.48 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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