ZSL vs. UGL
ZSL (ProShares UltraShort Silver) and UGL (ProShares Ultra Gold) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, ZSL returned -39.09%/yr vs 14.50%/yr for UGL. Their -0.79 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.95%/yr for UGL.
Performance
ZSL vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -41.63% return, which is significantly lower than UGL's -20.39% return. Over the past 10 years, ZSL has underperformed UGL with an annualized return of -39.09%, while UGL has yielded a comparatively higher 14.50% 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%
UGL
- 1D
- 0.02%
- 1M
- -4.23%
- 6M
- -29.46%
- YTD
- -20.39%
- 1Y
- 24.89%
- 3Y*
- 44.20%
- 5Y*
- 24.23%
- 10Y*
- 14.50%
- ALL TIME*
- 11.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.32M | $66.24M | $106.58M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. UGL - 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% |
UGL ProShares Ultra Gold | -20.39% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between ZSL and UGL is -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.79 |
The correlation between ZSL and UGL has been stable across timeframes, ranging from -0.82 to -0.77 - a consistent structural relationship.
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Return for Risk
ZSL vs. UGL — Risk / Return Rank
ZSL
UGL
ZSL vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Ultra Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.13 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 0.50 | -1.43 |
| Martin ratioReturn relative to average drawdown | -1.18 | 1.01 | -2.19 |
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Drawdowns
ZSL vs. UGL - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for ZSL and UGL.
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Drawdown Indicators
| ZSL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.93% | -24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -93.62% | -50.02% | -43.60% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -50.02% | -48.38% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -50.02% | -49.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -50.02% | -49.80% |
Current DrawdownCurrent decline from peak | -99.99% | -48.38% | -51.61% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -43.64% | -52.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 24.66% | +49.85% |
Volatility
ZSL vs. UGL - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to ProShares Ultra Gold (UGL) at 12.08%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.97% | 12.08% | +9.89% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 41.53% | +46.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 55.81% | +68.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 37.14% | +38.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 32.70% | +33.30% |
ZSL vs. UGL - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than UGL's 0.95% expense ratio.
Dividends
ZSL vs. UGL - Dividend Comparison
Neither ZSL nor UGL has paid dividends to shareholders.
Frequently Asked Questions
ZSL and UGL have a correlation of -0.82, 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 UGL (12.08%). In terms of maximum drawdown, ZSL dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 14.50% vs -39.09% for ZSL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 14.50% return vs -39.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
ZSL and UGL have nearly identical dividend yields, around 0.00%.
ZSL is categorized as Silver, while UGL is Leveraged Commodities. ZSL tracks Bloomberg Silver Subindex (-2x), while UGL tracks Bloomberg Gold Subindex (200%). Their fees differ too: 1.32% for ZSL and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.45 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.
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