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 -43.74%/yr vs 18.45%/yr for UGL. At a correlation of -0.78, they often move in opposite directions. 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 -59.81% return, which is significantly lower than UGL's -2.16% return. Over the past 10 years, ZSL has underperformed UGL with an annualized return of -43.74%, while UGL has yielded a comparatively higher 18.45% 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%
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
ZSL vs. UGL - 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% |
UGL ProShares Ultra Gold | -2.16% | 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 -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.78 |
The correlation between ZSL and UGL has been stable across timeframes, ranging from -0.78 to -0.75 - 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.
| ZSL | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.81 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.21 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.38 | -2.36 |
| Martin ratioReturn relative to average drawdown | -1.35 | 3.17 | -4.52 |
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 | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 0.98 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.75 | -1.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.57 | -1.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.39 | -1.06 |
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 | -94.55% | -37.56% | -56.99% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -37.56% | -60.84% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -40.23% | -58.83% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -46.23% | -53.59% |
Current DrawdownCurrent decline from peak | -100.00% | -36.56% | -63.44% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -43.63% | -52.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 16.35% | +51.88% |
Volatility
ZSL vs. UGL - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares Ultra Gold (UGL) at 11.03%. 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 | 32.31% | 11.03% | +21.28% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 46.81% | +59.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 52.91% | +66.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 36.18% | +37.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 32.34% | +32.86% |
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 -0.75, 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 UGL (11.03%). In terms of maximum drawdown, ZSL dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 18.45% vs -43.74% for ZSL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 11.03%. 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 18.45% return vs -43.74%. 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 (0.98 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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