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 -41.09%/yr vs 15.23%/yr for UGL. At a correlation of -0.79, 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 -46.07% return, which is significantly lower than UGL's -16.89% return. Over the past 10 years, ZSL has underperformed UGL with an annualized return of -41.09%, while UGL has yielded a comparatively higher 15.23% 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%
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
ZSL vs. UGL - 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% |
UGL ProShares Ultra Gold | -16.89% | 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 -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
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 3, 2008 | -0.79 |
The correlation between ZSL and UGL has been stable across timeframes, ranging from -0.79 to -0.76 - 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 | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.14 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.59 | -1.54 |
| Martin ratioReturn relative to average drawdown | -1.27 | 1.46 | -2.73 |
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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 | -94.11% | -46.64% | -47.47% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -46.64% | -51.76% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -46.64% | -52.42% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -46.64% | -53.18% |
Current DrawdownCurrent decline from peak | -99.99% | -46.11% | -53.88% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -43.62% | -52.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 18.88% | +50.91% |
Volatility
ZSL vs. UGL - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares Ultra Gold (UGL) at 16.29%. 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 | 28.23% | 16.29% | +11.94% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 49.19% | +58.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 54.81% | +67.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 36.65% | +38.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 32.51% | +33.22% |
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 -0.79, 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 UGL (16.29%). In terms of maximum drawdown, ZSL dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.23% vs -41.09% for ZSL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 16.29%. 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 15.23% return vs -41.09%. 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 (0.50 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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