ZSL vs. UPRO
ZSL (ProShares UltraShort Silver) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, ZSL returned -38.80%/yr vs 28.63%/yr for UPRO. At a correlation of -0.22, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.89%/yr for UPRO.
Performance
ZSL vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than UPRO's 23.85% return. Over the past 10 years, ZSL has underperformed UPRO with an annualized return of -38.80%, while UPRO has yielded a comparatively higher 28.63% annualized return.
ZSL
- 1D
- 6.92%
- 1M
- 31.50%
- 6M
- -6.76%
- YTD
- -40.11%
- 1Y
- -85.47%
- 3Y*
- -63.93%
- 5Y*
- -48.95%
- 10Y*
- -38.80%
UPRO
- 1D
- -2.35%
- 1M
- 2.61%
- 6M
- 17.29%
- YTD
- 23.85%
- 1Y
- 53.99%
- 3Y*
- 44.08%
- 5Y*
- 19.88%
- 10Y*
- 28.63%
ZSL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -40.11% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
UPRO ProShares UltraPro S&P 500 | 23.85% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between ZSL and UPRO is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.22 |
The correlation between ZSL and UPRO shifts across timeframes, from -0.36 (1 year) to -0.20 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZSL vs. UPRO — Risk / Return Rank
ZSL
UPRO
ZSL vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.25 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.03 | -2.94 |
| Martin ratioReturn relative to average drawdown | -1.19 | 8.00 | -9.20 |
Loading charts...
Drawdowns
ZSL vs. UPRO - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ZSL and UPRO.
Loading charts...
Drawdown Indicators
| ZSL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.82% | -23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -93.81% | -26.78% | -67.03% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -48.87% | -49.53% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -63.94% | -35.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -76.82% | -23.00% |
Current DrawdownCurrent decline from peak | -99.99% | -5.19% | -94.80% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -14.37% | -82.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 6.77% | +64.90% |
Volatility
ZSL vs. UPRO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to ProShares UltraPro S&P 500 (UPRO) at 12.62%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZSL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.50% | 12.62% | +15.88% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 29.99% | +72.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 37.63% | +86.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 50.68% | +24.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 53.72% | +12.16% |
ZSL vs. UPRO - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
ZSL vs. UPRO - Dividend Comparison
ZSL has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.75% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
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 UPRO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSL has higher volatility (28.50%) compared to UPRO (12.62%). In terms of maximum drawdown, ZSL dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.63% vs -38.80% for ZSL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 12.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.63% return vs -38.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 1.32% for ZSL.
UPRO has the higher dividend yield at 0.75%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while UPRO is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while UPRO tracks S&P 500. Their fees differ too: 1.32% for ZSL and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.44 vs -0.69), 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.
Find the right allocation for ZSL and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer