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 -43.74%/yr vs 30.09%/yr for UPRO. At a correlation of -0.21, they often move in opposite directions. ZSL charges 1.32%/yr vs 0.89%/yr for UPRO.
Performance
ZSL vs. UPRO - 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 UPRO's 27.90% return. Over the past 10 years, ZSL has underperformed UPRO with an annualized return of -43.74%, while UPRO has yielded a comparatively higher 30.09% 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%
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
ZSL vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 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 -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | -0.21 |
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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.
| ZSL | UPRO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.77 | 2.30 | -3.07 |
Sortino ratioReturn per unit of downside risk | -2.38 | 2.76 | -5.14 |
Omega ratioGain probability vs. loss probability | 0.74 | 1.36 | -0.62 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.03 | -4.01 |
Martin ratioReturn relative to average drawdown | -1.35 | 12.80 | -14.16 |
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 | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.30 | -3.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.46 | -1.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.56 | -1.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.65 | -1.32 |
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.
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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 | -94.55% | -26.78% | -67.77% |
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 | -100.00% | -2.09% | -97.91% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -14.42% | -81.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 6.33% | +61.90% |
Volatility
ZSL vs. UPRO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. 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.
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Volatility by Period
| ZSL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.31% | 8.45% | +23.86% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 26.60% | +79.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 35.35% | +84.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 50.32% | +23.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 53.74% | +11.46% |
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 0.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.68% | 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 -0.28, 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 UPRO (8.45%). In terms of maximum drawdown, ZSL dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.09% vs -43.74% for ZSL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. 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 30.09% return vs -43.74%. 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 0.68%, 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 (2.30 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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