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 -39.09%/yr vs 28.55%/yr for UPRO. Their -0.22 correlation means they have often moved in opposite directions in the past. 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 -41.63% return, which is significantly lower than UPRO's 26.96% return. Over the past 10 years, ZSL has underperformed UPRO with an annualized return of -39.09%, while UPRO has yielded a comparatively higher 28.55% 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%
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $303.16M | $293.07M | $361.38M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 26.96% | 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 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.21 |
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 -0.21 (10 years), reflecting how their relationship changes across market environments.
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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.
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 | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.74 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.27 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.27 | -3.20 |
| Martin ratioReturn relative to average drawdown | -1.18 | 8.68 | -9.85 |
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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 | -93.62% | -26.78% | -66.84% |
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% | -2.80% | -97.19% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -14.34% | -82.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 6.99% | +67.52% |
Volatility
ZSL vs. UPRO - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 21.97% compared to ProShares UltraPro S&P 500 (UPRO) at 11.49%. 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 | 21.97% | 11.49% | +10.48% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 30.61% | +57.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 38.43% | +86.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 50.74% | +25.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 53.81% | +12.19% |
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 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.74% | 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 (21.97%) compared to UPRO (11.49%). In terms of maximum drawdown, ZSL dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.55% vs -39.09% for ZSL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.49%. 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 28.55% return vs -39.09%. 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 0.74%, 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 (1.58 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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