ZSL vs. USD
ZSL (ProShares UltraShort Silver) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, ZSL returned -39.09%/yr vs 53.94%/yr for USD. Their -0.17 correlation means they have often moved in opposite directions in the past. ZSL charges 1.32%/yr vs 0.95%/yr for USD.
Performance
ZSL vs. USD - 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 USD's 55.27% return. Over the past 10 years, ZSL has underperformed USD with an annualized return of -39.09%, while USD has yielded a comparatively higher 53.94% 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%
USD
- 1D
- 3.34%
- 1M
- -7.07%
- 6M
- 41.04%
- YTD
- 55.27%
- 1Y
- 98.72%
- 3Y*
- 95.45%
- 5Y*
- 54.39%
- 10Y*
- 53.94%
- ALL TIME*
- 28.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $71.31M | $70.59M | $96.20M | |
| $62.16M | $64.01M | $98.74M |
ZSL vs. USD - 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% |
USD ProShares Ultra Semiconductors | 55.27% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between ZSL and USD is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.17 |
The correlation between ZSL and USD shifts across timeframes, from -0.30 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZSL vs. USD — Risk / Return Rank
ZSL
USD
ZSL vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.53 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.52 | -3.46 |
| Martin ratioReturn relative to average drawdown | -1.18 | 7.21 | -8.39 |
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Drawdowns
ZSL vs. USD - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for ZSL and USD.
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Drawdown Indicators
| ZSL | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.63% | -11.37% |
Max Drawdown (1Y)Largest decline over 1 year | -93.62% | -39.33% | -54.29% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -64.46% | -33.94% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -77.85% | -21.21% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -77.85% | -21.97% |
Current DrawdownCurrent decline from peak | -99.99% | -28.27% | -71.72% |
Average DrawdownAverage peak-to-trough decline | -96.40% | -32.23% | -64.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.51% | 13.74% | +60.77% |
Volatility
ZSL vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Silver (ZSL) is 21.97%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.45%. This indicates that ZSL experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.97% | 27.45% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 87.96% | 61.08% | +26.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.62% | 73.76% | +50.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.77% | 78.77% | -3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.00% | 70.41% | -4.41% |
ZSL vs. USD - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than USD's 0.95% expense ratio.
Dividends
ZSL vs. USD - Dividend Comparison
ZSL has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.37% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
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 USD have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.45%) compared to ZSL (21.97%). In terms of maximum drawdown, ZSL dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 53.94% vs -39.09% for ZSL. On fees, USD is cheaper at 0.95% per year. On volatility, ZSL has been the lower-risk option at 21.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 53.94% return vs -39.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
USD has the higher dividend yield at 0.37%, compared with 0.00% for ZSL.
ZSL is categorized as Silver, while USD is Leveraged Equities. ZSL tracks Bloomberg Silver Subindex (-2x), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 1.32% for ZSL and 0.95% for USD.
USD currently has the higher Sharpe Ratio (1.35 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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