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 -43.74%/yr vs 62.16%/yr for USD. At a correlation of -0.16, they often move in opposite directions. 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 -59.81% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, ZSL has underperformed USD with an annualized return of -43.74%, while USD has yielded a comparatively higher 62.16% 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%
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
ZSL vs. USD - 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% |
USD ProShares Ultra Semiconductors | 114.00% | 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 -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.16 |
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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.
| ZSL | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.31 | ||
| Sortino ratioReturn per unit of downside risk | -6.19 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.51 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 8.70 | -9.67 |
| Martin ratioReturn relative to average drawdown | -1.35 | 25.16 | -26.51 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 4.53 | -5.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | 0.91 | -1.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | 0.90 | -1.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 0.49 | -1.16 |
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 | -94.55% | -31.80% | -62.75% |
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 | -100.00% | -1.14% | -98.86% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -32.35% | -64.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 10.97% | +57.26% |
Volatility
ZSL vs. USD - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares Ultra Semiconductors (USD) at 20.36%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier 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 | 32.31% | 20.36% | +11.95% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 46.39% | +59.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 61.22% | +58.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 76.55% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 69.23% | -4.03% |
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 0.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.21% | 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 -0.23, 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 USD (20.36%). In terms of maximum drawdown, ZSL dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 62.16% vs -43.74% for ZSL. On fees, USD is cheaper at 0.95% per year. On volatility, USD has been the lower-risk option at 20.36%. 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 62.16% return vs -43.74%. 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 0.21%, 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 (4.53 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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