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 -38.80%/yr vs 57.21%/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 -40.11% return, which is significantly lower than USD's 70.32% return. Over the past 10 years, ZSL has underperformed USD with an annualized return of -38.80%, while USD has yielded a comparatively higher 57.21% 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%
USD
- 1D
- -8.00%
- 1M
- -8.85%
- 6M
- 60.45%
- YTD
- 70.32%
- 1Y
- 127.92%
- 3Y*
- 99.92%
- 5Y*
- 59.89%
- 10Y*
- 57.21%
ZSL vs. USD - 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% |
USD ProShares Ultra Semiconductors | 70.32% | 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 -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | -0.16 |
The correlation between ZSL and USD shifts across timeframes, from -0.27 (1 year) to -0.16 (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 | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.71 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.29 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 4.05 | -4.96 |
| Martin ratioReturn relative to average drawdown | -1.19 | 10.59 | -11.78 |
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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 | -93.81% | -31.80% | -62.01% |
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% | -21.31% | -78.68% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -32.25% | -64.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.67% | 12.13% | +59.54% |
Volatility
ZSL vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Silver (ZSL) is 28.50%, while ProShares Ultra Semiconductors (USD) has a volatility of 32.41%. 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 | 28.50% | 32.41% | -3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 102.91% | 57.60% | +45.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 123.96% | 70.64% | +53.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.52% | 78.22% | -2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.88% | 70.05% | -4.17% |
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 0.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.34% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (32.41%) compared to ZSL (28.50%). In terms of maximum drawdown, ZSL dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 57.21% vs -38.80% for ZSL. On fees, USD is cheaper at 0.95% per year. On volatility, ZSL has been the lower-risk option at 28.50%. 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 57.21% return vs -38.80%. 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 0.34%, 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 (1.83 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.
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