ZSL vs. UVIX
ZSL (ProShares UltraShort Silver) and UVIX (2x Long VIX Futures ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily). Both are passively managed. Over the past 3 years, ZSL returned -67.63%/yr vs -80.80%/yr for UVIX. At a 0.16 correlation, their price movements are largely independent. ZSL charges 1.32%/yr vs 2.78%/yr for UVIX.
Performance
ZSL vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, ZSL achieves a -46.07% return, which is significantly lower than UVIX's -36.43% return.
ZSL
- 1D
- 11.07%
- 1M
- 43.00%
- YTD
- -46.07%
- 6M
- -49.83%
- 1Y
- -88.73%
- 3Y*
- -67.63%
- 5Y*
- -50.28%
- 10Y*
- -41.09%
UVIX
- 1D
- 10.67%
- 1M
- -21.26%
- YTD
- -36.43%
- 6M
- -38.89%
- 1Y
- -86.69%
- 3Y*
- -80.80%
- 5Y*
- —
- 10Y*
- —
ZSL vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -11.63% |
UVIX 2x Long VIX Futures ETF | -36.43% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between ZSL and UVIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.16 |
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Return for Risk
ZSL vs. UVIX — Risk / Return Rank
ZSL
UVIX
ZSL vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.80 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -1.01 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.36 | +0.09 |
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Drawdowns
ZSL vs. UVIX - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for ZSL and UVIX.
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Drawdown Indicators
| ZSL | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -86.20% | -7.91% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -99.36% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -99.97% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -88.58% | -7.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 67.73% | +2.06% |
Volatility
ZSL vs. UVIX - Volatility Comparison
The current volatility for ProShares UltraShort Silver (ZSL) is 28.23%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 33.94%. This indicates that ZSL experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 33.94% | -5.71% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 87.40% | +20.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 112.72% | +9.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 136.13% | -61.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 136.13% | -70.40% |
ZSL vs. UVIX - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
ZSL vs. UVIX - Dividend Comparison
Neither ZSL nor UVIX has paid dividends to shareholders.
Frequently Asked Questions
ZSL and UVIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (33.94%) compared to ZSL (28.23%). In terms of maximum drawdown, ZSL dropped -100.00% vs UVIX's -99.98%.
On 3-year performance, ZSL leads with -67.63% vs -80.80% for UVIX. On fees, ZSL is cheaper at 1.32% per year. On volatility, ZSL has been the lower-risk option at 28.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZSL has performed better with a -67.63% return vs -80.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSL is cheaper with a 1.32% expense ratio, compared with 2.78% for UVIX.
ZSL and UVIX have nearly identical dividend yields, around 0.00%.
ZSL is categorized as Silver, while UVIX is Volatility. ZSL tracks Bloomberg Silver Subindex (-2x), while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 1.32% for ZSL and 2.78% for UVIX.
ZSL currently has the higher Sharpe Ratio (-0.73 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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