ZSL vs. UVIX

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Silver (ZSL) and Volatility Shares 2x Long VIX Futures ETF (UVIX).

ZSL and UVIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSL is a passively managed fund by ProShares that tracks the performance of the Bloomberg Silver (-200%). It was launched on Dec 1, 2008. UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022. Both ZSL and UVIX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZSL vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Silver (ZSL) and Volatility Shares 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

ZSL vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZSL ProShares UltraShort Silver	-57.85%	-87.29%	-42.43%	-5.49%	-11.02%
UVIX Volatility Shares 2x Long VIX Futures ETF	51.66%	-83.21%	-75.24%	-95.28%	-62.08%

Returns By Period

In the year-to-date period, ZSL achieves a -57.85% return, which is significantly lower than UVIX's 51.66% return.

ZSL

• 1D: -14.31%
• 1M: 41.39%
• YTD: -57.85%
• 6M: -85.35%
• 1Y: -92.33%
• 3Y*: -68.82%
• 5Y*: -53.86%
• 10Y*: -44.59%

UVIX

• 1D: -18.99%
• 1M: 37.90%
• YTD: 51.66%
• 6M: -12.79%
• 1Y: -76.74%
• 3Y*: -82.44%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSL vs. UVIX - Expense Ratio Comparison

ZSL has a 1.32% expense ratio, which is lower than UVIX's 2.78% expense ratio.

UVIX

Volatility Shares 2x Long VIX Futures ETF

ZSL

ProShares UltraShort Silver

Return for Risk

ZSL vs. UVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZSL

ZSL Risk / Return Rank: 1
ZSL Sharpe Ratio Rank: 1
ZSL Sortino Ratio Rank: 0
ZSL Omega Ratio Rank: 0
ZSL Calmar Ratio Rank: 0
ZSL Martin Ratio Rank: 2

UVIX

UVIX Risk / Return Rank: 4
UVIX Sharpe Ratio Rank: 4
UVIX Sortino Ratio Rank: 6
UVIX Omega Ratio Rank: 6
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZSL vs. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and Volatility Shares 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.

	ZSL	UVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.79	-0.51	-0.28
Sortino ratio Return per unit of downside risk	-2.51	-0.36	-2.14
Omega ratio Gain probability vs. loss probability	0.73	0.95	-0.23
Calmar ratio Return relative to maximum drawdown	-0.96	-0.82	-0.15
Martin ratio Return relative to average drawdown	-1.45	-0.93	-0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSL vs. UVIX - Sharpe Ratio Comparison

The current ZSL Sharpe Ratio is -0.79, which is lower than the UVIX Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of ZSL and UVIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZSL	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.79	-0.51	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	-0.59	-0.08

Correlation

The correlation between ZSL and UVIX is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZSL vs. UVIX - Dividend Comparison

Neither ZSL nor UVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZSL vs. UVIX - Drawdown Comparison

The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for ZSL and UVIX.

Drawdown Indicators

	ZSL	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.96%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-95.92%	-94.23%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-99.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.81%	—	—
Current Drawdown Current decline from peak	-99.99%	-99.93%	-0.06%
Average Drawdown Average peak-to-trough decline	-96.35%	-88.02%	-8.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.73%	82.45%	-18.72%

Volatility

ZSL vs. UVIX - Volatility Comparison

The current volatility for ProShares UltraShort Silver (ZSL) is 37.36%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 59.07%. 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.

Volatility by Period

	ZSL	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.36%	59.07%	-21.71%
Volatility (6M) Calculated over the trailing 6-month period	104.15%	94.37%	+9.78%
Volatility (1Y) Calculated over the trailing 1-year period	116.32%	149.63%	-33.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.42%	138.22%	-65.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.24%	138.22%	-73.98%