ZSL vs. UVXY
ZSL (ProShares UltraShort Silver) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ZSL is a Silver fund tracking the Bloomberg Silver Subindex (-2x), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, ZSL returned -41.09%/yr vs -73.85%/yr for UVXY. At a 0.14 correlation, their price movements are largely independent. ZSL charges 1.32%/yr vs 0.95%/yr for UVXY.
Performance
ZSL vs. UVXY - 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 UVXY's -22.07% return. Over the past 10 years, ZSL has outperformed UVXY with an annualized return of -41.09%, while UVXY has yielded a comparatively lower -73.85% annualized 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
ZSL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSL ProShares UltraShort Silver | -46.07% | -87.29% | -42.43% | -5.49% | -28.09% | -2.04% | -74.44% | -27.76% | 18.15% | -18.99% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between ZSL and UVXY 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 (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.14 |
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Return for Risk
ZSL vs. UVXY — Risk / Return Rank
ZSL
UVXY
ZSL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Silver (ZSL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.81 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -1.01 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.45 | +0.18 |
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Drawdowns
ZSL vs. UVXY - Drawdown Comparison
The maximum ZSL drawdown since its inception was -100.00%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZSL and UVXY.
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Drawdown Indicators
| ZSL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -94.11% | -73.51% | -20.60% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -94.93% | -3.47% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -99.71% | +0.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -100.00% | +0.18% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.38% | -98.75% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 69.79% | 55.34% | +14.45% |
Volatility
ZSL vs. UVXY - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 28.23% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 25.85%. This indicates that ZSL's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.23% | 25.85% | +2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 107.93% | 66.46% | +41.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 122.46% | 85.46% | +37.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.00% | 103.96% | -28.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.73% | 112.39% | -46.66% |
ZSL vs. UVXY - Expense Ratio Comparison
ZSL has a 1.32% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
ZSL vs. UVXY - Dividend Comparison
Neither ZSL nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
ZSL and UVXY 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.
ZSL has higher volatility (28.23%) compared to UVXY (25.85%). In terms of maximum drawdown, ZSL dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, ZSL leads with -41.09% vs -73.85% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 25.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZSL has performed better with a -41.09% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.
ZSL and UVXY have nearly identical dividend yields, around 0.00%.
ZSL is categorized as Silver, while UVXY is Volatility. ZSL tracks Bloomberg Silver Subindex (-2x), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 1.32% for ZSL and 0.95% for UVXY.
ZSL currently has the higher Sharpe Ratio (-0.73 vs -0.87), 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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