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 -43.74%/yr vs -72.67%/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 -59.81% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, ZSL has outperformed UVXY with an annualized return of -43.74%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
ZSL vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -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 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 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.
| ZSL | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.82 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.97 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.31 | -0.04 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.87 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.66 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.67 | -0.64 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.68 | +0.01 |
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 | -94.55% | -75.22% | -19.33% |
Max Drawdown (3Y)Largest decline over 3 years | -98.40% | -95.45% | -2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -99.06% | -99.68% | +0.62% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -100.00% | +0.18% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.39% | -98.55% | +2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.23% | 55.63% | +12.60% |
Volatility
ZSL vs. UVXY - Volatility Comparison
ProShares UltraShort Silver (ZSL) has a higher volatility of 32.31% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. 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 | 32.31% | 11.77% | +20.54% |
Volatility (6M)Calculated over the trailing 6-month period | 105.86% | 62.64% | +43.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.48% | 84.42% | +35.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.07% | 103.85% | -29.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.20% | 113.82% | -48.62% |
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 0.10, 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 UVXY (11.77%). In terms of maximum drawdown, ZSL dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, ZSL leads with -43.74% vs -72.67% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 11.77%. 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 -43.74% return vs -72.67%. 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 (-0.77 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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