ZSL vs. UVXY

Last updated Jul 14, 2026

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 -38.80%/yr vs -72.05%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Silver (ZSL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSL achieves a -40.11% return, which is significantly lower than UVXY's -32.31% return. Over the past 10 years, ZSL has outperformed UVXY with an annualized return of -38.80%, while UVXY has yielded a comparatively lower -72.05% 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%

UVXY

• 1D: 4.92%
• 1M: -15.35%
• 6M: -29.18%
• YTD: -32.31%
• 1Y: -71.44%
• 3Y*: -61.73%
• 5Y*: -67.56%
• 10Y*: -72.05%

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

ZSL vs. UVXY - 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%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-32.31%	-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 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
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	0.14
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.14

Return for Risk

ZSL vs. UVXY — Risk / Return Rank

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

ZSL

ZSL Risk / Return Rank: 2
ZSL Sharpe Ratio Rank: 4
ZSL Sortino Ratio Rank: 2
ZSL Omega Ratio Rank: 2
ZSL Calmar Ratio Rank: 1
ZSL Martin Ratio Rank: 3

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

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. 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 ratio: Return per unit of total volatility	-0.69	-0.84	+0.15
Sortino ratio: Return per unit of downside risk	-1.51	-1.49	-0.02
Omega ratio: Gain probability vs. loss probability	0.84	0.83	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.98	+0.06
Martin ratio: Return relative to average drawdown	-1.19	-1.46	+0.27

ZSL vs. UVXY - Sharpe Ratio Comparison

The current ZSL Sharpe Ratio is -0.69, which is comparable to the UVXY Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of ZSL and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	ZSL	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-93.81%	-73.42%	-20.39%
Max Drawdown (3Y) Largest decline over 3 years	-98.40%	-95.32%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-99.06%	-99.74%	+0.68%
Max Drawdown (10Y) Largest decline over 10 years	-99.82%	-100.00%	+0.18%
Current Drawdown Current decline from peak	-99.99%	-100.00%	+0.01%
Average Drawdown Average peak-to-trough decline	-96.39%	-98.75%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.67%	48.91%	+22.76%

Volatility

ZSL vs. UVXY - Volatility Comparison

ProShares UltraShort Silver (ZSL) has a higher volatility of 28.50% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 21.23%. 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.

Volatility by Period

	ZSL	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.50%	21.23%	+7.27%
Volatility (6M) Calculated over the trailing 6-month period	102.91%	66.69%	+36.22%
Volatility (1Y) Calculated over the trailing 1-year period	123.96%	85.49%	+38.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.52%	103.84%	-28.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.88%	112.03%	-46.15%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZSL and UVXY in my portfolio?

ZSL and UVXY have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSL or UVXY?

ZSL has higher volatility (28.50%) compared to UVXY (21.23%). In terms of maximum drawdown, ZSL dropped -100.00% vs UVXY's -100.00%.

Which ETF is better, ZSL or UVXY?

On 10-year performance, ZSL leads with -38.80% vs -72.05% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 21.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSL or UVXY?

Over the 10-year period, ZSL has performed better with a -38.80% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSL or UVXY?

UVXY is cheaper with a 0.95% expense ratio, compared with 1.32% for ZSL.

Which ETF pays a higher dividend yield, ZSL or UVXY?

ZSL and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between ZSL and UVXY?

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.

Which has better risk-adjusted returns?

ZSL currently has the higher Sharpe Ratio (-0.69 vs -0.84), 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.