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DOG vs ZSL

ProShares Short Dow30

DOGBNYSE Arca

ProShares UltraShort Silver

ZSLCNYSE Arca

Overlap

5.9%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

DOG0.95%ZSL0.95%

Avg volume · 30D

DOG 1.5×the volume

DOG4.77MZSL3.09M

10Y return · a year

DOG +11.3pt

DOG−11.0%ZSL−22.3%

DOG vs ZSL Performance

Nov 2, 2021 – Nov 2, 2026

−20.6%DOG−64.5%ZSL

Nov 2, 2021 to Nov 2, 2026. DOG −20.6%. ZSL −64.5%. Use the arrow keys to read each point.−100%0%25%Nov 2021May 2024Nov 2026
Expense ratio
DOG 0.95%
ZSL 0.95%
Fund size
DOG $115M
ZSL $66M
1Y total return
DOG −5.3%
ZSL +182.9%, better
Yield (12M)
DOG 3.16%
ZSL No data
Holdings
DOG 3
ZSL 1
Avg volume (30D)
DOG 4.77M sh, better
ZSL 3.09M sh
NAV per share
DOG $22.02
ZSL $37.78
52W range

ETF.net Grade

DOG: Cost 50, Risk 66, Mission 97, Tradability 94, Holdings 43, Durability 69. ZSL: Cost 50, Risk 40, Mission not scored, Tradability 58, Holdings not scored, Durability 65.
Pillar letters and Scores for DOG, ZSL, with each pillar’s weight
PillarDOGZSL
Cost30% weightC50C50
Mission25% weightA97Not scored
Risk15% weightB66HigherC40
Tradability15% weightA94HigherB58
Holdings10% weightC43Not scored
Durability5% weightB69HigherB65

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DOG and ZSL are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds
See all 53 ›

DOG ranks 1st and ZSL 23rd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 21CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
  4. Rank 23CZSLProShares UltraShort SilverScore 50
  5. Rank 24CGLLProShares UltraShort GoldScore 48

Our read on each fund

ETF.net Research

DOGBProShares Short Dow30

ZSLCProShares UltraShort Silver

In short

DOG The plain-vanilla short on the Dow: DOG aims to deliver the inverse of the index's move each day, with no 2x or 3x bolted on. Running since 2006, and ProShares bills it as the only -1x ETF built on the Dow.

ZSL Silver runs hot, and ZSL leans the other way. Live since 2008, it aims to deliver twice the inverse of the Bloomberg Silver Subindex's daily move, reset every day: a short-term trading tool in a corner with almost no rivals.

Stated mandate

DOG DOG seeks daily investment results, before fees and expenses, that correspond to the inverse of the Dow Jones Industrial Average's daily performance.

ZSL The fund seeks daily results, before fees and expenses, equal to two times the inverse of the Bloomberg Silver Subindex’s daily performance.

Why people hold it

  • DOG 0.95% net of a waiver through September 30, 2027 (1.00% gross), which sits near the typical fee among leveraged and inverse funds.
  • Sticks close to its daily inverse target, one of the tighter implementations in its peer group.proshares.com
  • Actively traded for an inverse fund, so getting in and back out is rarely the hard part.
  • Live since 2006, so the mechanism has run through the financial crisis, 2020 and every tape since.
  • ZSL Fee runs 0.95% a year, under the median for leveraged and inverse bear funds, and it stands among the stronger builds in that group.
  • ProShares calls it the only US ETF designed to gain when daily silver futures prices fall. Inverse silver exposure via one ticker, no futures account or margin short.proshares.com
  • Actively traded for such a specialized corner, which helps keep the spread you pay on the way in and out contained.
  • Trading since December 2008, so it has run through multiple silver booms and busts under the same daily -2x mandate.

Worth knowing

  • DOG The target resets every day. Hold longer than a day and the result depends on the path the Dow takes, not just its direction.proshares.com
  • If the waiver lapses after September 30, 2027, the fee steps up toward the 1.00% gross figure.
  • The Dow is 30 price-weighted names, so this is a short on a narrow, old-school slice of the market rather than the broad tape.proshares.com
  • ZSL The -2x target resets daily. Held longer, compounding can push results far from twice the inverse of the index's move over the period.sec.gov
  • The benchmark tracks rolling COMEX silver futures, not spot silver, and futures can behave very differently from the metal's spot price.sec.gov
  • It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 at tax time rather than a 1099.proshares.com

Full DOG profile⁠

Full ZSL profile⁠

DOG vs ZSL Holdings

How DOG and ZSL differ

Overlap by weight

5.9%

Shared holdings make up 100% of ZSL and 5.9% of DOG.

Level by level

  • Asset classEquity, Commodities0.0%
  • Holdings0 in both5.9%

Sector

No Sector split for ZSL.

Country, concentration and asset class

Country by domicile

No country split for ZSL.

Concentration

Weight in the 10 largest Holdings

  • DOG100.0%
  • ZSL100.0%

Securities held

  • DOG2
  • ZSL0

Asset class

DOG
Equity
ZSL
Commodities

Holdings

  • Only in DOG2
  • In both0
  • Only in ZSL0

Only in DOG

2 securities, 94.1% of DOG by weight

  • Proshares Genius Mny Mkt Etf89.61%
  • TREASURY BILL, 0%, due 2026-12-174.45%

Only in ZSL

0 securities, 0.0% of ZSL by weight

Weight gaps

DOG and ZSL share no securities.

All 12 DOG holdings⁠All 6 ZSL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DOG vs ZSL Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DOG 0.95%

    $17,869

  • ZSL 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DOG 0.95%
  • ZSL 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DOG $17,869ZSL $17,869

Year by year

YearDOGZSL
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%DOG
  • 0.95%ZSL
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

DOG 6th cheapest of 53 funds

ZSL 6th cheapest of 53 funds

DOG vs ZSL Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
DOG 3.16%
ZSL No data
Payout (12M)
DOG $0.69
ZSL None
Last payment
DOG $0.17
ZSL No data
Ex-dividend
DOG Sep 23, 2026
ZSL No data
Paid on
DOG Sep 29, 2026
ZSL No data
Frequency
DOG Quarterly
ZSL No data

Distribution history

Per share, 2017 to 2026, same scale for both

DOGQuarterly · 26 paymentsAll DOG payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.02; Mar 21, 2018 $0.06; Jun 20, 2018 $0.12; Sep 26, 2018 $0.16; Dec 26, 2018 $0.19; Mar 20, 2019 $0.17; Jun 25, 2019 $0.25; Sep 25, 2019 $0.20; Dec 24, 2019 $0.14; Mar 25, 2020 $0.06; Dec 22, 2022 $0.14; Mar 22, 2023 $0.20; Jun 21, 2023 $0.35; Sep 20, 2023 $0.39; Dec 20, 2023 $0.41; Mar 20, 2024 $0.32; Jun 26, 2024 $0.40; Sep 25, 2024 $0.36; Dec 23, 2024 $0.43; Mar 26, 2025 $0.18; Jun 25, 2025 $0.21; Sep 24, 2025 $0.21; Dec 24, 2025 $0.26; Mar 25, 2026 $0.10; Jun 24, 2026 $0.16; Sep 23, 2026 $0.17. Use the arrow keys to read each point.$0$0.502017202020232026YTD
ZSLAll ZSL payments⁠

No distribution history available.

DOG vs ZSL Risk

Fall from peak · 5 years

  • DOG
  • ZSL
Nov 2, 2021 to Nov 2, 2026. Worst fall: ZSL −98.9% · Jan 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
DOG 11.7%, betterZSL 212.6%
Return per unit of riskSharpe ratio, 3 years
DOG −1.21ZSL 0.30, better
Worst fallMax drawdown, 5 years
DOG −37.3%, betterZSL −98.9%
Market sensitivityBeta, 5 years
DOG −0.83ZSL −1.90

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