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SVXY vs ZSL

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

ProShares UltraShort Silver

ZSLCNYSE Arca

Overlap

100%by weight

Expense ratio

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

SVXY0.95%ZSL0.95%

Avg volume · 30D

ZSL 2.1×the volume

SVXY1.49MZSL3.09M

10Y return · a year

SVXY +21.1pt

SVXY−1.2%ZSL−22.3%

SVXY vs ZSL Performance

Nov 2, 2021 – Nov 2, 2026

+92.6%SVXY−64.5%ZSL

Nov 2, 2021 to Nov 2, 2026. SVXY +92.6%. ZSL −64.5%. Use the arrow keys to read each point.−100%0%50%Nov 2021May 2024Nov 2026
Expense ratio
SVXY 0.95%
ZSL 0.95%
Fund size
SVXY $201M
ZSL $66M
1Y total return
SVXY +21.8%
ZSL +182.9%, better
Holdings
SVXY 1
ZSL 1
Avg volume (30D)
SVXY 1.49M sh
ZSL 3.09M sh, better
NAV per share
SVXY $60.51
ZSL $37.78
52W range

ETF.net Grade

SVXY: Cost 50, Risk 75, Mission not scored, Tradability 84, Holdings not scored, Durability 76. ZSL: Cost 50, Risk 40, Mission not scored, Tradability 58, Holdings not scored, Durability 65.
Pillar letters and Scores for SVXY, ZSL, with each pillar’s weight
PillarSVXYZSL
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherC40
Tradability15% weightA84HigherB58
Holdings10% weightNot scoredNot scored
Durability5% weightA76HigherB65

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. SVXY 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 ›

SVXY 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 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 21CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
  6. Rank 23CZSLProShares UltraShort SilverScore 50
  7. Rank 24CGLLProShares UltraShort GoldScore 48

Our read on each fund

ETF.net Research

SVXYBProShares Short VIX Short-Term Futures ETF

ZSLCProShares UltraShort Silver

In short

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

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

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

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

  • SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
  • 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
  • Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.
  • 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

  • SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
  • It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
  • Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.
  • 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 SVXY profile⁠

Full ZSL profile⁠

SVXY vs ZSL Holdings

How SVXY and ZSL differ

Overlap by weight

100%

Shared holdings make up 100% of SVXY and 100% of ZSL.

Level by level

  • Asset classAlternatives, Commodities0.0%
  • Holdings0 in both100%

Sector

No Sector split for SVXY and ZSL.

Country, concentration and asset class

Country by domicile

No country split for SVXY and ZSL.

Concentration

Weight in the 10 largest Holdings

  • SVXY100.0%
  • ZSL100.0%

Securities held

  • SVXY0
  • ZSL0

Asset class

SVXY
Alternatives
ZSL
Commodities

Holdings

  • Only in SVXY0
  • In both0
  • Only in ZSL0

Only in SVXY

0 securities, 0.0% of SVXY by weight

Only in ZSL

0 securities, 0.0% of ZSL by weight

Weight gaps

SVXY and ZSL share no securities.

All 3 SVXY 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.

SVXY vs ZSL Cost

Same expense ratio

$17,869

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

  • SVXY 0.95%

    $17,869

  • ZSL 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SVXY 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$20K051015202530SVXY $17,869ZSL $17,869

Year by year

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

Expense ratio

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

SVXY 6th cheapest of 53 funds

ZSL 6th cheapest of 53 funds

SVXY vs ZSL Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
SVXY None
ZSL None

Distribution history

SVXYAll SVXY payments⁠

No distribution history available.

ZSLAll ZSL payments⁠

No distribution history available.

SVXY vs ZSL Risk

Fall from peak · 5 years

  • SVXY
  • 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
SVXY 26.5%, betterZSL 212.6%
Return per unit of riskSharpe ratio, 3 years
SVXY 0.42, betterZSL 0.30
Worst fallMax drawdown, 5 years
SVXY −46.4%, betterZSL −98.9%
Market sensitivityBeta, 5 years
SVXY 1.32ZSL −1.90

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