ProShares UltraShort Silver (ZSL) Performance
ZSL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −36.3% since Dec 31, 2025
- 1 year
- −74.6% total return
- 5 years
- −49.2% a year
- 10 years
- −39.7% a year
- Since first price
- −20.6% a year since 2008
ZSL trailing returns vs SPY, QQQ, AGG
| Period | ZSL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +39.4% | +39.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +7.3% | +7.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +57.1% | +57.1% | +7.8% | +8.4% | −1.5% |
| YTD | −36.3% | −36.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −74.6% | −74.6% | +14.4% | +15.9% | −1.1% |
| 3 years | −95.7%−65.0%/yr | −95.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −96.6%−49.2%/yr | −96.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −99.4%−39.7%/yr | −99.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −97.0%−20.9%/yr | −97.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionDec 3, 2008 | −98.4%−20.6%/yr | −98.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ZSL vs SPY
From Dec 3, 2008: ZSL grew to $161, SPY to $120,589.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ZSL returns by calendar year
7 of 17 full years positive. Best 2012 (+215.5%), worst 2025 (−87.3%). 2026 is year to date.
ZSL annual returns table
| Year | ZSL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −36.3% | −69.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −87.3% | −88.4% | +17.7% | +20.8% | +7.2% |
| 2024 | −42.4% | −64.6% | +24.9% | +25.6% | +1.3% |
| 2023 | −5.5% | −42.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −28.1% | −53.6% | −18.2% | −32.6% | −13.0% |
| 2021 | −2.0% | −32.7% | +28.7% | +27.4% | −1.8% |
| 2020 | −74.4% | −87.2% | +18.3% | +48.6% | +7.5% |
| 2019 | −27.8% | −47.7% | +31.2% | +39.0% | +8.5% |
| 2018 | +18.1% | −18.4% | −4.6% | −0.1% | +0.1% |
| 2017 | −19.0% | −27.8% | +21.7% | +32.7% | +3.6% |
| 2016 | −40.0% | −60.7% | +12.0% | +7.1% | +2.4% |
| 2015 | +8.1% | −27.8% | +1.2% | +9.4% | +0.5% |
| 2014 | +32.4% | −24.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +80.1% | −45.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +215.5% | −46.8% | +16.0% | +18.1% | +3.8% |
| 2011 | +61.6% | −66.4% | +1.9% | +3.4% | +7.7% |
| 2010 | +105.0% | −75.2% | +15.1% | +19.9% | +6.4% |
| 2009 | −72.7% | −81.0% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ZSL largest drawdowns
Now 99.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 14, 2015 | −99.9% | May 13, 2026 | not yet | 10.4 years | 10.9 years so far |
| Dec 5, 2008 | −86.9% | Apr 14, 2010 | Apr 15, 2010 | 1.4 years | 1.4 years |
| May 5, 2010 | −80.0% | Feb 23, 2011 | May 11, 2012 | 10 months | 2.0 years |
| Jun 28, 2012 | −46.8% | Oct 4, 2012 | Apr 15, 2013 | 3 months | 10 months |
| Jun 27, 2013 | −45.5% | Aug 27, 2013 | Oct 31, 2014 | 2 months | 1.3 years |
| Nov 5, 2014 | −35.1% | Jan 22, 2015 | Dec 14, 2015 | 3 months | 1.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ZSL risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | −68.2% | −53.2% | −40.0% | −19.8% |
| Volatility (annualized) | 73.1% | 67.2% | 59.5% | 229.2% |
| Sharpe ratio | -1.17 | -0.79 | -0.55 | 0.22 |
| Sortino ratio | -1.35 | -0.97 | -0.68 | 1.05 |
| Best month | +52.7% | +52.7% | +52.7% | +758.8% |
| Worst month | −55.8% | −55.8% | −55.8% | −55.8% |
| Best 12 months | −27.7% | +23.3% | +46.3% | +550.4% |
| Worst 12 months | −95.5% | −95.5% | −95.5% | −95.5% |
| Positive months | 36% | 42% | 47% | 46% |
| Beta vs S&P 500 | -0.94 | -1.14 | -1.15 | — |
| Correlation with S&P 500 | -0.16 | -0.27 | -0.30 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ZSL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 203 | −95.5% | −11.5% | +550.4% | 43% |
| 3-year (a year) | 179 | −75.0% | −12.7% | +138.0% | 31% |
| 5-year (a year) | 155 | −56.0% | −16.2% | +98.3% | 36% |
| 10-year (a year) | 95 | −46.7% | −13.7% | +33.5% | 32% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
ZSL performance overview
ProShares UltraShort Silver (ZSL) returned −74.6% over the past year and −39.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −20.6% a year, turning $10,000 into about $161. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Dec 14, 2015 to May 13, 2026; the fund has not yet regained that high. ZSL finished 7 of its 17 full calendar years with a gain; the best year was 2012 (+215.5%) and the worst 2025 (−87.3%). Volatility has been 229.2% a year.
Related: ZSL chart. See the ZSL overview for the latest quote and fund facts.
ZSL performance FAQ
What is the ZSL return over the past year?
ZSL returned −74.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 74.6%.
What is the average annual return of ZSL?
ZSL has returned −49.2% a year over 5 years, −39.7% a year over 10 years, −20.6% a year since December 3, 2008 (total return, distributions reinvested).
How much would $10,000 invested in ZSL be worth?
$10,000 invested in ZSL at its first recorded close on December 3, 2008 would be worth about $161 on October 23, 2026 with distributions reinvested.
What was the worst year for ZSL?
The worst calendar year was 2025, with a total return of −87.3%. The best was 2012 at +215.5%.
What is the biggest drawdown of ZSL?
The largest peak-to-trough decline was −99.9% between December 14, 2015 and May 13, 2026. It has not yet recovered to that high; it is 99.7% below its peak.
How volatile is ZSL?
Over the past 3 years ZSL had an annualized volatility of 73.1% and a Sharpe ratio of -1.17 (excess return over 1–3 month T-bills per unit of risk).