Which came closer to its stated multiple, USLV or ZSL?

Over the window to Sep 30, 2026, USLV finished 7.0 points from what its multiple implies and ZSL finished 6.2 points from its own, so ZSL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are USLV and ZSL levered on the same thing?

Yes. Both are levered on silver, USLV at +2 times and ZSL at -2 times the daily move.

Which one decays faster, USLV or ZSL?

Decay follows how much the underlying moves about. Over this window USLV’s moved at 39% annualized and ZSL’s at 39%, so USLV has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold USLV or ZSL for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, USLV or ZSL?

USLV charges 1.10% a year and ZSL charges 0.95%, so ZSL is cheaper. Fees come from each fund's prospectus.

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USLV vs ZSL: which held to its multiple?

Over three months against its own daily promise, USLV finished 3.0 points short and ZSL 4.1 points over. Direxion Daily Silver Bull 2X ETF and ProShares UltraShort Silver.

−3.5%

USLV returned, 3 months

−9.6%

ZSL returned, 3 months

−7.0 pts

USLV from its stated multiple

−6.2 pts

ZSL from its stated multiple

USLV · 3 months to Sep 30, 20267 pts short of its stated multiple

USLV returned −3.5% while 2 times SLV's move would have been +3.5%

ZSL · 3 months to Sep 30, 20266.2 pts short of its stated multiple

ZSL returned −9.6% while −2 times SLV's move would have been −3.5%

ETFIQ Decay Resistance Score · ZSL scores higherDid it keep up with its own daily multiple, compounded day by day?

USLV among the 470 leveraged ETFs, long, over three months

USLV 39.8

0.1, the lowest in this set99.9, the highest

ZSL among the 125 inverse ETFs over three months

ZSL 94.8

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. ZSL is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	USLV	ZSL	USLV	ZSL	USLV	ZSL
1 month	−18.5%	+19.4%	−18.7%	+18.7%	+0.2 pts	+0.7 pts
3 months	−3.5%	−9.6%	+3.5%	−3.5%	−7.0 pts	−6.2 pts
6 months	not published	+22.5%	not published	+40.0%	not published	−17.5 pts
1 year	not published	−82.0%	not published	−57.3%	not published	−24.7 pts
3 years	not published	−96.8%	not published	not meaningful	not published	not meaningful
Since launch USLV May 2026 · ZSL Jan 2010	−42.9%	−100.0%	−40.5%	not meaningful	−2.4 pts	not meaningful

USLV and ZSL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

USLV

Direxion Daily Silver Bull 2X ETF · Aims to return twice the daily move of silver (SLV)

ZSL

ProShares UltraShort Silver · Aims to return twice the opposite of the daily move of silver (SLV)

Issuer Direxion ProShares

Sets out to return +2x -2x

Underlying asset SLV SLV

Segment metal metal

Fund returned, 3 months or since launch −3.5% −9.6%

Underlying returned, over that window +1.7% +1.7%

What the stated multiple implies, over that window +3.5% −3.5%

Difference from stated, over that window −7.0 pts −6.2 pts

Fund returned, 1 year or since launch −42.9% −82.0%

Difference from stated, over that window −2.4 pts −24.7 pts

Underlying volatility 39% 39%

Difference over the days both have traded −7.0 pts no shared window

Expense ratio 1.10% 0.95%

Launched May 28, 2026 Jan 4, 2010

Net assets $14m $91m

USLV and ZSL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

USLV in plain words

Three months to Sep 30, 2026: USLV returned −3.5% where its own daily promise gave −0.4%, 3.0 points short. Read the multiple against the whole window instead and 2 times SLV's 1.7% implies +3.5%, which makes USLV look 7.0 points short. 3.9 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. USLV aims to return +2 times SLV's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SLV moved at 39% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

ZSL in plain words

Three months to Sep 30, 2026: ZSL returned −9.6% where its own daily promise gave −13.8%, 4.1 points over. Read the multiple against the whole window instead and −2 times SLV's 1.7% implies −3.5%, which makes ZSL look 6.2 points short. 10.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. ZSL aims to return -2 times SLV's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, USLV or ZSL?: Over the window to Sep 30, 2026, USLV finished 7.0 points from what its multiple implies and ZSL finished 6.2 points from its own, so ZSL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are USLV and ZSL levered on the same thing?: Yes. Both are levered on silver, USLV at +2 times and ZSL at -2 times the daily move.
Which one decays faster, USLV or ZSL?: Decay follows how much the underlying moves about. Over this window USLV’s moved at 39% annualized and ZSL’s at 39%, so USLV has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold USLV or ZSL for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, USLV or ZSL?: USLV charges 1.10% a year and ZSL charges 0.95%, so ZSL is cheaper. Fees come from each fund's prospectus.

Other comparisons

USLV vs AGQ ZSL vs AGQ

SLV →USLV on its own →ZSL on its own →How every figure is computed →Standards and sources →

Where these figures came from

USLV filings on SEC EDGAR ↗USLV prospectus with the expense ratio (SEC) ↗Direxion website ↗ProShares page for ZSL ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, USLV against ZSL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/uslv-vs-zsl

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.