{"url":"https://etfiq.com/compare/leverage/uslv-vs-zsl","section":"compare","title":"USLV vs ZSL: which held to its multiple? | ETFIQ","description":"USLV sets out to return +2 times SLV each day and ZSL -2 times. Over the three months to Sep 30, 2026 they finished \u22127.0 pts and \u22126.2 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, USLV or ZSL?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are USLV and ZSL levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on silver, USLV at +2 times and ZSL at -2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, USLV or ZSL?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window USLV\u2019s moved at 39% annualized and ZSL\u2019s at 39%, so USLV has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold USLV or ZSL for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, USLV or ZSL?","acceptedAnswer":{"@type":"Answer","text":"USLV charges 1.10% a year and ZSL charges 0.95%, so ZSL is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"USLV vs ZSL","item":"https://etfiq.com/compare/leverage/uslv-vs-zsl"}]},{"@type":"WebPage","name":"USLV vs ZSL: which held to its multiple?","description":"USLV sets out to return +2 times SLV each day and ZSL -2 times. Over the three months to Sep 30, 2026 they finished \u22127.0 pts and \u22126.2 pts away.","url":"https://etfiq.com/compare/leverage/uslv-vs-zsl","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, USLV finished 3.0 points short and ZSL 4.1 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of USLV and ZSL","description":"USLV sets out to return +2 times SLV each day and ZSL -2 times. Over the three months to Sep 30, 2026 they finished \u22127.0 pts and \u22126.2 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/uslv-vs-zsl","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7008,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / USLV vs ZSL \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n USLV vs ZSL: which held to its multiple?\n\n Over three months against its own daily promise, USLV finished 3.0 points short and ZSL 4.1 points over.\n Copy this for sharing \n \n Direxion Daily Silver Bull 2X ETF and ProShares UltraShort Silver.\n\n Download as PDF \n\n \u22123.5% USLV returned, 3 months \n \u22129.6% ZSL returned, 3 months \n \u22127.0 pts USLV from its stated multiple \n \u22126.2 pts ZSL from its stated multiple \n\n ETFIQ Decay Resistance Score: ZSL scores higher\n Did it keep up with","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/uslv-vs-zsl","a":{"ticker":"USLV","name":"Direxion Daily Silver Bull 2X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: USLV returned \u22123.5% where its own daily promise gave \u22120.4%, 3.0 points short.","url":"https://etfiq.com/funds/uslv","key_facts":[{"label":"What SLV did","value":"+1.7%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u22120.4%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22123.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22123.0 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$14m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.10%","as_of":"2026-09-30","source":"485BPOS XBRL, Apr 29, 2026"}]},"b":{"ticker":"ZSL","name":"ProShares UltraShort Silver","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: ZSL returned \u22129.6% where its own daily promise gave \u221213.8%, 4.1 points over.","url":"https://etfiq.com/funds/zsl","key_facts":[{"label":"What SLV did","value":"+1.7%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"\u221213.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22129.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+4.1 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$91m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"issuer page"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/uslv-vs-zsl"}