QTAP vs. SZK

Last updated Jul 16, 2026

QTAP (Innovator Growth Accelerated Plus ETF - April) and SZK (ProShares UltraShort Consumer Goods) are both Leveraged Equities funds. QTAP is actively managed, while SZK is passively managed. Over the past 5 years, QTAP returned 12.77%/yr vs -3.86%/yr for SZK. At a correlation of -0.46, they often move in opposite directions. QTAP charges 0.79%/yr vs 0.95%/yr for SZK.

Performance

QTAP vs. SZK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated Plus ETF - April (QTAP) and ProShares UltraShort Consumer Goods (SZK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTAP achieves a 14.38% return, which is significantly higher than SZK's -14.00% return.

QTAP

• 1D: 0.02%
• 1M: -0.25%
• 6M: 13.89%
• YTD: 14.38%
• 1Y: 21.22%
• 3Y*: 19.42%
• 5Y*: 12.77%
• 10Y*: —

SZK

• 1D: 0.41%
• 1M: 4.03%
• 6M: -3.40%
• YTD: -14.00%
• 1Y: -7.29%
• 3Y*: -5.15%
• 5Y*: -3.86%
• 10Y*: -15.51%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QTAP vs. SZK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QTAP Innovator Growth Accelerated Plus ETF - April	14.38%	19.36%	17.34%	43.32%	-25.87%	15.95%
SZK ProShares UltraShort Consumer Goods	-14.00%	3.37%	-11.33%	-3.10%	47.20%	-32.64%

Correlation

The correlation between QTAP and SZK is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	-0.46

The correlation between QTAP and SZK shifts across timeframes, from -0.46 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QTAP vs. SZK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 98

SZK

SZK Risk / Return Rank: 7
SZK Sharpe Ratio Rank: 7
SZK Sortino Ratio Rank: 6
SZK Omega Ratio Rank: 7
SZK Calmar Ratio Rank: 7
SZK Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QTAP vs. SZK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - April (QTAP) and ProShares UltraShort Consumer Goods (SZK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QTAP	SZK	Difference
Sharpe ratio: Return per unit of total volatility	3.43	-0.27	+3.71
Sortino ratio: Return per unit of downside risk	5.54	-0.21	+5.75
Omega ratio: Gain probability vs. loss probability	1.84	0.98	+0.86
Calmar ratio: Return relative to maximum drawdown	8.56	-0.25	+8.81
Martin ratio: Return relative to average drawdown	43.97	-0.51	+44.48

QTAP vs. SZK - Sharpe Ratio Comparison

The current QTAP Sharpe Ratio is 3.43, which is higher than the SZK Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of QTAP and SZK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QTAP vs. SZK - Drawdown Comparison

The maximum QTAP drawdown since its inception was -29.44%, smaller than the maximum SZK drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for QTAP and SZK.

Drawdown Indicators

	QTAP	SZK	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-99.40%	+69.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-29.26%	+26.77%
Max Drawdown (3Y) Largest decline over 3 years	-13.03%	-41.81%	+28.78%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-41.81%	+12.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-86.78%	—
Current Drawdown Current decline from peak	-0.35%	-99.27%	+98.92%
Average Drawdown Average peak-to-trough decline	-4.95%	-82.07%	+77.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	14.44%	-13.96%

Volatility

QTAP vs. SZK - Volatility Comparison

The current volatility for Innovator Growth Accelerated Plus ETF - April (QTAP) is 2.60%, while ProShares UltraShort Consumer Goods (SZK) has a volatility of 10.31%. This indicates that QTAP experiences smaller price fluctuations and is considered to be less risky than SZK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTAP	SZK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	10.31%	-7.71%
Volatility (6M) Calculated over the trailing 6-month period	5.22%	21.75%	-16.53%
Volatility (1Y) Calculated over the trailing 1-year period	6.21%	26.87%	-20.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	31.75%	-12.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.63%	33.64%	-15.01%

QTAP vs. SZK - Expense Ratio Comparison

QTAP has a 0.79% expense ratio, which is lower than SZK's 0.95% expense ratio.

Dividends

QTAP vs. SZK - Dividend Comparison

QTAP has not paid dividends to shareholders, while SZK's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SZK ProShares UltraShort Consumer Goods	2.67%	2.90%	5.70%	4.03%	0.56%	0.00%	0.19%	1.70%	0.50%

Frequently Asked Questions

Can I hold both QTAP and SZK in my portfolio?

QTAP and SZK have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTAP or SZK?

SZK has higher volatility (10.31%) compared to QTAP (2.60%). In terms of maximum drawdown, QTAP dropped -29.44% vs SZK's -99.40%.

Which ETF is better, QTAP or SZK?

On 5-year performance, QTAP leads with 12.77% vs -3.86% for SZK. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTAP or SZK?

Over the 5-year period, QTAP has performed better with a 12.77% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTAP or SZK?

QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for SZK.

Which ETF pays a higher dividend yield, QTAP or SZK?

SZK has the higher dividend yield at 2.67%, compared with 0.00% for QTAP.

What is the main difference between QTAP and SZK?

They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for QTAP and 0.95% for SZK.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.43 vs -0.27), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.