SZK vs. CDL
SZK (ProShares UltraShort Consumer Goods) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, SZK returned -16.68%/yr vs 11.31%/yr for CDL. At a correlation of -0.61, they often move in opposite directions. SZK charges 0.95%/yr vs 0.35%/yr for CDL.
Performance
SZK vs. CDL - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -15.03% return, which is significantly lower than CDL's 13.80% return. Over the past 10 years, SZK has underperformed CDL with an annualized return of -16.68%, while CDL has yielded a comparatively higher 11.31% annualized return.
SZK
- 1D
- -3.58%
- 1M
- 1.29%
- YTD
- -15.03%
- 6M
- -14.75%
- 1Y
- -5.00%
- 3Y*
- -5.75%
- 5Y*
- -4.45%
- 10Y*
- -16.68%
CDL
- 1D
- 1.03%
- 1M
- 0.80%
- YTD
- 13.80%
- 6M
- 13.70%
- 1Y
- 20.88%
- 3Y*
- 15.81%
- 5Y*
- 10.12%
- 10Y*
- 11.31%
SZK vs. CDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -15.03% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 13.80% | 9.04% | 15.58% | 3.03% | -0.45% | 33.42% | -3.35% | 26.38% | -5.86% | 16.29% |
Correlation
The correlation between SZK and CDL is -0.64, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015 | -0.61 |
The correlation between SZK and CDL has been stable across timeframes, ranging from -0.66 to -0.61 - a consistent structural relationship.
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Return for Risk
SZK vs. CDL — Risk / Return Rank
SZK
CDL
SZK vs. CDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL). 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.
| SZK | CDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.36 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 3.70 | -3.88 |
| Martin ratioReturn relative to average drawdown | -0.37 | 13.08 | -13.45 |
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Drawdowns
SZK vs. CDL - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than CDL's maximum drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for SZK and CDL.
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Drawdown Indicators
| SZK | CDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -41.03% | -58.37% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -5.66% | -23.60% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -12.87% | -28.94% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -17.28% | -24.53% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -41.03% | -45.75% |
Current DrawdownCurrent decline from peak | -99.28% | -0.49% | -98.79% |
Average DrawdownAverage peak-to-trough decline | -82.02% | -4.33% | -77.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 1.60% | +12.00% |
Volatility
SZK vs. CDL - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 10.21% compared to VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) at 3.47%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than CDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | CDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 3.47% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 21.18% | 7.14% | +14.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 9.98% | +16.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.60% | 13.85% | +17.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 17.04% | +16.59% |
SZK vs. CDL - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than CDL's 0.35% expense ratio.
Dividends
SZK vs. CDL - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.79%, less than CDL's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 3.13% | 3.33% | 3.27% | 3.61% | 3.31% | 2.60% | 3.32% | 3.04% | 3.32% | 2.87% | 2.97% | 1.28% |
SZK ProShares UltraShort Consumer Goods | 2.79% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SZK and CDL have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (10.21%) compared to CDL (3.47%). In terms of maximum drawdown, SZK dropped -99.40% vs CDL's -41.03%.
On 10-year performance, CDL leads with 11.31% vs -16.68% for SZK. On fees, CDL is cheaper at 0.35% per year. On volatility, CDL has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CDL has performed better with a 11.31% return vs -16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDL is cheaper with a 0.35% expense ratio, compared with 0.95% for SZK.
CDL has the higher dividend yield at 3.13%, compared with 2.79% for SZK.
SZK is categorized as Leveraged Equities, while CDL is Large Cap Value Equities. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: ProShares and Crestview. Their fees differ too: 0.95% for SZK and 0.35% for CDL.
CDL currently has the higher Sharpe Ratio (2.10 vs -0.19), 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.
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