SZK vs. FDL
SZK (ProShares UltraShort Consumer Goods) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, SZK returned -16.68%/yr vs 11.12%/yr for FDL. At a correlation of -0.61, they often move in opposite directions. SZK charges 0.95%/yr vs 0.43%/yr for FDL.
Performance
SZK vs. FDL - 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 FDL's 12.67% return. Over the past 10 years, SZK has underperformed FDL with an annualized return of -16.68%, while FDL has yielded a comparatively higher 11.12% 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%
FDL
- 1D
- 1.20%
- 1M
- -2.75%
- YTD
- 12.67%
- 6M
- 13.02%
- 1Y
- 22.39%
- 3Y*
- 19.10%
- 5Y*
- 13.08%
- 10Y*
- 11.12%
SZK vs. FDL - 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% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 12.67% | 14.79% | 17.98% | 2.94% | 6.66% | 26.10% | -4.30% | 24.41% | -5.99% | 12.02% |
Correlation
The correlation between SZK and FDL is -0.54, 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 | -0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.61 |
The correlation between SZK and FDL has been stable across timeframes, ranging from -0.61 to -0.54 - a consistent structural relationship.
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Return for Risk
SZK vs. FDL — Risk / Return Rank
SZK
FDL
SZK vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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 | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.34 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 5.26 | -5.44 |
| Martin ratioReturn relative to average drawdown | -0.37 | 12.40 | -12.77 |
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Drawdowns
SZK vs. FDL - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SZK and FDL.
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Drawdown Indicators
| SZK | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -65.93% | -33.47% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -4.27% | -24.99% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -12.24% | -29.57% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -16.46% | -25.35% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -41.40% | -45.38% |
Current DrawdownCurrent decline from peak | -99.28% | -3.09% | -96.19% |
Average DrawdownAverage peak-to-trough decline | -82.02% | -9.64% | -72.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 1.81% | +11.79% |
Volatility
SZK vs. FDL - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 10.21% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.72%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 3.72% | +6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 21.18% | 8.09% | +13.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 11.54% | +14.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.60% | 14.31% | +17.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 17.11% | +16.52% |
SZK vs. FDL - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
SZK vs. FDL - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.79%, less than FDL's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.70% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
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 FDL have a correlation of -0.54, 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 FDL (3.72%). In terms of maximum drawdown, SZK dropped -99.40% vs FDL's -65.93%.
On 10-year performance, FDL leads with 11.12% vs -16.68% for SZK. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FDL has performed better with a 11.12% return vs -16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for SZK.
FDL has the higher dividend yield at 3.70%, compared with 2.79% for SZK.
SZK is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SZK and 0.43% for FDL.
FDL currently has the higher Sharpe Ratio (1.95 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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