PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SZK vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SZK vs. HDV

Last updated Jun 3, 2026

SZK (ProShares UltraShort Consumer Goods) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while HDV is a Large Cap Value Equities fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, SZK returned -16.07%/yr vs 9.22%/yr for HDV. At a correlation of -0.59, they often move in opposite directions. SZK charges 0.95%/yr vs 0.08%/yr for HDV.

Performance

SZK vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Consumer Goods (SZK) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SZK achieves a -9.91% return, which is significantly lower than HDV's 12.28% return. Over the past 10 years, SZK has underperformed HDV with an annualized return of -16.07%, while HDV has yielded a comparatively higher 9.22% annualized return.

SZK

1D
0.25%
1M
6.20%
YTD
-9.91%
6M
-7.73%
1Y
3.38%
3Y*
-4.29%
5Y*
-3.68%
10Y*
-16.07%

HDV

1D
0.85%
1M
-0.73%
YTD
12.28%
6M
12.66%
1Y
19.90%
3Y*
14.80%
5Y*
10.35%
10Y*
9.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SZK vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SZK
ProShares UltraShort Consumer Goods		-9.91%3.37%-11.33%-3.10%47.20%-37.78%-58.24%-39.43%33.62%-27.22%
HDV
iShares Core High Dividend ETF		12.28%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between SZK and HDV is -0.67, 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

-0.67

Correlation (3Y)
Calculated over the trailing 3-year period

-0.64

Correlation (5Y)
Calculated over the trailing 5-year period

-0.63

Correlation (10Y)
Calculated over the trailing 10-year period

-0.61

Correlation (All Time)
Calculated using the full available price history since Apr 1, 2011

-0.59

The correlation between SZK and HDV has been stable across timeframes, ranging from -0.67 to -0.59 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Consumer Goods

iShares Core High Dividend ETF

Often compared with SZK:
SZK vs. SSGSZK vs. HIBSSZK vs. XLPSZK vs. SQQQSZK vs. UUPSZK vs. TZASZK vs. VOO
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

SZK vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SZK
SZK Risk / Return Rank: 1010
Overall Rank
SZK Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
SZK Sortino Ratio Rank: 1111
Sortino Ratio Rank
SZK Omega Ratio Rank: 1010
Omega Ratio Rank
SZK Calmar Ratio Rank: 1010
Calmar Ratio Rank
SZK Martin Ratio Rank: 1010
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 6464
Overall Rank
HDV Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 6565
Sortino Ratio Rank
HDV Omega Ratio Rank: 5757
Omega Ratio Rank
HDV Calmar Ratio Rank: 7777
Calmar Ratio Rank
HDV Martin Ratio Rank: 6161
Martin Ratio Rank
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.

SZK vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and iShares Core High Dividend ETF (HDV). 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.

SZKHDVDifference

Sharpe ratio

Return per unit of total volatility

0.13

2.06

-1.92

Sortino ratio

Return per unit of downside risk

0.37

3.05

-2.68

Omega ratio

Gain probability vs. loss probability

1.04

1.35

-0.31

Calmar ratio

Return relative to maximum drawdown

0.11

3.96

-3.84

Martin ratio

Return relative to average drawdown

0.26

11.09

-10.84

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SZK vs. HDV - Sharpe Ratio Comparison

The current SZK Sharpe Ratio is 0.13, which is lower than the HDV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SZK and HDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

SZKHDVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.13

2.06

-1.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.12

0.81

-0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.48

0.59

-1.07

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.58

0.72

-1.31

Drawdowns

SZK vs. HDV - Drawdown Comparison

The maximum SZK drawdown since its inception was -99.40%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for SZK and HDV.

Loading charts...

Drawdown Indicators

SZKHDVDifference

Max Drawdown

Largest peak-to-trough decline

-99.40%

-37.04%

-62.36%

Max Drawdown (1Y)

Largest decline over 1 year

-29.26%

-5.18%

-24.08%

Max Drawdown (3Y)

Largest decline over 3 years

-41.81%

-10.49%

-31.32%

Max Drawdown (5Y)

Largest decline over 5 years

-41.81%

-15.42%

-26.39%

Max Drawdown (10Y)

Largest decline over 10 years

-86.78%

-37.04%

-49.74%

Current Drawdown

Current decline from peak

-99.24%

-2.90%

-96.34%

Average Drawdown

Average peak-to-trough decline

-81.99%

-3.09%

-78.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.83%

1.85%

+10.98%

Volatility

SZK vs. HDV - Volatility Comparison

ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 8.22% compared to iShares Core High Dividend ETF (HDV) at 3.23%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SZKHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.22%

3.23%

+4.99%

Volatility (6M)

Calculated over the trailing 6-month period

19.99%

7.59%

+12.40%

Volatility (1Y)

Calculated over the trailing 1-year period

25.18%

9.73%

+15.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.45%

12.82%

+18.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.61%

15.73%

+17.88%

SZK vs. HDV - Expense Ratio Comparison

SZK has a 0.95% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

SZK vs. HDV - Dividend Comparison

SZK's dividend yield for the trailing twelve months is around 2.63%, less than HDV's 2.92% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		2.92%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
SZK
ProShares UltraShort Consumer Goods		2.63%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 HDV have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SZK has higher volatility (8.22%) compared to HDV (3.23%). In terms of maximum drawdown, SZK dropped -99.40% vs HDV's -37.04%.

On 10-year performance, HDV leads with 9.22% vs -16.07% for SZK. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HDV has performed better with a 9.22% return vs -16.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.95% for SZK.

HDV has the higher dividend yield at 2.92%, compared with 2.63% for SZK.

SZK is categorized as Leveraged Equities, while HDV is Large Cap Value Equities. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SZK and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.06 vs 0.13), 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.

Portfolio Optimizer

Find the right allocation for SZK and HDV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer