SZK vs. HDV
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 Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, SZK returned -16.68%/yr vs 9.45%/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
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Returns By Period
In the year-to-date period, SZK achieves a -15.03% return, which is significantly lower than HDV's 14.07% return. Over the past 10 years, SZK has underperformed HDV with an annualized return of -16.68%, while HDV has yielded a comparatively higher 9.45% 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%
HDV
- 1D
- 1.33%
- 1M
- -1.35%
- YTD
- 14.07%
- 6M
- 14.08%
- 1Y
- 21.06%
- 3Y*
- 15.48%
- 5Y*
- 11.09%
- 10Y*
- 9.45%
SZK vs. HDV - 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% |
HDV iShares Core High Dividend ETF | 14.07% | 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 -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | -0.59 |
The correlation between SZK and HDV has been stable across timeframes, ranging from -0.68 to -0.59 - a consistent structural relationship.
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Return for Risk
SZK vs. HDV — Risk / Return Rank
SZK
HDV
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.
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 | HDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.36 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 4.09 | -4.26 |
| Martin ratioReturn relative to average drawdown | -0.37 | 11.19 | -11.56 |
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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.
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Drawdown Indicators
| SZK | HDV | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -99.28% | -1.35% | -97.93% |
Average DrawdownAverage peak-to-trough decline | -82.02% | -3.08% | -78.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 1.89% | +11.71% |
Volatility
SZK vs. HDV - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 10.21% compared to iShares Core High Dividend ETF (HDV) at 3.64%. 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.
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Volatility by Period
| SZK | HDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 3.64% | +6.57% |
Volatility (6M)Calculated over the trailing 6-month period | 21.18% | 7.61% | +13.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 9.93% | +16.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.60% | 12.81% | +18.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 15.73% | +17.90% |
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 2.79%, less than HDV's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 2.90% | 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 | 2.79% | 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 HDV have a correlation of -0.68, 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 HDV (3.64%). In terms of maximum drawdown, SZK dropped -99.40% vs HDV's -37.04%.
On 10-year performance, HDV leads with 9.45% vs -16.68% for SZK. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.64%. 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 9.45% return vs -16.68%. 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 2.90%, compared with 2.79% for SZK.
SZK is categorized as Leveraged Equities, while HDV is Dividend. 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 (2.13 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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