SZK vs. IFED
SZK (ProShares UltraShort Consumer Goods) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SZK returned -5.88%/yr vs 17.39%/yr for IFED. At a correlation of -0.45, they often move in opposite directions. SZK charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
SZK vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -15.40% return, which is significantly lower than IFED's -0.67% return.
SZK
- 1D
- 1.08%
- 1M
- -2.19%
- YTD
- -15.40%
- 6M
- -13.95%
- 1Y
- -7.92%
- 3Y*
- -5.88%
- 5Y*
- -4.06%
- 10Y*
- -16.93%
IFED
- 1D
- 4.16%
- 1M
- 5.15%
- YTD
- -0.67%
- 6M
- -1.84%
- 1Y
- 4.90%
- 3Y*
- 17.39%
- 5Y*
- —
- 10Y*
- —
SZK vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -15.40% | 3.37% | -11.33% | -3.10% | 47.20% | -23.97% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -0.67% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SZK and IFED is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.45 |
Over the past year, the inverse relationship between SZK and IFED has weakened: their correlation has moved from -0.45 to -0.01, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SZK vs. IFED — Risk / Return Rank
SZK
IFED
SZK vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.07 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 0.34 | -0.61 |
| Martin ratioReturn relative to average drawdown | -0.58 | 0.83 | -1.41 |
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Drawdowns
SZK vs. IFED - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SZK and IFED.
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Drawdown Indicators
| SZK | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -22.36% | -77.04% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -14.65% | -14.61% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -22.36% | -19.45% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | — | — |
Current DrawdownCurrent decline from peak | -99.28% | -2.71% | -96.57% |
Average DrawdownAverage peak-to-trough decline | -82.03% | -5.83% | -76.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.72% | 5.90% | +7.82% |
Volatility
SZK vs. IFED - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 9.89% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 7.96%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.89% | 7.96% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 21.21% | 14.49% | +6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.99% | 17.38% | +8.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.58% | 20.00% | +11.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 20.00% | +13.63% |
SZK vs. IFED - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
SZK vs. IFED - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.72%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SZK ProShares UltraShort Consumer Goods | 2.72% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
Frequently Asked Questions
SZK and IFED have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (9.89%) compared to IFED (7.96%). In terms of maximum drawdown, SZK dropped -99.40% vs IFED's -22.36%.
On 3-year performance, IFED leads with 17.39% vs -5.88% for SZK. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 7.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 17.39% return vs -5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.72%, compared with 0.00% for IFED.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for SZK and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.28 vs -0.31), 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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