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 -6.63%/yr vs 16.16%/yr for IFED. Their -0.43 correlation means they have often moved in opposite directions in the past. 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 -18.22% return, which is significantly lower than IFED's 0.96% return.
SZK
- 1D
- -0.26%
- 1M
- -3.10%
- 6M
- 2.45%
- YTD
- -18.22%
- 1Y
- -11.75%
- 3Y*
- -6.63%
- 5Y*
- -4.12%
- 10Y*
- -16.27%
- ALL TIME*
- -19.52%
IFED
- 1D
- -5.26%
- 1M
- 4.53%
- 6M
- 6.53%
- YTD
- 0.96%
- 1Y
- 4.48%
- 3Y*
- 16.16%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $102.31K | $82.93K | $46.44K | |
| $56.40K | $61.28K | $43.80K |
SZK vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -18.22% | 3.37% | -11.33% | -3.10% | 47.20% | -23.97% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.96% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SZK and IFED is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.43 |
The correlation between SZK and IFED shifts across timeframes, from -0.43 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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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 | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 0.22 | -0.63 |
| Martin ratioReturn relative to average drawdown | -0.77 | 0.68 | -1.45 |
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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% | -20.18% | -9.08% |
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 | -99.31% | -15.22% | -84.09% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -5.86% | -76.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 6.57% | +8.82% |
Volatility
SZK vs. IFED - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 11.39%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 25.07%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky 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 | 11.39% | 25.07% | -13.68% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 28.54% | -5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 29.90% | -1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 22.71% | +9.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 22.71% | +11.06% |
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 2.81%, 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 | 2.81% | 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 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (25.07%) compared to SZK (11.39%). In terms of maximum drawdown, SZK dropped -99.40% vs IFED's -22.36%.
On 3-year performance, IFED leads with 16.16% vs -6.63% for SZK. On fees, IFED is cheaper at 0.45% per year. On volatility, SZK has been the lower-risk option at 11.39%. 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 16.16% return vs -6.63%. 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 2.81%, 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 (0.15 vs -0.42), 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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