SZK vs. IQQQ

Last updated Jun 26, 2026

SZK (ProShares UltraShort Consumer Goods) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SZK returned -7.92% vs 29.47% for IQQQ. At a correlation of -0.03, they often move in opposite directions. SZK charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

SZK vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Consumer Goods (SZK) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SZK achieves a -15.40% return, which is significantly lower than IQQQ's 13.95% 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%

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SZK vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SZK ProShares UltraShort Consumer Goods	-15.40%	3.37%	-2.79%
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	14.82%

Correlation

The correlation between SZK and IQQQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.03

The correlation between SZK and IQQQ shifts across timeframes, from -0.03 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SZK vs. IQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SZK

SZK Risk / Return Rank: 7
SZK Sharpe Ratio Rank: 7
SZK Sortino Ratio Rank: 6
SZK Omega Ratio Rank: 6
SZK Calmar Ratio Rank: 7
SZK Martin Ratio Rank: 7

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	1.74	-2.05
Sortino ratio: Return per unit of downside risk	-0.26	2.28	-2.54
Omega ratio: Gain probability vs. loss probability	0.97	1.30	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.27	2.66	-2.93
Martin ratio: Return relative to average drawdown	-0.58	9.05	-9.62

SZK vs. IQQQ - Sharpe Ratio Comparison

The current SZK Sharpe Ratio is -0.31, which is lower than the IQQQ Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SZK and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SZK vs. IQQQ - Drawdown Comparison

The maximum SZK drawdown since its inception was -99.40%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SZK and IQQQ.

Drawdown Indicators

	SZK	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-20.41%	-78.99%
Max Drawdown (1Y) Largest decline over 1 year	-29.26%	-11.13%	-18.13%
Max Drawdown (3Y) Largest decline over 3 years	-41.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.78%	—	—
Current Drawdown Current decline from peak	-99.28%	-4.31%	-94.97%
Average Drawdown Average peak-to-trough decline	-82.03%	-3.63%	-78.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.72%	3.27%	+10.45%

Volatility

SZK vs. IQQQ - Volatility Comparison

ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 9.89% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.20%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SZK	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	8.20%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	21.21%	13.57%	+7.64%
Volatility (1Y) Calculated over the trailing 1-year period	25.99%	17.00%	+8.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.58%	19.06%	+12.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.63%	19.06%	+14.57%

SZK vs. IQQQ - Expense Ratio Comparison

SZK has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

SZK vs. IQQQ - Dividend Comparison

SZK's dividend yield for the trailing twelve months is around 2.72%, less than IQQQ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%	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

Can I hold both SZK and IQQQ in my portfolio?

SZK and IQQQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SZK or IQQQ?

SZK has higher volatility (9.89%) compared to IQQQ (8.20%). In terms of maximum drawdown, SZK dropped -99.40% vs IQQQ's -20.41%.

Which ETF is better, SZK or IQQQ?

On 1-year performance, IQQQ leads with 29.47% vs -7.92% for SZK. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SZK or IQQQ?

Over the 1-year period, IQQQ has performed better with a 29.47% return vs -7.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SZK or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for SZK.

Which ETF pays a higher dividend yield, SZK or IQQQ?

IQQQ has the higher dividend yield at 4.61%, compared with 2.72% for SZK.

What is the main difference between SZK and IQQQ?

SZK is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for SZK and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.74 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.