SZK vs. NOBL
SZK (ProShares UltraShort Consumer Goods) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SZK returned -16.27%/yr vs 10.02%/yr for NOBL. Their -0.63 correlation means they have often moved in opposite directions in the past. SZK charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
SZK vs. NOBL - 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 NOBL's 13.23% return. Over the past 10 years, SZK has underperformed NOBL with an annualized return of -16.27%, while NOBL has yielded a comparatively higher 10.02% annualized 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%
NOBL
- 1D
- 0.26%
- 1M
- 1.78%
- 6M
- 4.28%
- YTD
- 13.23%
- 1Y
- 16.37%
- 3Y*
- 9.32%
- 5Y*
- 6.87%
- 10Y*
- 10.02%
- ALL TIME*
- 10.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $73.60M | $68.26M | $62.44M | |
| $56.40K | $61.28K | $43.80K |
SZK vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -18.22% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 13.23% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between SZK and NOBL is -0.66, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.66 |
Correlation (3Y) Balances recent behavior with more history. | -0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.63 |
The correlation between SZK and NOBL has been stable across timeframes, ranging from -0.72 to -0.63 - a consistent structural relationship.
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Return for Risk
SZK vs. NOBL — Risk / Return Rank
SZK
NOBL
SZK vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.24 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.80 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.77 | 4.57 | -5.33 |
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Drawdowns
SZK vs. NOBL - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SZK and NOBL.
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Drawdown Indicators
| SZK | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -35.43% | -63.97% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -9.11% | -20.15% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -15.36% | -26.45% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -17.92% | -23.89% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -35.43% | -51.35% |
Current DrawdownCurrent decline from peak | -99.31% | -0.21% | -99.10% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -3.46% | -78.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 3.59% | +11.80% |
Volatility
SZK vs. NOBL - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 11.39% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.83%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 4.83% | +6.56% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 9.16% | +13.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 11.92% | +16.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 14.48% | +17.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 16.64% | +17.13% |
SZK vs. NOBL - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
SZK vs. NOBL - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.81%, more than NOBL's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.00% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
SZK ProShares UltraShort Consumer Goods | 2.81% | 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 NOBL have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (11.39%) compared to NOBL (4.83%). In terms of maximum drawdown, SZK dropped -99.40% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 10.02% vs -16.27% for SZK. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NOBL has performed better with a 10.02% return vs -16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.81%, compared with 2.00% for NOBL.
SZK is categorized as Leveraged Equities, while NOBL is Dividend. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SZK and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.38 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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