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 -16.93%/yr vs 10.32%/yr for NOBL. At a correlation of -0.62, they often move in opposite directions. 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 -15.40% return, which is significantly lower than NOBL's 8.38% return. Over the past 10 years, SZK has underperformed NOBL with an annualized return of -16.93%, while NOBL has yielded a comparatively higher 10.32% annualized 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%
NOBL
- 1D
- 0.79%
- 1M
- 4.19%
- YTD
- 8.38%
- 6M
- 7.32%
- 1Y
- 15.05%
- 3Y*
- 8.82%
- 5Y*
- 6.42%
- 10Y*
- 10.32%
SZK vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -15.40% | 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 | 8.38% | 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 -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.62 |
The correlation between SZK and NOBL has been stable across timeframes, ranging from -0.71 to -0.62 - 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 | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.22 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 1.66 | -1.93 |
| Martin ratioReturn relative to average drawdown | -0.58 | 4.21 | -4.78 |
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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 | -99.28% | -1.57% | -97.71% |
Average DrawdownAverage peak-to-trough decline | -82.03% | -3.48% | -78.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.72% | 3.59% | +10.13% |
Volatility
SZK vs. NOBL - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 9.89% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.45%. 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 | 9.89% | 3.45% | +6.44% |
Volatility (6M)Calculated over the trailing 6-month period | 21.21% | 8.29% | +12.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.99% | 11.52% | +14.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.58% | 14.39% | +17.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 16.60% | +17.03% |
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 2.72%, more than NOBL's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.09% | 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 | 2.72% | 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 -0.62, 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 NOBL (3.45%). In terms of maximum drawdown, SZK dropped -99.40% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 10.32% vs -16.93% for SZK. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.45%. 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 10.32% return vs -16.93%. 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 2.72%, compared with 2.09% 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 (1.32 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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