SZK vs. QLD
SZK (ProShares UltraShort Consumer Goods) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SZK returned -15.51%/yr vs 33.87%/yr for QLD. At a correlation of -0.54, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SZK vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -14.00% return, which is significantly lower than QLD's 25.90% return. Over the past 10 years, SZK has underperformed QLD with an annualized return of -15.51%, while QLD has yielded a comparatively higher 33.87% annualized return.
SZK
- 1D
- 0.41%
- 1M
- 4.03%
- 6M
- -3.40%
- YTD
- -14.00%
- 1Y
- -7.29%
- 3Y*
- -5.15%
- 5Y*
- -3.86%
- 10Y*
- -15.51%
QLD
- 1D
- -3.32%
- 1M
- -7.16%
- 6M
- 23.22%
- YTD
- 25.90%
- 1Y
- 48.13%
- 3Y*
- 37.48%
- 5Y*
- 19.69%
- 10Y*
- 33.87%
SZK vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -14.00% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
QLD ProShares Ultra QQQ | 25.90% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SZK and QLD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.54 |
The correlation between SZK and QLD shifts across timeframes, from -0.54 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. QLD — Risk / Return Rank
SZK
QLD
SZK vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.23 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 1.92 | -2.17 |
| Martin ratioReturn relative to average drawdown | -0.51 | 6.24 | -6.75 |
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Drawdowns
SZK vs. QLD - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SZK and QLD.
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Drawdown Indicators
| SZK | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -83.13% | -16.27% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -25.13% | -4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -42.29% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -63.68% | +21.87% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -63.68% | -23.10% |
Current DrawdownCurrent decline from peak | -99.27% | -11.84% | -87.43% |
Average DrawdownAverage peak-to-trough decline | -82.07% | -18.11% | -63.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.44% | 7.73% | +6.71% |
Volatility
SZK vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 10.31%, while ProShares Ultra QQQ (QLD) has a volatility of 14.98%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.31% | 14.98% | -4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 21.75% | 30.86% | -9.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.87% | 37.22% | -10.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.75% | 45.59% | -13.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.64% | 44.86% | -11.22% |
SZK vs. QLD - Expense Ratio Comparison
Both SZK and QLD have an expense ratio of 0.95%.
Dividends
SZK vs. QLD - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.67%, more than QLD's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
SZK ProShares UltraShort Consumer Goods | 2.67% | 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 QLD have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (14.98%) compared to SZK (10.31%). In terms of maximum drawdown, SZK dropped -99.40% vs QLD's -83.13%.
On 10-year performance, QLD leads with 33.87% vs -15.51% for SZK. Both ETFs have the same 0.95% expense ratio. On volatility, SZK has been the lower-risk option at 10.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 33.87% return vs -15.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK and QLD have the same expense ratio: 0.95% per year.
SZK has the higher dividend yield at 2.67%, compared with 0.13% for QLD.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.30 vs -0.27), 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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