SZK vs. QTAP
SZK (ProShares UltraShort Consumer Goods) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. SZK is passively managed, while QTAP is actively managed. Over the past 5 years, SZK returned -3.85%/yr vs 12.30%/yr for QTAP. Their -0.46 correlation means they have often moved in opposite directions in the past. SZK charges 0.95%/yr vs 0.79%/yr for QTAP.
Performance
SZK vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -17.72% return, which is significantly lower than QTAP's 13.57% return.
SZK
- 1D
- 0.85%
- 1M
- -0.28%
- 6M
- -5.05%
- YTD
- -17.72%
- 1Y
- -11.68%
- 3Y*
- -5.80%
- 5Y*
- -3.85%
- 10Y*
- -16.29%
- ALL TIME*
- -19.51%
QTAP
- 1D
- 0.27%
- 1M
- 0.15%
- 6M
- 12.76%
- YTD
- 13.57%
- 1Y
- 20.30%
- 3Y*
- 18.84%
- 5Y*
- 12.30%
- 10Y*
- —
- ALL TIME*
- 13.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $235.81K | $225.86K | $220.48K | |
| $85.70K | $65.45K | $43.62K |
SZK vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -17.72% | 3.37% | -11.33% | -3.10% | 47.20% | -32.64% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.57% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between SZK and QTAP is 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.17 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.46 |
The correlation between SZK and QTAP shifts across timeframes, from -0.46 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. QTAP — Risk / Return Rank
SZK
QTAP
SZK vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.40 | ||
| Sortino ratioReturn per unit of downside risk | -5.20 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.69 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 6.93 | -7.36 |
| Martin ratioReturn relative to average drawdown | -0.83 | 33.23 | -34.07 |
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Drawdowns
SZK vs. QTAP - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SZK and QTAP.
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Drawdown Indicators
| SZK | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -29.44% | -69.96% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -2.81% | -26.45% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -13.03% | -28.78% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -29.44% | -12.37% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | — | — |
Current DrawdownCurrent decline from peak | -99.30% | -1.05% | -98.25% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -4.91% | -77.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.23% | 0.59% | +14.64% |
Volatility
SZK vs. QTAP - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 12.54% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.75%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.54% | 2.75% | +9.79% |
Volatility (6M)Calculated over the trailing 6-month period | 23.42% | 5.69% | +17.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.28% | 6.61% | +21.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 18.92% | +13.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 18.57% | +15.20% |
SZK vs. QTAP - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
SZK vs. QTAP - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.79%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SZK ProShares UltraShort Consumer Goods | 2.79% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
Frequently Asked Questions
SZK and QTAP have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (12.54%) compared to QTAP (2.75%). In terms of maximum drawdown, SZK dropped -99.40% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.30% vs -3.85% for SZK. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.30% return vs -3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.79%, compared with 0.00% for QTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SZK and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (2.95 vs -0.45), 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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