SZK vs. SPUU
SZK (ProShares UltraShort Consumer Goods) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SZK returned -16.27%/yr vs 24.23%/yr for SPUU. Their -0.53 correlation means they have often moved in opposite directions in the past. SZK charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
SZK vs. SPUU - 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 SPUU's 23.91% return. Over the past 10 years, SZK has underperformed SPUU with an annualized return of -16.27%, while SPUU has yielded a comparatively higher 24.23% 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%
SPUU
- 1D
- -0.36%
- 1M
- 4.55%
- 6M
- 22.96%
- YTD
- 23.91%
- 1Y
- 43.76%
- 3Y*
- 36.03%
- 5Y*
- 18.72%
- 10Y*
- 24.23%
- ALL TIME*
- 21.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.27M | $4.83M | $4.60M | |
| $56.40K | $61.28K | $43.80K |
SZK vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 23.91% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between SZK and SPUU is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.51 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.53 |
The correlation between SZK and SPUU shifts across timeframes, from -0.57 (10 years) to 0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. SPUU — Risk / Return Rank
SZK
SPUU
SZK vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.29 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.42 | -2.82 |
| Martin ratioReturn relative to average drawdown | -0.77 | 9.75 | -10.52 |
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Drawdowns
SZK vs. SPUU - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SZK and SPUU.
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Drawdown Indicators
| SZK | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -59.35% | -40.05% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -18.19% | -11.07% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -35.18% | -6.63% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -46.59% | +4.78% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -59.35% | -27.43% |
Current DrawdownCurrent decline from peak | -99.31% | -0.36% | -98.95% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -9.43% | -72.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 4.50% | +10.89% |
Volatility
SZK vs. SPUU - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 11.39% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.12%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 8.12% | +3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 20.70% | +2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 25.84% | +2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 33.76% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 35.81% | -2.04% |
SZK vs. SPUU - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SZK vs. SPUU - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.81%, more than SPUU's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.27% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
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 SPUU have a correlation of 0.08, 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 SPUU (8.12%). In terms of maximum drawdown, SZK dropped -99.40% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.23% vs -16.27% for SZK. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.23% return vs -16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.81%, compared with 1.27% for SPUU.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SZK and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.70 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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