SZK vs. SQQQ
SZK (ProShares UltraShort Consumer Goods) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SZK returned -15.77%/yr vs -55.28%/yr for SQQQ. At a 0.50 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SZK vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -16.60% return, which is significantly higher than SQQQ's -40.27% return. Over the past 10 years, SZK has outperformed SQQQ with an annualized return of -15.77%, while SQQQ has yielded a comparatively lower -55.28% annualized return.
SZK
- 1D
- -1.30%
- 1M
- 1.27%
- 6M
- -10.85%
- YTD
- -16.60%
- 1Y
- -8.66%
- 3Y*
- -6.11%
- 5Y*
- -4.27%
- 10Y*
- -15.77%
SQQQ
- 1D
- 5.74%
- 1M
- 1.37%
- 6M
- -36.57%
- YTD
- -40.27%
- 1Y
- -56.10%
- 3Y*
- -51.78%
- 5Y*
- -45.66%
- 10Y*
- -55.28%
SZK vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -16.60% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
SQQQ ProShares UltraPro Short QQQ | -40.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SZK and SQQQ is -0.20, 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 | -0.20 |
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 11, 2010 | 0.50 |
The correlation between SZK and SQQQ shifts across timeframes, from -0.20 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. SQQQ — Risk / Return Rank
SZK
SQQQ
SZK vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.82 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -0.92 | +0.62 |
| Martin ratioReturn relative to average drawdown | -0.60 | -1.71 | +1.11 |
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Drawdowns
SZK vs. SQQQ - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SZK and SQQQ.
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Drawdown Indicators
| SZK | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -100.00% | +0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -61.03% | +31.77% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -92.51% | +50.70% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -97.27% | +55.46% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -99.97% | +13.19% |
Current DrawdownCurrent decline from peak | -99.30% | -100.00% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -82.07% | -92.75% | +10.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.35% | 32.78% | -18.43% |
Volatility
SZK vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 10.01%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.01% | 26.05% | -16.04% |
Volatility (6M)Calculated over the trailing 6-month period | 21.77% | 45.88% | -24.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.78% | 55.64% | -28.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.73% | 67.87% | -36.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.64% | 66.56% | -32.92% |
SZK vs. SQQQ - Expense Ratio Comparison
Both SZK and SQQQ have an expense ratio of 0.95%.
Dividends
SZK vs. SQQQ - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.75%, less than SQQQ's 10.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.00% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
SZK ProShares UltraShort Consumer Goods | 2.75% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% | 0.00% |
Frequently Asked Questions
SZK and SQQQ 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.
SQQQ has higher volatility (26.05%) compared to SZK (10.01%). In terms of maximum drawdown, SZK dropped -99.40% vs SQQQ's -100.00%.
On 10-year performance, SZK leads with -15.77% vs -55.28% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SZK has been the lower-risk option at 10.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SZK has performed better with a -15.77% return vs -55.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.00%, compared with 2.75% for SZK.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SZK currently has the higher Sharpe Ratio (-0.33 vs -1.01), 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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