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 -16.12%/yr vs -56.01%/yr for SQQQ. A 0.51 correlation means they provide meaningful diversification when combined. 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 -10.45% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SZK has outperformed SQQQ with an annualized return of -16.12%, while SQQQ has yielded a comparatively lower -56.01% annualized return.
SZK
- 1D
- -0.60%
- 1M
- 3.66%
- YTD
- -10.45%
- 6M
- -8.35%
- 1Y
- 2.69%
- 3Y*
- -4.48%
- 5Y*
- -3.44%
- 10Y*
- -16.12%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
SZK vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -10.45% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -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 -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.51 |
The correlation between SZK and SQQQ shifts across timeframes, from -0.06 (1 year) to 0.51 (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.
| SZK | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.72 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | -0.99 | +1.08 |
| Martin ratioReturn relative to average drawdown | 0.21 | -1.82 | +2.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SZK | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.11 | -1.37 | +1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | -0.74 | +0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.85 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.88 | +0.29 |
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% | -65.95% | +36.69% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -92.38% | +50.57% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -97.23% | +55.42% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -99.98% | +13.20% |
Current DrawdownCurrent decline from peak | -99.24% | -100.00% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -81.99% | -92.40% | +10.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.87% | 35.73% | -22.86% |
Volatility
SZK vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 8.10%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. 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 | 8.10% | 13.75% | -5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 19.99% | 36.45% | -16.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.19% | 47.79% | -22.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.45% | 66.64% | -35.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.60% | 66.11% | -32.51% |
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 2.65%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
SZK ProShares UltraShort Consumer Goods | 2.65% | 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 -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (13.75%) compared to SZK (8.10%). In terms of maximum drawdown, SZK dropped -99.40% vs SQQQ's -100.00%.
On 10-year performance, SZK leads with -16.12% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SZK has been the lower-risk option at 8.10%. 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 -16.12% return vs -56.01%. 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 12.48%, compared with 2.65% 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 (0.11 vs -1.37), 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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