SZK vs. SSG
SZK (ProShares UltraShort Consumer Goods) and SSG (Proshares Ultrashort Semiconductors) are both Leveraged Equities funds from ProShares - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while SSG tracks the Dow Jones U.S. Semiconductors Index (-200%). Both are passively managed. Over the past 10 years, SZK returned -16.68%/yr vs -62.09%/yr for SSG. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SZK vs. SSG - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -15.03% return, which is significantly higher than SSG's -58.97% return. Over the past 10 years, SZK has outperformed SSG with an annualized return of -16.68%, while SSG has yielded a comparatively lower -62.09% annualized return.
SZK
- 1D
- -3.58%
- 1M
- 1.29%
- YTD
- -15.03%
- 6M
- -14.75%
- 1Y
- -5.00%
- 3Y*
- -5.75%
- 5Y*
- -4.45%
- 10Y*
- -16.68%
SSG
- 1D
- 12.02%
- 1M
- -11.92%
- YTD
- -58.97%
- 6M
- -57.87%
- 1Y
- -78.94%
- 3Y*
- -74.04%
- 5Y*
- -66.24%
- 10Y*
- -62.09%
SZK vs. SSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -15.03% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
SSG Proshares Ultrashort Semiconductors | -58.97% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
Correlation
The correlation between SZK and SSG is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.44 |
The correlation between SZK and SSG shifts across timeframes, from -0.32 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. SSG — Risk / Return Rank
SZK
SSG
SZK vs. SSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and Proshares Ultrashort Semiconductors (SSG). 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 | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.72 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | -0.99 | +0.82 |
| Martin ratioReturn relative to average drawdown | -0.37 | -1.64 | +1.27 |
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Drawdowns
SZK vs. SSG - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, roughly equal to the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SZK and SSG.
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Drawdown Indicators
| SZK | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -100.00% | +0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -79.92% | +50.66% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -98.56% | +56.75% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -99.66% | +57.85% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -99.99% | +13.21% |
Current DrawdownCurrent decline from peak | -99.28% | -100.00% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -82.02% | -88.60% | +6.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 51.14% | -37.54% |
Volatility
SZK vs. SSG - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 10.21%, while Proshares Ultrashort Semiconductors (SSG) has a volatility of 33.37%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 33.37% | -23.16% |
Volatility (6M)Calculated over the trailing 6-month period | 21.18% | 54.63% | -33.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 68.68% | -42.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.60% | 78.55% | -46.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 69.63% | -36.00% |
SZK vs. SSG - Expense Ratio Comparison
Both SZK and SSG have an expense ratio of 0.95%.
Dividends
SZK vs. SSG - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.79%, less than SSG's 12.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SSG Proshares Ultrashort Semiconductors | 12.72% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
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 SSG have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (33.37%) compared to SZK (10.21%). In terms of maximum drawdown, SZK dropped -99.40% vs SSG's -100.00%.
On 10-year performance, SZK leads with -16.68% vs -62.09% for SSG. Both ETFs have the same 0.95% expense ratio. On volatility, SZK has been the lower-risk option at 10.21%. 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 -16.68% return vs -62.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK and SSG have the same expense ratio: 0.95% per year.
SSG has the higher dividend yield at 12.72%, compared with 2.79% for SZK.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while SSG tracks Dow Jones U.S. Semiconductors Index (-200%).
SZK currently has the higher Sharpe Ratio (-0.19 vs -1.15), 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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