SZK vs. SSO
SZK (ProShares UltraShort Consumer Goods) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, SZK returned -16.27%/yr vs 23.64%/yr for SSO. Their -0.63 correlation means they have often moved in opposite directions in the past. SZK charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SZK vs. SSO - 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 SSO's 23.30% return. Over the past 10 years, SZK has underperformed SSO with an annualized return of -16.27%, while SSO has yielded a comparatively higher 23.64% 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%
SSO
- 1D
- -0.38%
- 1M
- 4.34%
- 6M
- 22.54%
- YTD
- 23.30%
- 1Y
- 42.95%
- 3Y*
- 35.35%
- 5Y*
- 18.15%
- 10Y*
- 23.64%
- ALL TIME*
- 15.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $219.41M | $203.12M | $223.10M | |
| $56.40K | $61.28K | $43.80K |
SZK vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 23.30% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SZK and SSO is 0.09, 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. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.63 |
The correlation between SZK and SSO shifts across timeframes, from -0.63 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. SSO — Risk / Return Rank
SZK
SSO
SZK vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.29 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.38 | -2.78 |
| Martin ratioReturn relative to average drawdown | -0.77 | 9.50 | -10.26 |
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Drawdowns
SZK vs. SSO - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SZK and SSO.
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Drawdown Indicators
| SZK | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -84.67% | -14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -18.17% | -11.09% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -35.21% | -6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -46.73% | +4.92% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -59.34% | -27.44% |
Current DrawdownCurrent decline from peak | -99.31% | -0.38% | -98.93% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -19.43% | -62.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 4.53% | +10.86% |
Volatility
SZK vs. SSO - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 11.39% compared to ProShares Ultra S&P500 (SSO) at 8.13%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 8.13% | +3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 20.49% | +2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 25.60% | +2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 33.94% | -1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 35.94% | -2.17% |
SZK vs. SSO - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SZK vs. SSO - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.81%, more than SSO's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.64% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
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 SSO have a correlation of 0.09, 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 SSO (8.13%). In terms of maximum drawdown, SZK dropped -99.40% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.64% vs -16.27% for SZK. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.64% return vs -16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.81%, compared with 0.64% for SSO.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SZK and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.69 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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