SZK vs. TZA
SZK (ProShares UltraShort Consumer Goods) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both Leveraged Equities funds - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while TZA tracks the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, SZK returned -16.07%/yr vs -43.35%/yr for TZA. A 0.56 correlation means they provide meaningful diversification when combined. SZK charges 0.95%/yr vs 1.11%/yr for TZA.
Performance
SZK vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -9.91% return, which is significantly higher than TZA's -42.59% return. Over the past 10 years, SZK has outperformed TZA with an annualized return of -16.07%, while TZA has yielded a comparatively lower -43.35% annualized return.
SZK
- 1D
- 0.25%
- 1M
- 6.20%
- YTD
- -9.91%
- 6M
- -7.73%
- 1Y
- 3.38%
- 3Y*
- -4.29%
- 5Y*
- -3.68%
- 10Y*
- -16.07%
TZA
- 1D
- -2.73%
- 1M
- -12.86%
- YTD
- -42.59%
- 6M
- -43.80%
- 1Y
- -68.39%
- 3Y*
- -45.37%
- 5Y*
- -30.81%
- 10Y*
- -43.35%
SZK vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -9.91% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
TZA Direxion Daily Small Cap Bear 3X Shares | -42.59% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between SZK and TZA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.56 |
Over the past year, the correlation between SZK and TZA has dropped to 0.13 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
SZK vs. TZA — Risk / Return Rank
SZK
TZA
SZK vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and Direxion Daily Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | -1.20 | +1.34 |
Sortino ratioReturn per unit of downside risk | 0.37 | -2.25 | +2.62 |
Omega ratioGain probability vs. loss probability | 1.04 | 0.76 | +0.28 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | -1.00 | +1.11 |
Martin ratioReturn relative to average drawdown | 0.26 | -1.52 | +1.78 |
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 | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | -1.20 | +1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | -0.46 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.63 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.58 | -0.71 | +0.13 |
Drawdowns
SZK vs. TZA - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SZK and TZA.
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Drawdown Indicators
| SZK | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -100.00% | +0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -67.28% | +38.02% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -88.34% | +46.53% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -90.83% | +49.02% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -99.71% | +12.93% |
Current DrawdownCurrent decline from peak | -99.24% | -100.00% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -81.99% | -98.00% | +16.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.83% | 45.20% | -32.37% |
Volatility
SZK vs. TZA - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 8.22%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 16.58%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 16.58% | -8.36% |
Volatility (6M)Calculated over the trailing 6-month period | 19.99% | 40.62% | -20.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.18% | 56.90% | -31.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.45% | 67.42% | -35.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.61% | 68.91% | -35.30% |
SZK vs. TZA - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
SZK vs. TZA - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.63%, less than TZA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.63% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.00% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
SZK and TZA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (16.58%) compared to SZK (8.22%). In terms of maximum drawdown, SZK dropped -99.40% vs TZA's -100.00%.
On 10-year performance, SZK leads with -16.07% vs -43.35% for TZA. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 8.22%. 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 -16.07% return vs -43.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.00%, compared with 2.63% for SZK.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while TZA tracks Russell 2000 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SZK and 1.11% for TZA.
SZK currently has the higher Sharpe Ratio (0.13 vs -1.20), 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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