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 -16.68%/yr vs -44.17%/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
Loading charts...
Returns By Period
In the year-to-date period, SZK achieves a -15.03% return, which is significantly higher than TZA's -46.35% return. Over the past 10 years, SZK has outperformed TZA with an annualized return of -16.68%, while TZA has yielded a comparatively lower -44.17% 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%
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
SZK vs. TZA - 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -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 0.06, 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 | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.56 |
Over the past year, the correlation between SZK and TZA has dropped to 0.06 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.77 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | -1.00 | +0.82 |
| Martin ratioReturn relative to average drawdown | -0.37 | -1.56 | +1.20 |
Loading charts...
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.
Loading charts...
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% | -68.07% | +38.81% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -89.28% | +47.47% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -91.56% | +49.75% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -99.74% | +12.96% |
Current DrawdownCurrent decline from peak | -99.28% | -100.00% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -82.02% | -97.99% | +15.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 43.46% | -29.86% |
Volatility
SZK vs. TZA - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 10.21%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 19.17%. 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.
Loading charts...
Volatility by Period
| SZK | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 19.17% | -8.96% |
Volatility (6M)Calculated over the trailing 6-month period | 21.18% | 42.84% | -21.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 58.62% | -32.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.60% | 67.66% | -36.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 68.98% | -35.35% |
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 2.79%, less than TZA's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.79% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.35% | 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 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (19.17%) compared to SZK (10.21%). In terms of maximum drawdown, SZK dropped -99.40% vs TZA's -100.00%.
On 10-year performance, SZK leads with -16.68% vs -44.17% for TZA. On fees, SZK is cheaper at 0.95% per year. 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 -44.17%. 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 5.35%, compared with 2.79% 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 (-0.19 vs -1.16), 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.
Find the right allocation for SZK and TZA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer