SZK vs. UPRO
SZK (ProShares UltraShort Consumer Goods) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, SZK returned -16.27%/yr vs 29.14%/yr for UPRO. Their -0.59 correlation means they have often moved in opposite directions in the past. SZK charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SZK vs. UPRO - 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 UPRO's 32.97% return. Over the past 10 years, SZK has underperformed UPRO with an annualized return of -16.27%, while UPRO has yielded a comparatively higher 29.14% 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%
UPRO
- 1D
- -0.58%
- 1M
- 6.11%
- 6M
- 32.14%
- YTD
- 32.97%
- 1Y
- 63.27%
- 3Y*
- 48.77%
- 5Y*
- 20.64%
- 10Y*
- 29.14%
- ALL TIME*
- 33.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.40K | $61.28K | $43.80K | |
| $352.82M | $308.79M | $360.24M |
SZK vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 32.97% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SZK and UPRO 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 Jun 25, 2009 | -0.59 |
The correlation between SZK and UPRO shifts across timeframes, from -0.59 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. UPRO — Risk / Return Rank
SZK
UPRO
SZK vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.28 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.37 | -2.78 |
| Martin ratioReturn relative to average drawdown | -0.77 | 9.08 | -9.85 |
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Drawdowns
SZK vs. UPRO - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SZK and UPRO.
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Drawdown Indicators
| SZK | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -76.82% | -22.58% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -26.78% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -48.87% | +7.06% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -63.94% | +22.13% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -76.82% | -9.96% |
Current DrawdownCurrent decline from peak | -99.31% | -0.58% | -98.73% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -14.34% | -67.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 6.99% | +8.40% |
Volatility
SZK vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 11.39%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 12.22%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 12.22% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 30.87% | -8.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 38.47% | -10.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 50.78% | -18.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 53.82% | -20.05% |
SZK vs. UPRO - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SZK vs. UPRO - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.81%, more than UPRO's 0.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UPRO ProShares UltraPro S&P 500 | 0.70% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SZK and UPRO 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.
UPRO has higher volatility (12.22%) compared to SZK (11.39%). In terms of maximum drawdown, SZK dropped -99.40% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.14% vs -16.27% for SZK. On fees, UPRO is cheaper at 0.89% per year. On volatility, SZK has been the lower-risk option at 11.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 29.14% return vs -16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.81%, compared with 0.70% for UPRO.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SZK and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.65 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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