SZK vs. USD
SZK (ProShares UltraShort Consumer Goods) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SZK tracks the Dow Jones U.S. Consumer Goods Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SZK returned -16.27%/yr vs 55.62%/yr for USD. Their -0.42 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SZK vs. USD - 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 USD's 73.03% return. Over the past 10 years, SZK has underperformed USD with an annualized return of -16.27%, while USD has yielded a comparatively higher 55.62% 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%
USD
- 1D
- 0.95%
- 1M
- 0.29%
- 6M
- 81.72%
- YTD
- 73.03%
- 1Y
- 112.45%
- 3Y*
- 102.64%
- 5Y*
- 58.12%
- 10Y*
- 55.62%
- ALL TIME*
- 28.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.40K | $61.28K | $43.80K | |
| $74.30M | $71.34M | $95.45M |
SZK vs. USD - 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% |
USD ProShares Ultra Semiconductors | 73.03% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SZK and USD is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.42 |
The correlation between SZK and USD shifts across timeframes, from -0.42 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. USD — Risk / Return Rank
SZK
USD
SZK vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.88 | -3.28 |
| Martin ratioReturn relative to average drawdown | -0.77 | 8.14 | -8.91 |
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Drawdowns
SZK vs. USD - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SZK and USD.
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Drawdown Indicators
| SZK | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -88.63% | -10.77% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -39.33% | +10.07% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -64.46% | +22.65% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -77.85% | +36.04% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -77.85% | -8.93% |
Current DrawdownCurrent decline from peak | -99.31% | -20.06% | -79.25% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -32.23% | -49.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 13.86% | +1.53% |
Volatility
SZK vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 11.39%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.60%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 28.60% | -17.21% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 61.51% | -38.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 74.08% | -45.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 78.90% | -46.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 70.45% | -36.68% |
SZK vs. USD - Expense Ratio Comparison
Both SZK and USD have an expense ratio of 0.95%.
Dividends
SZK vs. USD - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.81%, more than USD's 0.33% 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% |
USD ProShares Ultra Semiconductors | 0.33% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SZK and USD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.60%) compared to SZK (11.39%). In terms of maximum drawdown, SZK dropped -99.40% vs USD's -88.63%.
On 10-year performance, USD leads with 55.62% vs -16.27% for SZK. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 55.62% return vs -16.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK and USD have the same expense ratio: 0.95% per year.
SZK has the higher dividend yield at 2.81%, compared with 0.33% for USD.
SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.53 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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