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 -16.07%/yr vs 62.16%/yr for USD. At a correlation of -0.44, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SZK vs. USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SZK achieves a -9.91% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, SZK has underperformed USD with an annualized return of -16.07%, while USD has yielded a comparatively higher 62.16% 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%
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
SZK vs. USD - 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% |
USD ProShares Ultra Semiconductors | 114.00% | 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 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.44 |
The correlation between SZK and USD shifts across timeframes, from -0.44 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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. 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.
| SZK | USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | 4.53 | -4.40 |
Sortino ratioReturn per unit of downside risk | 0.37 | 3.81 | -3.44 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.51 | -0.47 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | 8.70 | -8.58 |
Martin ratioReturn relative to average drawdown | 0.26 | 25.16 | -24.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SZK | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | 4.53 | -4.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.91 | -1.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.90 | -1.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.58 | 0.49 | -1.08 |
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.
Loading charts...
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% | -31.80% | +2.54% |
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 | -99.24% | -1.14% | -98.10% |
Average DrawdownAverage peak-to-trough decline | -81.99% | -32.35% | -49.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.83% | 10.97% | +1.86% |
Volatility
SZK vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 8.22%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. 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.
Loading charts...
Volatility by Period
| SZK | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 20.36% | -12.14% |
Volatility (6M)Calculated over the trailing 6-month period | 19.99% | 46.39% | -26.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.18% | 61.22% | -36.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.45% | 76.55% | -45.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.61% | 69.23% | -35.62% |
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 2.63%, more than USD's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.63% | 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 | 0.21% | 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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to SZK (8.22%). In terms of maximum drawdown, SZK dropped -99.40% vs USD's -88.63%.
On 10-year performance, USD leads with 62.16% vs -16.07% for SZK. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 62.16% return vs -16.07%. 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 2.63%, compared with 0.21% 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 (4.53 vs 0.13), 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 USD
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