SZK vs. UUP
SZK (ProShares UltraShort Consumer Goods) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, SZK returned -16.29%/yr vs 3.22%/yr for UUP. Their 0.19 correlation means their historical movements had little consistent relationship. SZK charges 0.95%/yr vs 0.75%/yr for UUP.
Performance
SZK vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -17.72% return, which is significantly lower than UUP's 4.22% return. Over the past 10 years, SZK has underperformed UUP with an annualized return of -16.29%, while UUP has yielded a comparatively higher 3.22% annualized return.
SZK
- 1D
- 0.85%
- 1M
- -0.28%
- 6M
- -5.05%
- YTD
- -17.72%
- 1Y
- -11.68%
- 3Y*
- -5.80%
- 5Y*
- -3.85%
- 10Y*
- -16.29%
- ALL TIME*
- -19.51%
UUP
- 1D
- 0.11%
- 1M
- -0.60%
- 6M
- 4.92%
- YTD
- 4.22%
- 1Y
- 5.67%
- 3Y*
- 4.54%
- 5Y*
- 5.70%
- 10Y*
- 3.22%
- ALL TIME*
- 1.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $85.70K | $65.45K | $43.62K | |
| $55.14M | $58.68M | $59.16M |
SZK vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -17.72% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.22% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between SZK and UUP is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | 0.19 |
The correlation between SZK and UUP shifts across timeframes, from 0.11 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. UUP — Risk / Return Rank
SZK
UUP
SZK vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.13 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 1.22 | -1.65 |
| Martin ratioReturn relative to average drawdown | -0.83 | 3.83 | -4.67 |
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Drawdowns
SZK vs. UUP - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SZK and UUP.
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Drawdown Indicators
| SZK | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -22.19% | -77.21% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -3.65% | -25.61% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -10.05% | -31.76% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -10.37% | -31.44% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -14.24% | -72.54% |
Current DrawdownCurrent decline from peak | -99.30% | -2.41% | -96.89% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -8.86% | -73.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.23% | 1.33% | +13.90% |
Volatility
SZK vs. UUP - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 12.54% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.65%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.54% | 1.65% | +10.89% |
Volatility (6M)Calculated over the trailing 6-month period | 23.42% | 4.11% | +19.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.28% | 5.88% | +22.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 7.23% | +24.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 6.89% | +26.88% |
SZK vs. UUP - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
SZK vs. UUP - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.79%, less than UUP's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.79% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.29% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
SZK and UUP have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (12.54%) compared to UUP (1.65%). In terms of maximum drawdown, SZK dropped -99.40% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.22% vs -16.29% for SZK. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.22% return vs -16.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for SZK.
UUP has the higher dividend yield at 3.29%, compared with 2.79% for SZK.
SZK is categorized as Leveraged Equities, while UUP is Currency. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SZK and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (0.75 vs -0.45), 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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