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 -16.07%/yr vs 3.16%/yr for UUP. At a 0.19 correlation, their price movements are largely independent. 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 -9.91% return, which is significantly lower than UUP's 2.70% return. Over the past 10 years, SZK has underperformed UUP with an annualized return of -16.07%, while UUP has yielded a comparatively higher 3.16% 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%
UUP
- 1D
- 0.00%
- 1M
- 1.28%
- YTD
- 2.70%
- 6M
- 1.84%
- 1Y
- 5.31%
- 3Y*
- 3.76%
- 5Y*
- 5.76%
- 10Y*
- 3.16%
SZK vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 2.70% | -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 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | 0.19 |
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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.
| SZK | UUP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | 0.87 | -0.74 |
Sortino ratioReturn per unit of downside risk | 0.37 | 1.26 | -0.90 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.15 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | 1.26 | -1.14 |
Martin ratioReturn relative to average drawdown | 0.26 | 3.34 | -3.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SZK | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | 0.87 | -0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.80 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.46 | -0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.58 | 0.20 | -0.78 |
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 | -99.24% | -3.83% | -95.41% |
Average DrawdownAverage peak-to-trough decline | -81.99% | -8.92% | -73.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.83% | 1.37% | +11.46% |
Volatility
SZK vs. UUP - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 8.22% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.24%. 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 | 8.22% | 1.24% | +6.98% |
Volatility (6M)Calculated over the trailing 6-month period | 19.99% | 4.23% | +15.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.18% | 6.15% | +19.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.45% | 7.23% | +24.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.61% | 6.96% | +26.65% |
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 2.63%, less than UUP's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.34% | 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 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (8.22%) compared to UUP (1.24%). In terms of maximum drawdown, SZK dropped -99.40% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.16% vs -16.07% for SZK. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.24%. 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 3.16% return vs -16.07%. 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 3.34%, compared with 2.63% 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 (0.87 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.
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