SZK vs. UVXY

Last updated Jun 4, 2026

SZK (ProShares UltraShort Consumer Goods) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SZK returned -16.12%/yr vs -72.67%/yr for UVXY. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SZK vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Consumer Goods (SZK) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SZK achieves a -10.45% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SZK has outperformed UVXY with an annualized return of -16.12%, while UVXY has yielded a comparatively lower -72.67% annualized return.

SZK

• 1D: -0.60%
• 1M: 3.66%
• YTD: -10.45%
• 6M: -8.35%
• 1Y: 2.69%
• 3Y*: -4.48%
• 5Y*: -3.44%
• 10Y*: -16.12%

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SZK vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SZK ProShares UltraShort Consumer Goods	-10.45%	3.37%	-11.33%	-3.10%	47.20%	-37.78%	-58.24%	-39.43%	33.62%	-27.22%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Correlation

The correlation between SZK and UVXY is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.44

Over the past year, the correlation between SZK and UVXY has dropped to 0.09 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

SZK vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SZK

SZK Risk / Return Rank: 10
SZK Sharpe Ratio Rank: 10
SZK Sortino Ratio Rank: 10
SZK Omega Ratio Rank: 10
SZK Calmar Ratio Rank: 10
SZK Martin Ratio Rank: 10

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SZK vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-0.87	+0.97
Sortino ratio: Return per unit of downside risk	0.33	-1.60	+1.93
Omega ratio: Gain probability vs. loss probability	1.04	0.82	+0.22
Calmar ratio: Return relative to maximum drawdown	0.09	-0.97	+1.06
Martin ratio: Return relative to average drawdown	0.21	-1.31	+1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SZK vs. UVXY - Sharpe Ratio Comparison

The current SZK Sharpe Ratio is 0.11, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SZK and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SZK	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	-0.87	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	-0.66	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	-0.64	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	-0.68	+0.09

Drawdowns

SZK vs. UVXY - Drawdown Comparison

The maximum SZK drawdown since its inception was -99.40%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SZK and UVXY.

Drawdown Indicators

	SZK	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-100.00%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-29.26%	-75.22%	+45.96%
Max Drawdown (3Y) Largest decline over 3 years	-41.81%	-95.45%	+53.64%
Max Drawdown (5Y) Largest decline over 5 years	-41.81%	-99.68%	+57.87%
Max Drawdown (10Y) Largest decline over 10 years	-86.78%	-100.00%	+13.22%
Current Drawdown Current decline from peak	-99.24%	-100.00%	+0.76%
Average Drawdown Average peak-to-trough decline	-81.99%	-98.55%	+16.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.87%	55.63%	-42.76%

Volatility

SZK vs. UVXY - Volatility Comparison

The current volatility for ProShares UltraShort Consumer Goods (SZK) is 8.10%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SZK experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SZK	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	11.77%	-3.67%
Volatility (6M) Calculated over the trailing 6-month period	19.99%	62.64%	-42.65%
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	84.42%	-59.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.45%	103.85%	-72.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.60%	113.82%	-80.22%

SZK vs. UVXY - Expense Ratio Comparison

Both SZK and UVXY have an expense ratio of 0.95%.

Dividends

SZK vs. UVXY - Dividend Comparison

SZK's dividend yield for the trailing twelve months is around 2.65%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SZK ProShares UltraShort Consumer Goods	2.65%	2.90%	5.70%	4.03%	0.56%	0.00%	0.19%	1.70%	0.50%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SZK and UVXY in my portfolio?

SZK and UVXY 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.

Which is riskier, SZK or UVXY?

UVXY has higher volatility (11.77%) compared to SZK (8.10%). In terms of maximum drawdown, SZK dropped -99.40% vs UVXY's -100.00%.

Which ETF is better, SZK or UVXY?

On 10-year performance, SZK leads with -16.12% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SZK has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SZK or UVXY?

Over the 10-year period, SZK has performed better with a -16.12% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SZK or UVXY?

SZK and UVXY have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, SZK or UVXY?

SZK has the higher dividend yield at 2.65%, compared with 0.00% for UVXY.

What is the main difference between SZK and UVXY?

SZK is categorized as Leveraged Equities, while UVXY is Volatility. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

Which has better risk-adjusted returns?

SZK currently has the higher Sharpe Ratio (0.11 vs -0.87), 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.