SZK vs. XLP
SZK (ProShares UltraShort Consumer Goods) and XLP (State Street Consumer Staples Select Sector SPDR ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while XLP is a Consumer Staples Equities fund tracking the Consumer Staples Select Sector Index. Both are passively managed. Over the past 10 years, SZK returned -16.68%/yr vs 7.51%/yr for XLP. At a correlation of -0.73, they often move in opposite directions. SZK charges 0.95%/yr vs 0.08%/yr for XLP.
Performance
SZK vs. XLP - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -15.03% return, which is significantly lower than XLP's 9.13% return. Over the past 10 years, SZK has underperformed XLP with an annualized return of -16.68%, while XLP has yielded a comparatively higher 7.51% annualized return.
SZK
- 1D
- -3.58%
- 1M
- 1.29%
- YTD
- -15.03%
- 6M
- -14.75%
- 1Y
- -5.00%
- 3Y*
- -5.75%
- 5Y*
- -4.45%
- 10Y*
- -16.68%
XLP
- 1D
- 1.87%
- 1M
- -0.59%
- YTD
- 9.13%
- 6M
- 9.37%
- 1Y
- 5.70%
- 3Y*
- 7.18%
- 5Y*
- 6.68%
- 10Y*
- 7.51%
SZK vs. XLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -15.03% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
XLP State Street Consumer Staples Select Sector SPDR ETF | 9.13% | 1.52% | 12.20% | -0.82% | -0.81% | 17.20% | 10.11% | 27.43% | -8.07% | 12.98% |
Correlation
The correlation between SZK and XLP is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.73 |
Over the past year, the inverse relationship between SZK and XLP has strengthened: their correlation has moved from -0.73 to -0.98, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SZK vs. XLP — Risk / Return Rank
SZK
XLP
SZK vs. XLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) and State Street Consumer Staples Select Sector SPDR ETF (XLP). 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 | XLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.08 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 0.59 | -0.76 |
| Martin ratioReturn relative to average drawdown | -0.37 | 1.12 | -1.49 |
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Drawdowns
SZK vs. XLP - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, which is greater than XLP's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for SZK and XLP.
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Drawdown Indicators
| SZK | XLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -35.90% | -63.50% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -9.69% | -19.57% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -12.39% | -29.42% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -16.30% | -25.51% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | -24.51% | -62.27% |
Current DrawdownCurrent decline from peak | -99.28% | -5.82% | -93.46% |
Average DrawdownAverage peak-to-trough decline | -82.02% | -7.06% | -74.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.60% | 5.09% | +8.51% |
Volatility
SZK vs. XLP - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 10.21% compared to State Street Consumer Staples Select Sector SPDR ETF (XLP) at 5.13%. This indicates that SZK's price experiences larger fluctuations and is considered to be riskier than XLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SZK | XLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 5.13% | +5.08% |
Volatility (6M)Calculated over the trailing 6-month period | 21.18% | 10.52% | +10.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.03% | 13.13% | +12.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.60% | 13.36% | +18.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.63% | 14.77% | +18.86% |
SZK vs. XLP - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is higher than XLP's 0.08% expense ratio.
Dividends
SZK vs. XLP - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.79%, more than XLP's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
XLP State Street Consumer Staples Select Sector SPDR ETF | 2.62% | 2.75% | 2.77% | 2.63% | 2.47% | 2.28% | 2.50% | 2.57% | 3.04% | 2.62% | 2.53% | 2.52% |
Frequently Asked Questions
SZK and XLP have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (10.21%) compared to XLP (5.13%). In terms of maximum drawdown, SZK dropped -99.40% vs XLP's -35.90%.
On 10-year performance, XLP leads with 7.51% vs -16.68% for SZK. On fees, XLP is cheaper at 0.08% per year. On volatility, XLP has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLP has performed better with a 7.51% return vs -16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLP is cheaper with a 0.08% expense ratio, compared with 0.95% for SZK.
SZK has the higher dividend yield at 2.79%, compared with 2.62% for XLP.
SZK is categorized as Leveraged Equities, while XLP is Consumer Staples Equities. SZK tracks Dow Jones U.S. Consumer Goods Index (-200%), while XLP tracks Consumer Staples Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SZK and 0.08% for XLP.
XLP currently has the higher Sharpe Ratio (0.44 vs -0.19), 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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