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 -15.77%/yr vs 7.10%/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 -16.60% return, which is significantly lower than XLP's 10.27% return. Over the past 10 years, SZK has underperformed XLP with an annualized return of -15.77%, while XLP has yielded a comparatively higher 7.10% annualized return.
SZK
- 1D
- -1.30%
- 1M
- 1.27%
- 6M
- -10.85%
- YTD
- -16.60%
- 1Y
- -8.66%
- 3Y*
- -6.11%
- 5Y*
- -4.27%
- 10Y*
- -15.77%
XLP
- 1D
- 0.56%
- 1M
- -0.75%
- 6M
- 6.83%
- YTD
- 10.27%
- 1Y
- 7.58%
- 3Y*
- 7.30%
- 5Y*
- 6.44%
- 10Y*
- 7.10%
SZK vs. XLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -16.60% | 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 | 10.27% | 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 -0.99, 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 | -0.99 |
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 | -0.77 |
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 -0.99, 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 | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.10 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.79 | -1.08 |
| Martin ratioReturn relative to average drawdown | -0.60 | 1.46 | -2.06 |
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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 | -99.30% | -4.84% | -94.46% |
Average DrawdownAverage peak-to-trough decline | -82.07% | -7.05% | -75.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.35% | 5.22% | +9.13% |
Volatility
SZK vs. XLP - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 10.01% compared to State Street Consumer Staples Select Sector SPDR ETF (XLP) at 5.04%. 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 | 10.01% | 5.04% | +4.97% |
Volatility (6M)Calculated over the trailing 6-month period | 21.77% | 10.79% | +10.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.78% | 13.44% | +13.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.73% | 13.45% | +18.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.64% | 14.79% | +18.85% |
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 2.75%, more than XLP's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.75% | 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 | 2.60% | 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 -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (10.01%) compared to XLP (5.04%). In terms of maximum drawdown, SZK dropped -99.40% vs XLP's -35.90%.
On 10-year performance, XLP leads with 7.10% vs -15.77% for SZK. On fees, XLP is cheaper at 0.08% per year. On volatility, XLP has been the lower-risk option at 5.04%. 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 7.10% return vs -15.77%. 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 2.75%, compared with 2.60% 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 (0.57 vs -0.33), 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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