SZK vs. XLP

Last updated Jun 3, 2026

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 S&P Consumer Staples Select Sector. Both are passively managed. Over the past 10 years, SZK returned -16.07%/yr vs 7.16%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Consumer Goods (SZK) and State Street Consumer Staples Select Sector SPDR ETF (XLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SZK achieves a -9.91% return, which is significantly lower than XLP's 5.94% return. Over the past 10 years, SZK has underperformed XLP with an annualized return of -16.07%, while XLP has yielded a comparatively higher 7.16% 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%

XLP

• 1D: -0.24%
• 1M: -2.78%
• YTD: 5.94%
• 6M: 5.31%
• 1Y: 1.46%
• 3Y*: 6.45%
• 5Y*: 5.54%
• 10Y*: 7.16%

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

SZK vs. XLP - 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%
XLP State Street Consumer Staples Select Sector SPDR ETF	5.94%	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	-0.82
Correlation (10Y) Calculated over the trailing 10-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Feb 2, 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.

Return for Risk

SZK vs. XLP — 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: 11
SZK Omega Ratio Rank: 10
SZK Calmar Ratio Rank: 10
SZK Martin Ratio Rank: 10

XLP

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

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. 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.

	SZK	XLP	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.12	+0.02
Sortino ratio Return per unit of downside risk	0.37	0.26	+0.11
Omega ratio Gain probability vs. loss probability	1.04	1.03	+0.01
Calmar ratio Return relative to maximum drawdown	0.11	0.16	-0.04
Martin ratio Return relative to average drawdown	0.26	0.31	-0.05
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. XLP - Sharpe Ratio Comparison

The current SZK Sharpe Ratio is 0.13, which is comparable to the XLP Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of SZK and XLP, 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	XLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.12	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.42	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	0.49	-0.97
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	0.43	-1.02

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.

Drawdown Indicators

	SZK	XLP	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-99.24%	-8.58%	-90.66%
Average Drawdown Average peak-to-trough decline	-81.99%	-7.06%	-74.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.83%	4.90%	+7.93%

Volatility

SZK vs. XLP - Volatility Comparison

ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 8.22% compared to State Street Consumer Staples Select Sector SPDR ETF (XLP) at 3.99%. 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.

Volatility by Period

	SZK	XLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	3.99%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	19.99%	9.86%	+10.13%
Volatility (1Y) Calculated over the trailing 1-year period	25.18%	12.66%	+12.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.45%	13.30%	+18.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.61%	14.73%	+18.88%

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 2.63%, less than XLP's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
XLP State Street Consumer Staples Select Sector SPDR ETF	2.66%	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

Can I hold both SZK and XLP in my portfolio?

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.

Which is riskier, SZK or XLP?

SZK has higher volatility (8.22%) compared to XLP (3.99%). In terms of maximum drawdown, SZK dropped -99.40% vs XLP's -35.90%.

Which ETF is better, SZK or XLP?

On 10-year performance, XLP leads with 7.16% vs -16.07% for SZK. On fees, XLP is cheaper at 0.08% per year. On volatility, XLP has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SZK or XLP?

Over the 10-year period, XLP has performed better with a 7.16% return vs -16.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SZK or XLP?

XLP is cheaper with a 0.08% expense ratio, compared with 0.95% for SZK.

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

XLP has the higher dividend yield at 2.66%, compared with 2.63% for SZK.

What is the main difference between SZK and 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 S&P Consumer Staples Select Sector. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SZK and 0.08% for XLP.

Which has better risk-adjusted returns?

SZK currently has the higher Sharpe Ratio (0.13 vs 0.12), 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.