Data as of .
SZK vs UGE: which held to its multiple?
Over three months against its own daily promise, SZK finished 2.4 points over and UGE 1.5 points short.
ETFIQ Decay Resistance Score: UGE scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SZK | UGE | SZK | UGE | SZK | UGE | |
| 1 month | +4.6% | −4.7% | +4.0% | −4.0% | +0.6 pts | −0.7 pts |
| 3 months | +4.8% | −6.4% | +4.3% | −4.3% | +0.5 pts | −2.1 pts |
| 6 months | +2.7% | −5.1% | +0.7% | −0.7% | +2.0 pts | −4.3 pts |
| 1 year | −7.3% | +4.1% | −12.7% | +12.7% | +5.4 pts | −8.6 pts |
| 3 years | −21.5% | +23.3% | −52.3% | +52.3% | +30.8 pts | −29.0 pts |
| Since launch | −98.0% | +885.2% | not meaningful | not meaningful | not meaningful | not meaningful |
| SZK ProShares UltraShort Consumer Staples Aims to return twice the opposite of the daily move of STATE STREET(R) CONSUMER STAPLES SELECT SECTOR SPDR(R) ETF (XLP) | UGE ProShares Ultra Consumer Staples Aims to return twice the daily move of STATE STREET(R) CONSUMER STAPLES SELECT SECTOR SPDR(R) ETF (XLP) | |
|---|---|---|
| Issuer | ProShares | ProShares |
| Sets out to return | -2x | +2x |
| On | XLP | XLP |
| Segment | sector | sector |
| Fund returned, 3 months | +4.8% | −6.4% |
| Underlying returned, 3 months | −2.2% | −2.2% |
| What the stated multiple implies, 3 months | +4.3% | −4.3% |
| Difference from stated, 3 months | +0.5 pts | −2.1 pts |
| Fund returned, 1 year or since launch | −7.3% | +4.1% |
| Difference from stated, over that window | +5.4 pts | −8.6 pts |
| Underlying volatility | 17% | 17% |
| Difference over the days both have traded | no shared window | −2.1 pts |
| Expense ratio | 0.95% | 0.95% |
| Launched | Jan 4, 2010 | Jan 4, 2010 |
SZK in plain words
Three months to Sep 11, 2026: SZK returned +4.8% where its own daily promise gave +2.4%, 2.4 points over. Read the multiple against the whole window instead and −2 times XLP's −2.2% implies +4.3%, which makes SZK look 0.5 points over. 2.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SZK aims to return -2 times XLP's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. XLP moved at 17% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
UGE in plain words
Three months to Sep 11, 2026: UGE returned −6.4% where its own daily promise gave −4.9%, 1.5 points short. Read the multiple against the whole window instead and +2 times XLP's −2.2% implies −4.3%, which makes UGE look 2.1 points short. 0.6 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. UGE aims to return +2 times XLP's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SZK or UGE?
- Over the window to Sep 11, 2026, SZK finished 0.5 points from what its multiple implies and UGE finished 2.1 points from its own, so SZK came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SZK and UGE levered on the same thing?
- Yes. Both are levered on STATE STREET(R) CONSUMER STAPLES SELECT SECTOR SPDR(R) ETF, SZK at -2 times and UGE at +2 times the daily move.
- Which one decays faster, SZK or UGE?
- Decay follows how much the underlying moves about. Over this window SZK’s moved at 17% annualized and UGE’s at 17%, so SZK has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SZK or UGE for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, SZK or UGE?
- SZK charges 0.95% a year and UGE charges 0.95%, so SZK is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SZK against UGE, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SZK-UGE Free to use with attribution; the underlying files are at Open data.