Which came closer to its stated multiple, SZK or UGE?

Over the window to Sep 30, 2026, SZK finished 0.4 points from what its multiple implies and UGE finished 1.9 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 Consumer Staples Select Sector SPDR 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 16% annualized and UGE’s at 16%, 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.

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SZK vs UGE: which held to its multiple?

Over three months against its own daily promise, SZK finished 2.2 points over and UGE 1.4 points short. ProShares UltraShort Consumer Staples and ProShares Ultra Consumer Staples.

+5.6%

SZK returned, 3 months

−7.1%

UGE returned, 3 months

+0.4 pts

SZK from its stated multiple

−1.9 pts

UGE from its stated multiple

SZK · 3 months to Sep 30, 2026On its stated multiple

SZK returned +5.6% while −2 times XLP's move would have been +5.2%

UGE · 3 months to Sep 30, 20261.9 pts short of its stated multiple

UGE returned −7.1% while 2 times XLP's move would have been −5.2%

ETFIQ Decay Resistance Score · UGE scores higherDid it keep up with its own daily multiple, compounded day by day?

SZK among the 125 inverse ETFs over three months

SZK 68.4

0.4, the lowest in this set99.6, the highest

UGE among the 470 leveraged ETFs, long, over three months

UGE 90.6

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. UGE is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	SZK	UGE	SZK	UGE	SZK	UGE
1 month	+10.1%	−9.0%	+9.1%	−9.1%	+1.0 pts	+0.1 pts
3 months	+5.6%	−7.1%	+5.2%	−5.2%	+0.4 pts	−1.9 pts
6 months	+1.1%	−3.4%	−0.6%	+0.6%	+1.7 pts	−4.0 pts
1 year	−6.8%	+3.1%	−11.4%	+11.4%	+4.5 pts	−8.3 pts
3 years	−23.2%	+26.4%	−54.1%	+54.1%	+30.8 pts	−27.7 pts
Since launch SZK Jan 2010 · UGE Jan 2010	−98.0%	+834.3%	not meaningful	not meaningful	not meaningful	not meaningful

SZK and UGE over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SZK

ProShares UltraShort Consumer Staples · Aims to return twice the opposite of the daily move of State Street Consumer Staples Select Sector SPDR ETF (XLP)

UGE

ProShares Ultra Consumer Staples · Aims to return twice the daily move of State Street Consumer Staples Select Sector SPDR ETF (XLP)

Issuer ProShares ProShares

Sets out to return -2x +2x

Underlying asset XLP XLP

Segment sector sector

Fund returned, 3 months or since launch +5.6% −7.1%

Underlying returned, over that window −2.6% −2.6%

What the stated multiple implies, over that window +5.2% −5.2%

Difference from stated, over that window +0.4 pts −1.9 pts

Fund returned, 1 year or since launch −6.8% +3.1%

Difference from stated, over that window +4.5 pts −8.3 pts

Underlying volatility 16% 16%

Difference over the days both have traded no shared window −1.9 pts

Expense ratio 0.95% 0.95%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $790,823 $8m

SZK and UGE on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SZK in plain words

Three months to Sep 30, 2026: SZK returned +5.6% where its own daily promise gave +3.5%, 2.2 points over. Read the multiple against the whole window instead and −2 times XLP's −2.6% implies +5.2%, which makes SZK look 0.4 points over. 1.8 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 16% 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 30, 2026: UGE returned −7.1% where its own daily promise gave −5.7%, 1.4 points short. Read the multiple against the whole window instead and 2 times XLP's −2.6% implies −5.2%, which makes UGE look 1.9 points short. 0.5 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 30, 2026, SZK finished 0.4 points from what its multiple implies and UGE finished 1.9 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 Consumer Staples Select Sector SPDR 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 16% annualized and UGE’s at 16%, 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

SZK vs XLPD SZK vs XLPU SZK vs XLPX UGE vs XLPD UGE vs XLPU UGE vs XLPX

XLP →SZK on its own →UGE on its own →How every figure is computed →Standards and sources →

Where these figures came from

SZK and UGE filings on SEC EDGAR ↗SZK and UGE prospectus with the expense ratio (SEC) ↗ProShares page for SZK ↗ProShares page for UGE ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SZK against UGE, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/szk-vs-uge

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.