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SZK vs XLPD: which held to its multiple?

SZK returns -2 times XLP each day and XLPD -3 times, and they share no window yet. ProShares UltraShort Consumer Staples and MicroSectors -3x Short Consumer Staples (XLP) ETNs.

+5.6%
SZK returned, 3 months
+6.6%
XLPD returned, since launch
+0.4 pts
SZK from its stated multiple
−0.5 pts
XLPD from its stated multiple
SZK · 3 months to Sep 30, 2026On its stated multiple
On its stated multipleSZK returned +5.6% while −2 times XLP's move would have been +5.2%XLP −2.6% ×−2 implies+5.2%SZK returned+5.6%On its stated multipleSZK returned +5.6% while −2 times XLP's move would have been +5.2%XLP −2.6% ×−2 implies+5.2%SZK returned+5.6%

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

XLPD · since launch to Sep 30, 2026On its stated multiple
On its stated multipleXLPD returned +6.6% while −3 times XLP's move would have been +7.1%XLP −2.4% ×−3 implies+7.1%XLPD returned+6.6%On its stated multipleXLPD returned +6.6% while −3 times XLP's move would have been +7.1%XLP −2.4% ×−3 implies+7.1%XLPD returned+6.6%

XLPD returned +6.6% while −3 times XLP's move would have been +7.1%

Performance, window by window

Total returnMultiple would giveDifference
WindowSZKXLPDSZKXLPDSZKXLPD
1 month+10.1%not published+9.1%not published+1.0 ptsnot published
3 months+5.6%not published+5.2%not published+0.4 ptsnot published
6 months+1.1%not published−0.6%not published+1.7 ptsnot published
1 year−6.8%not published−11.4%not published+4.5 ptsnot published
3 years−23.2%not published−54.1%not published+30.8 ptsnot published
Since launch
SZK Jan 2010 · XLPD Sep 2026
−98.0%+6.6%not meaningful+7.1%not meaningful−0.5 pts

SZK and XLPD 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)
XLPD
MicroSectors -3x Short Consumer Staples (XLP) ETNs · Aims to return three times the opposite of the daily move of State Street Consumer Staples Select Sector SPDR ETF (XLP)
Issuer ProShares MicroSectors
Sets out to return -2x -3x
Underlying asset XLP XLP
Segment sector index
Fund returned, 3 months or since launch +5.6% +6.6%
Underlying returned, over that window −2.6% −2.4%
What the stated multiple implies, over that window +5.2% +7.1%
Difference from stated, over that window +0.4 pts −0.5 pts
Fund returned, 1 year or since launch −6.8% +6.6%
Difference from stated, over that window +4.5 pts −0.5 pts
Underlying volatility 16% 12%
Expense ratio 0.95% not published
Launched Jan 4, 2010 Sep 10, 2026
Net assets $790,823 not published

SZK and XLPD 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.

XLPD in plain words

Since launch to Sep 30, 2026: XLPD returned +6.6% where its own daily promise gave +6.9%, 0.3 points short. Read the multiple against the whole window instead and −3 times XLP's −2.4% implies +7.1%, which makes XLPD look 0.5 points short. 0.2 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. XLPD aims to return -3 times XLP's move each day, then resets. Over longer, the daily results compound, so the total is not -3 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 12% annualized over that window.

Questions people ask

Are SZK and XLPD levered on the same thing?
Yes. Both are levered on State Street Consumer Staples Select Sector SPDR ETF, SZK at -2 times and XLPD at -3 times the daily move.
Can I hold SZK or XLPD 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.
Other comparisons
SZK vs UGESZK vs XLPUSZK vs XLPXXLPD vs XLPUXLPD vs XLPXXLPD vs UGE
XLP →SZK on its own →XLPD on its own →How every figure is computed →Standards and sources →
Where these figures came from
SZK filings on SEC EDGAR ↗SZK prospectus with the expense ratio (SEC) ↗ProShares page for SZK ↗MicroSectors website ↗

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 XLPD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/szk-vs-xlpd

Open data

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