- ISIN
- US74348A6736
- CUSIP
- 74347G655
- Issuer
- ProShares
- Inception Date
- Jun 16, 2009
- Region
- Latin America (Brazil)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- MSCI Brazil 25-50 (-200%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $3M
Share Price Chart
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Performance
BZQ Performance Chart
ProShares UltraShort MSCI Brazil Capped (BZQ) is down 21.8% since the beginning of the year. BZQ is currently trading at $24 per share. Investors who bought $1,000 worth of BZQ shares 5 years ago would now be looking at an investment worth $292.
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Returns By Period
ProShares UltraShort MSCI Brazil Capped (BZQ) has returned -21.83% so far this year and -46.02% over the past 12 months. Over the last ten years, BZQ has returned -36.34% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares UltraShort MSCI Brazil Capped
- 1D
- -3.31%
- 1M
- 10.10%
- YTD
- -21.83%
- 6M
- -26.40%
- 1Y
- -46.02%
- 3Y*
- -19.86%
- 5Y*
- -21.83%
- 10Y*
- -36.34%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BZQ Monthly Returns History
Based on dividend-adjusted daily data since Jun 19, 2009, BZQ's average daily return is -0.05%, while the average monthly return is -1.38%.
Historically, 45% of months were positive and 55% were negative. The best month was Sep 2011 with a return of +51.4%, while the worst month was Mar 2016 at -44.9%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 7 months.
On a daily basis, BZQ closed higher 48% of trading days. The best single day was Mar 16, 2020 with a return of +37.9%, while the worst single day was Mar 13, 2020 at -33.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -27.44% | -9.16% | -1.44% | -7.51% | 21.08% | 7.47% | -21.83% | ||||||
| 2025 | -21.49% | 9.90% | -13.79% | -10.96% | -1.52% | -14.30% | 18.05% | -19.48% | -9.14% | -1.14% | -14.22% | 2.83% | -57.90% |
| 2024 | 12.78% | -1.34% | 3.54% | 8.54% | 10.39% | 9.76% | -3.07% | -13.82% | 2.42% | 13.08% | 17.31% | 15.63% | 98.84% |
| 2023 | -17.56% | 22.55% | -2.19% | -7.08% | -4.40% | -25.26% | -9.03% | 19.36% | 0.84% | 5.51% | -23.48% | -12.27% | -49.11% |
| 2022 | -22.94% | -8.86% | -26.75% | 31.53% | -17.19% | 46.98% | -13.16% | -11.57% | 2.68% | -23.21% | 3.67% | 7.95% | -44.20% |
| 2021 | 13.26% | 11.81% | -12.67% | -12.93% | -18.18% | -12.03% | 13.93% | 3.31% | 24.38% | 16.56% | -0.29% | -9.71% | 6.45% |
Benchmark Metrics
ProShares UltraShort MSCI Brazil Capped has an annualized alpha of 19.21%, beta of -2.24, and R2 of 0.36 versus S&P 500 Index. Calculated based on daily prices since June 19, 2009.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -368.53%), but participation in market rallies was also limited (-123.84%) - a profile typical of counter-cyclical assets.
- Beta of -2.24 may look defensive, but with R2 of 0.36 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.36 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 19.21%
- Beta
- -2.24
- R²
- 0.36
- Upside Capture
- -123.84%
- Downside Capture
- -368.53%
Expense Ratio
BZQ has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BZQ ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and compare them to S&P 500 Index.
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.
| BZQ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.13 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.37 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.78 | -3.49 |
| Martin ratioReturn relative to average drawdown | -1.11 | 12.44 | -13.55 |
Dividends
Dividend History
ProShares UltraShort MSCI Brazil Capped provided a 7.06% dividend yield over the last twelve months, with an annual payout of $1.67 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.67 | $1.83 | $2.49 | $1.81 | $0.18 | $0.00 | $0.30 | $6.23 | $1.61 |
Dividend yield | 7.06% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares UltraShort MSCI Brazil Capped. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.00 | $0.25 | ||||||
| 2025 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $0.35 | $0.00 | $0.00 | $0.49 | $0.00 | $0.00 | $0.59 | $1.83 |
| 2024 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $0.85 | $0.00 | $0.00 | $0.95 | $2.49 |
| 2023 | $0.00 | $0.00 | $0.39 | $0.00 | $0.00 | $0.47 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $0.50 | $1.81 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.18 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares UltraShort MSCI Brazil Capped. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares UltraShort MSCI Brazil Capped was 99.82%, occurring on Apr 14, 2026. The portfolio has not yet recovered.
The current ProShares UltraShort MSCI Brazil Capped drawdown is 99.74%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.82%Apr 2026 | 16y 9mo | — | 16y 11moJul 2009 - now |
Financial crisis2007–2009 | -15.19%Jul 2009 | 8d | 7d | 15dJun 2009 - Jul 2009 |
Financial crisis2007–2009 | -0.88%Jun 2009 | 0s | 3d | 3dJun 2009 - Jun 2009 |
Drawdown Indicators
| BZQ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -56.78% | -43.04% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -9.10% | -56.10% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -18.90% | -58.41% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -25.43% | -63.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -33.92% | -65.34% |
Current DrawdownCurrent decline from peak | -99.74% | -1.80% | -97.94% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -10.71% | -73.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.37% | 2.03% | +39.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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