BRAZ vs. BZQ
BRAZ (Global X Brazil Active ETF) and BZQ (ProShares UltraShort MSCI Brazil Capped) are both exchange-traded funds - BRAZ is a Latin America Equities fund tracking the Solactive Brazil Mid Cap Index, while BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%). Both are passively managed. Over the past year, BRAZ returned 32.60% vs -48.65% for BZQ. At a correlation of -0.97, they often move in opposite directions. BRAZ charges 0.75%/yr vs 0.95%/yr for BZQ.
Performance
BRAZ vs. BZQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BRAZ achieves a 9.24% return, which is significantly higher than BZQ's -22.16% return.
BRAZ
- 1D
- -1.64%
- 1M
- -10.10%
- YTD
- 9.24%
- 6M
- 4.93%
- 1Y
- 32.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BZQ
- 1D
- 6.49%
- 1M
- 25.18%
- YTD
- -22.16%
- 6M
- -17.09%
- 1Y
- -48.65%
- 3Y*
- -24.66%
- 5Y*
- -21.99%
- 10Y*
- -36.91%
BRAZ vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BRAZ Global X Brazil Active ETF | 9.24% | 45.42% | -29.74% | 17.56% |
BZQ ProShares UltraShort MSCI Brazil Capped | -22.16% | -57.90% | 98.84% | -30.59% |
Correlation
The correlation between BRAZ and BZQ is -0.97, 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 | -0.97 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023 | -0.97 |
The correlation between BRAZ and BZQ has been stable across timeframes, ranging from -0.97 to -0.97 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BRAZ vs. BZQ — Risk / Return Rank
BRAZ
BZQ
BRAZ vs. BZQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Brazil Active ETF (BRAZ) and ProShares UltraShort MSCI Brazil Capped (BZQ). 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.
| BRAZ | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.34 | ||
| Sortino ratioReturn per unit of downside risk | +3.38 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.83 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | -0.75 | +2.81 |
| Martin ratioReturn relative to average drawdown | 6.33 | -1.22 | +7.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BRAZ | BZQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | -0.98 | +2.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | -0.45 | +0.89 |
Drawdowns
BRAZ vs. BZQ - Drawdown Comparison
The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum BZQ drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for BRAZ and BZQ.
Loading charts...
Drawdown Indicators
| BRAZ | BZQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.02% | -99.82% | +68.80% |
Max Drawdown (1Y)Largest decline over 1 year | -15.91% | -65.20% | +49.29% |
Max Drawdown (3Y)Largest decline over 3 years | — | -77.31% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.33% | — |
Current DrawdownCurrent decline from peak | -15.91% | -99.74% | +83.83% |
Average DrawdownAverage peak-to-trough decline | -11.25% | -84.53% | +73.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.17% | 39.99% | -34.82% |
Volatility
BRAZ vs. BZQ - Volatility Comparison
The current volatility for Global X Brazil Active ETF (BRAZ) is 6.95%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 15.53%. This indicates that BRAZ experiences smaller price fluctuations and is considered to be less risky than BZQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BRAZ | BZQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.95% | 15.53% | -8.58% |
Volatility (6M)Calculated over the trailing 6-month period | 20.04% | 41.21% | -21.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.14% | 49.62% | -25.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.58% | 55.26% | -31.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.58% | 66.94% | -43.36% |
BRAZ vs. BZQ - Expense Ratio Comparison
BRAZ has a 0.75% expense ratio, which is lower than BZQ's 0.95% expense ratio.
Dividends
BRAZ vs. BZQ - Dividend Comparison
BRAZ's dividend yield for the trailing twelve months is around 3.12%, less than BZQ's 7.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRAZ Global X Brazil Active ETF | 3.12% | 3.41% | 4.16% | 1.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BZQ ProShares UltraShort MSCI Brazil Capped | 7.09% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
Frequently Asked Questions
BRAZ and BZQ have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (15.53%) compared to BRAZ (6.95%). In terms of maximum drawdown, BRAZ dropped -31.02% vs BZQ's -99.82%.
On 1-year performance, BRAZ leads with 32.60% vs -48.65% for BZQ. On fees, BRAZ is cheaper at 0.75% per year. On volatility, BRAZ has been the lower-risk option at 6.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BRAZ has performed better with a 32.60% return vs -48.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BRAZ is cheaper with a 0.75% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.09%, compared with 3.12% for BRAZ.
BRAZ is categorized as Latin America Equities, while BZQ is Leveraged Equities. BRAZ tracks Solactive Brazil Mid Cap Index, while BZQ tracks MSCI Brazil 25-50 (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.75% for BRAZ and 0.95% for BZQ.
BRAZ currently has the higher Sharpe Ratio (1.36 vs -0.98), 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.
Find the right allocation for BRAZ and BZQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer