BRAZ vs. BZQ

Last updated Jun 25, 2026

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 23.68% vs -44.16% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Brazil Active ETF (BRAZ) and ProShares UltraShort MSCI Brazil Capped (BZQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRAZ achieves a 5.38% return, which is significantly higher than BZQ's -20.90% return.

BRAZ

• 1D: -1.43%
• 1M: -6.41%
• YTD: 5.38%
• 6M: 6.55%
• 1Y: 23.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BZQ

• 1D: 0.29%
• 1M: 11.41%
• YTD: -20.90%
• 6M: -22.62%
• 1Y: -44.16%
• 3Y*: -19.54%
• 5Y*: -21.67%
• 10Y*: -36.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRAZ vs. BZQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRAZ Global X Brazil Active ETF	5.38%	45.42%	-29.74%	17.80%
BZQ ProShares UltraShort MSCI Brazil Capped	-20.90%	-57.90%	98.84%	-31.61%

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 18, 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.

Return for Risk

BRAZ vs. BZQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRAZ

BRAZ Risk / Return Rank: 28
BRAZ Sharpe Ratio Rank: 30
BRAZ Sortino Ratio Rank: 28
BRAZ Omega Ratio Rank: 28
BRAZ Calmar Ratio Rank: 27
BRAZ Martin Ratio Rank: 28

BZQ

BZQ Risk / Return Rank: 3
BZQ Sharpe Ratio Rank: 2
BZQ Sortino Ratio Rank: 2
BZQ Omega Ratio Rank: 3
BZQ Calmar Ratio Rank: 3
BZQ Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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.

	BRAZ	BZQ	Difference
Sharpe ratio: Return per unit of total volatility	0.98	-0.89	+1.86
Sortino ratio: Return per unit of downside risk	1.42	-1.29	+2.70
Omega ratio: Gain probability vs. loss probability	1.18	0.86	+0.32
Calmar ratio: Return relative to maximum drawdown	1.21	-0.68	+1.89
Martin ratio: Return relative to average drawdown	3.56	-1.06	+4.62

BRAZ vs. BZQ - Sharpe Ratio Comparison

The current BRAZ Sharpe Ratio is 0.98, which is higher than the BZQ Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BRAZ and BZQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	BRAZ	BZQ	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-99.82%	+68.80%
Max Drawdown (1Y) Largest decline over 1 year	-19.65%	-65.20%	+45.55%
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	—	-99.26%	—
Current Drawdown Current decline from peak	-18.88%	-99.74%	+80.86%
Average Drawdown Average peak-to-trough decline	-11.36%	-84.56%	+73.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.67%	41.60%	-34.93%

Volatility

BRAZ vs. BZQ - Volatility Comparison

The current volatility for Global X Brazil Active ETF (BRAZ) is 5.45%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 11.78%. 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.

Volatility by Period

	BRAZ	BZQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	11.78%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	19.11%	39.48%	-20.37%
Volatility (1Y) Calculated over the trailing 1-year period	24.40%	50.03%	-25.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.52%	55.31%	-31.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	66.73%	-43.21%

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 3.24%, less than BZQ's 6.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRAZ Global X Brazil Active ETF	3.24%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%
BZQ ProShares UltraShort MSCI Brazil Capped	6.98%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%

Frequently Asked Questions

Can I hold both BRAZ and BZQ in my portfolio?

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.

Which is riskier, BRAZ or BZQ?

BZQ has higher volatility (11.78%) compared to BRAZ (5.45%). In terms of maximum drawdown, BRAZ dropped -31.02% vs BZQ's -99.82%.

Which ETF is better, BRAZ or BZQ?

On 1-year performance, BRAZ leads with 23.68% vs -44.16% for BZQ. On fees, BRAZ is cheaper at 0.75% per year. On volatility, BRAZ has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRAZ or BZQ?

Over the 1-year period, BRAZ has performed better with a 23.68% return vs -44.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRAZ or BZQ?

BRAZ is cheaper with a 0.75% expense ratio, compared with 0.95% for BZQ.

Which ETF pays a higher dividend yield, BRAZ or BZQ?

BZQ has the higher dividend yield at 6.98%, compared with 3.24% for BRAZ.

What is the main difference between BRAZ and BZQ?

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.

Which has better risk-adjusted returns?

BRAZ currently has the higher Sharpe Ratio (0.98 vs -0.89), 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.