BRZU vs. FLYU

Last updated Jul 22, 2026

BRZU (Direxion Daily Brazil Bull 2X Shares) and FLYU (MicroSectors Travel 3X Leveraged ETNs) are both Leveraged Equities funds - BRZU tracks the MSCI Brazil 25/50 Index while FLYU tracks the MerQube MicroSectors U.S. Travel Index. Both are passively managed. Over the past 3 years, BRZU returned 4.99%/yr vs -1.34%/yr for FLYU. At a 0.32 correlation, their price movements are largely independent. BRZU charges 1.29%/yr vs 0.95%/yr for FLYU.

Performance

BRZU vs. FLYU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Brazil Bull 2X Shares (BRZU) and MicroSectors Travel 3X Leveraged ETNs (FLYU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRZU achieves a 19.49% return, which is significantly higher than FLYU's -17.85% return.

BRZU

• 1D: 0.96%
• 1M: 10.98%
• 6M: 7.54%
• YTD: 19.49%
• 1Y: 68.34%
• 3Y*: 4.99%
• 5Y*: -0.23%
• 10Y*: -19.99%
• ALL TIME*: -30.13%

FLYU

• 1D: 0.11%
• 1M: -9.91%
• 6M: -9.30%
• YTD: -17.85%
• 1Y: -22.80%
• 3Y*: -1.34%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.87%

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

BRZU vs. FLYU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BRZU Direxion Daily Brazil Bull 2X Shares	19.49%	97.99%	-57.07%	55.48%	5.68%
FLYU MicroSectors Travel 3X Leveraged ETNs	-17.85%	-2.29%	33.00%	111.16%	-19.09%

Correlation

The correlation between BRZU and FLYU is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	0.32

BRZU vs. FLYU - Sectors Allocation Comparison

Sectors	BRZU	FLYU
Financial Services	34.5%	-
Energy	15.1%	-
Basic Materials	14.5%	-
Utilities	13.5%	-
Industrials	11.6%	17.7%
Consumer Defensive	4.7%	-
Healthcare	2.2%	-
Communication Services	2.1%	13.2%
Consumer Cyclical	1.4%	52.6%
Technology	0.4%	16.4%
Real Estate	-	0.1%

Return for Risk

BRZU vs. FLYU — Risk / Return Rank

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

BRZU

BRZU Risk / Return Rank: 49
BRZU Sharpe Ratio Rank: 53
BRZU Sortino Ratio Rank: 50
BRZU Omega Ratio Rank: 50
BRZU Calmar Ratio Rank: 50
BRZU Martin Ratio Rank: 40

FLYU

FLYU Risk / Return Rank: 7
FLYU Sharpe Ratio Rank: 7
FLYU Sortino Ratio Rank: 9
FLYU Omega Ratio Rank: 9
FLYU Calmar Ratio Rank: 6
FLYU Martin Ratio Rank: 6

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.

BRZU vs. FLYU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Brazil Bull 2X Shares (BRZU) and MicroSectors Travel 3X Leveraged ETNs (FLYU). 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.

	BRZU	FLYU	Difference
Sharpe ratio: Return per unit of total volatility	1.39	-0.31	+1.69
Sortino ratio: Return per unit of downside risk	1.91	0.03	+1.87
Omega ratio: Gain probability vs. loss probability	1.24	1.00	+0.24
Calmar ratio: Return relative to maximum drawdown	1.91	-0.44	+2.35
Martin ratio: Return relative to average drawdown	4.63	-0.88	+5.51

BRZU vs. FLYU - Sharpe Ratio Comparison

The current BRZU Sharpe Ratio is 1.39, which is higher than the FLYU Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of BRZU and FLYU, 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

BRZU vs. FLYU - Drawdown Comparison

The maximum BRZU drawdown since its inception was -99.71%, which is greater than FLYU's maximum drawdown of -69.00%. Use the drawdown chart below to compare losses from any high point for BRZU and FLYU.

Drawdown Indicators

	BRZU	FLYU	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-69.00%	-30.71%
Max Drawdown (1Y) Largest decline over 1 year	-35.97%	-52.33%	+16.36%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-69.00%	+10.75%
Max Drawdown (5Y) Largest decline over 5 years	-62.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	—	—
Current Drawdown Current decline from peak	-99.14%	-34.84%	-64.30%
Average Drawdown Average peak-to-trough decline	-89.62%	-26.59%	-63.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.80%	25.94%	-11.14%

Volatility

BRZU vs. FLYU - Volatility Comparison

The current volatility for Direxion Daily Brazil Bull 2X Shares (BRZU) is 11.19%, while MicroSectors Travel 3X Leveraged ETNs (FLYU) has a volatility of 17.61%. This indicates that BRZU experiences smaller price fluctuations and is considered to be less risky than FLYU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRZU	FLYU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	17.61%	-6.42%
Volatility (6M) Calculated over the trailing 6-month period	39.80%	61.02%	-21.22%
Volatility (1Y) Calculated over the trailing 1-year period	49.55%	74.53%	-24.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.16%	82.89%	-27.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.28%	82.89%	-0.61%

BRZU vs. FLYU - Expense Ratio Comparison

BRZU has a 1.29% expense ratio, which is higher than FLYU's 0.95% expense ratio.

Dividends

BRZU vs. FLYU - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 1.89%, while FLYU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	1.89%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
FLYU MicroSectors Travel 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BRZU and FLYU in my portfolio?

BRZU and FLYU have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRZU or FLYU?

FLYU has higher volatility (17.61%) compared to BRZU (11.19%). In terms of maximum drawdown, BRZU dropped -99.71% vs FLYU's -69.00%.

Which ETF is better, BRZU or FLYU?

On 3-year performance, BRZU leads with 4.99% vs -1.34% for FLYU. On fees, FLYU is cheaper at 0.95% per year. On volatility, BRZU has been the lower-risk option at 11.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRZU or FLYU?

Over the 3-year period, BRZU has performed better with a 4.99% return vs -1.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRZU or FLYU?

FLYU is cheaper with a 0.95% expense ratio, compared with 1.29% for BRZU.

Which ETF pays a higher dividend yield, BRZU or FLYU?

BRZU has the higher dividend yield at 1.89%, compared with 0.00% for FLYU.

What is the main difference between BRZU and FLYU?

BRZU tracks MSCI Brazil 25/50 Index, while FLYU tracks MerQube MicroSectors U.S. Travel Index. They also come from different issuers: Direxion and REX. Their fees differ too: 1.29% for BRZU and 0.95% for FLYU.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.39 vs -0.31), 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.