BZQ vs. BITO
BZQ (ProShares UltraShort MSCI Brazil Capped) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. BZQ is passively managed, while BITO is actively managed. Over the past 3 years, BZQ returned -24.58%/yr vs 26.82%/yr for BITO. At a correlation of -0.23, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -22.71% return, which is significantly higher than BITO's -28.44% return.
BZQ
- 1D
- -0.71%
- 1M
- 28.30%
- YTD
- -22.71%
- 6M
- -15.11%
- 1Y
- -49.29%
- 3Y*
- -24.58%
- 5Y*
- -22.10%
- 10Y*
- -36.94%
BITO
- 1D
- -2.81%
- 1M
- -22.52%
- YTD
- -28.44%
- 6M
- -32.46%
- 1Y
- -41.98%
- 3Y*
- 26.82%
- 5Y*
- —
- 10Y*
- —
BZQ vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -22.71% | -57.90% | 98.84% | -49.11% | -44.20% | 1.84% |
BITO ProShares Bitcoin Strategy ETF | -28.44% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between BZQ and BITO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.23 |
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Return for Risk
BZQ vs. BITO — Risk / Return Rank
BZQ
BITO
BZQ vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Bitcoin Strategy ETF (BITO). 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.
| BZQ | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.83 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.44 | +0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BZQ | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | -0.97 | -0.03 |
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 | -0.45 | -0.10 | -0.35 |
Drawdowns
BZQ vs. BITO - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BZQ and BITO.
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Drawdown Indicators
| BZQ | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -77.86% | -21.96% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -50.64% | -14.56% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -50.64% | -26.67% |
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 | -99.75% | -50.64% | -49.11% |
Average DrawdownAverage peak-to-trough decline | -84.54% | -36.75% | -47.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.12% | 29.27% | +10.85% |
Volatility
BZQ vs. BITO - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 15.01% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.03%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.01% | 9.03% | +5.98% |
Volatility (6M)Calculated over the trailing 6-month period | 41.06% | 33.71% | +7.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 43.61% | +6.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.23% | 55.10% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.92% | 55.10% | +11.82% |
BZQ vs. BITO - Expense Ratio Comparison
Both BZQ and BITO have an expense ratio of 0.95%.
Dividends
BZQ vs. BITO - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.14%, less than BITO's 69.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 69.59% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BZQ ProShares UltraShort MSCI Brazil Capped | 7.14% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
Frequently Asked Questions
BZQ and BITO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (15.01%) compared to BITO (9.03%). In terms of maximum drawdown, BZQ dropped -99.82% vs BITO's -77.86%.
On 3-year performance, BITO leads with 26.82% vs -24.58% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 26.82% return vs -24.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 69.59%, compared with 7.14% for BZQ.
BZQ is categorized as Leveraged Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.97 vs -1.00), 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.
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