BZQ vs. BRAZ
BZQ (ProShares UltraShort MSCI Brazil Capped) and BRAZ (Global X Brazil Active ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while BRAZ is a Latin America Equities fund tracking the Solactive Brazil Mid Cap Index. Both are passively managed. Over the past year, BZQ returned -55.71% vs 41.09% for BRAZ. Their -0.97 correlation means they have often moved in opposite directions in the past. BZQ charges 0.95%/yr vs 0.75%/yr for BRAZ.
Performance
BZQ vs. BRAZ - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -31.18% return, which is significantly lower than BRAZ's 14.06% return.
BZQ
- 1D
- 1.68%
- 1M
- -11.20%
- 6M
- -3.41%
- YTD
- -31.18%
- 1Y
- -55.71%
- 3Y*
- -23.89%
- 5Y*
- -25.86%
- 10Y*
- -34.28%
- ALL TIME*
- -29.38%
BRAZ
- 1D
- -0.33%
- 1M
- 6.04%
- 6M
- -2.83%
- YTD
- 14.06%
- 1Y
- 41.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $20.68K | $16.97K | $45.91K | |
| $82.44K | $121.14K | $200.97K |
BZQ vs. BRAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -31.18% | -57.90% | 98.84% | -31.61% |
BRAZ Global X Brazil Active ETF | 14.06% | 45.42% | -29.74% | 17.80% |
Correlation
The correlation between BZQ and BRAZ is -0.97, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023 | -0.97 |
The correlation between BZQ and BRAZ has been stable across timeframes, ranging from -0.97 to -0.97 - a consistent structural relationship.
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Return for Risk
BZQ vs. BRAZ — Risk / Return Rank
BZQ
BRAZ
BZQ vs. BRAZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Global X Brazil Active ETF (BRAZ). 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.
| BZQ | BRAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.13 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.29 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.10 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.12 | -6.40 |
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Drawdowns
BZQ vs. BRAZ - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than BRAZ's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for BZQ and BRAZ.
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Drawdown Indicators
| BZQ | BRAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -31.02% | -68.80% |
Max Drawdown (1Y)Largest decline over 1 year | -64.18% | -19.65% | -44.53% |
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 | -98.92% | — | — |
Current DrawdownCurrent decline from peak | -99.77% | -12.19% | -87.58% |
Average DrawdownAverage peak-to-trough decline | -84.66% | -11.50% | -73.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.64% | 8.04% | +36.60% |
Volatility
BZQ vs. BRAZ - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 13.59% compared to Global X Brazil Active ETF (BRAZ) at 6.08%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than BRAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | BRAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.59% | 6.08% | +7.51% |
Volatility (6M)Calculated over the trailing 6-month period | 38.33% | 18.01% | +20.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.09% | 24.42% | +25.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 23.40% | +31.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 23.40% | +43.15% |
BZQ vs. BRAZ - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than BRAZ's 0.75% expense ratio.
Dividends
BZQ vs. BRAZ - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 8.02%, more than BRAZ's 2.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRAZ Global X Brazil Active ETF | 2.57% | 3.41% | 4.16% | 1.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BZQ ProShares UltraShort MSCI Brazil Capped | 8.02% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
Frequently Asked Questions
BZQ and BRAZ 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 (13.59%) compared to BRAZ (6.08%). In terms of maximum drawdown, BZQ dropped -99.82% vs BRAZ's -31.02%.
On 1-year performance, BRAZ leads with 41.09% vs -55.71% for BZQ. On fees, BRAZ is cheaper at 0.75% per year. On volatility, BRAZ has been the lower-risk option at 6.08%. 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 41.09% return vs -55.71%. 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 8.02%, compared with 2.57% for BRAZ.
BZQ is categorized as Leveraged Equities, while BRAZ is Latin America Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while BRAZ tracks Solactive Brazil Mid Cap Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for BZQ and 0.75% for BRAZ.
BRAZ currently has the higher Sharpe Ratio (1.69 vs -1.12), 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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