BZQ vs. BRAZ

Last updated Jul 14, 2026

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 -49.86% vs 33.89% for BRAZ. At a correlation of -0.97, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.75%/yr for BRAZ.

Performance

BZQ vs. BRAZ - Performance Comparison

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

Returns By Period

In the year-to-date period, BZQ achieves a -26.91% return, which is significantly lower than BRAZ's 10.67% return.

BZQ

• 1D: 3.03%
• 1M: -3.96%
• 6M: -21.76%
• YTD: -26.91%
• 1Y: -49.86%
• 3Y*: -22.15%
• 5Y*: -23.23%
• 10Y*: -34.79%

BRAZ

• 1D: -0.35%
• 1M: 1.85%
• 6M: 6.47%
• YTD: 10.67%
• 1Y: 33.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BZQ vs. BRAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BZQ ProShares UltraShort MSCI Brazil Capped	-26.91%	-57.90%	98.84%	-31.61%
BRAZ Global X Brazil Active ETF	10.67%	45.42%	-29.74%	17.80%

Correlation

The correlation between BZQ and BRAZ 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 BZQ and BRAZ has been stable across timeframes, ranging from -0.97 to -0.97 - a consistent structural relationship.

Return for Risk

BZQ vs. BRAZ — Risk / Return Rank

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

BZQ

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

BRAZ

BRAZ Risk / Return Rank: 45
BRAZ Sharpe Ratio Rank: 51
BRAZ Sortino Ratio Rank: 47
BRAZ Omega Ratio Rank: 48
BRAZ Calmar Ratio Rank: 43
BRAZ Martin Ratio Rank: 37

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.

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 ratio: Return per unit of total volatility	-1.01	1.41	-2.41
Sortino ratio: Return per unit of downside risk	-1.58	1.91	-3.50
Omega ratio: Gain probability vs. loss probability	0.83	1.24	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.77	1.73	-2.50
Martin ratio: Return relative to average drawdown	-1.16	4.64	-5.80

BZQ vs. BRAZ - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.01, which is lower than the BRAZ Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of BZQ and BRAZ, 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

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.

Drawdown Indicators

	BZQ	BRAZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-31.02%	-68.80%
Max Drawdown (1Y) Largest decline over 1 year	-65.20%	-19.65%	-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	-98.96%	—	—
Current Drawdown Current decline from peak	-99.76%	-14.80%	-84.96%
Average Drawdown Average peak-to-trough decline	-84.60%	-11.45%	-73.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.07%	7.32%	+35.75%

Volatility

BZQ vs. BRAZ - Volatility Comparison

ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.15% compared to Global X Brazil Active ETF (BRAZ) at 5.53%. 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.

Volatility by Period

	BZQ	BRAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.15%	5.53%	+6.62%
Volatility (6M) Calculated over the trailing 6-month period	39.67%	18.89%	+20.78%
Volatility (1Y) Calculated over the trailing 1-year period	49.84%	24.24%	+25.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	23.44%	+31.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.57%	23.44%	+43.13%

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 7.55%, more than BRAZ's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRAZ Global X Brazil Active ETF	2.65%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%
BZQ ProShares UltraShort MSCI Brazil Capped	7.55%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%

Frequently Asked Questions

Can I hold both BZQ and BRAZ in my portfolio?

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.

Which is riskier, BZQ or BRAZ?

BZQ has higher volatility (12.15%) compared to BRAZ (5.53%). In terms of maximum drawdown, BZQ dropped -99.82% vs BRAZ's -31.02%.

Which ETF is better, BZQ or BRAZ?

On 1-year performance, BRAZ leads with 33.89% vs -49.86% for BZQ. On fees, BRAZ is cheaper at 0.75% per year. On volatility, BRAZ has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BZQ or BRAZ?

Over the 1-year period, BRAZ has performed better with a 33.89% return vs -49.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BZQ or BRAZ?

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

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

BZQ has the higher dividend yield at 7.55%, compared with 2.65% for BRAZ.

What is the main difference between BZQ and 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.

Which has better risk-adjusted returns?

BRAZ currently has the higher Sharpe Ratio (1.41 vs -1.01), 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.