BZQ vs. BRZU
BZQ (ProShares UltraShort MSCI Brazil Capped) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both Leveraged Equities funds - BZQ tracks the MSCI Brazil 25-50 (-200%) while BRZU tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, BZQ returned -35.16%/yr vs -19.05%/yr for BRZU. Their -0.98 correlation means they have often moved in opposite directions in the past. BZQ charges 0.95%/yr vs 1.29%/yr for BRZU.
Performance
BZQ vs. BRZU - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -32.32% return, which is significantly lower than BRZU's 25.69% return. Over the past 10 years, BZQ has underperformed BRZU with an annualized return of -35.16%, while BRZU has yielded a comparatively higher -19.05% annualized return.
BZQ
- 1D
- -1.14%
- 1M
- -12.67%
- 6M
- -6.72%
- YTD
- -32.32%
- 1Y
- -56.45%
- 3Y*
- -22.51%
- 5Y*
- -26.33%
- 10Y*
- -35.16%
- ALL TIME*
- -29.46%
BRZU
- 1D
- 0.98%
- 1M
- 12.57%
- 6M
- -6.32%
- YTD
- 25.69%
- 1Y
- 83.60%
- 3Y*
- 6.48%
- 5Y*
- 2.33%
- 10Y*
- -19.05%
- ALL TIME*
- -29.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.63M | $1.55M | $2.54M | |
| $79.22K | $119.51K | $205.80K |
BZQ vs. BRZU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -32.32% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
BRZU Direxion Daily Brazil Bull 2X Shares | 25.69% | 97.99% | -57.07% | 55.48% | 8.30% | -39.23% | -91.34% | 57.02% | -37.21% | 30.80% |
Correlation
The correlation between BZQ and BRZU is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013 | -0.98 |
The correlation between BZQ and BRZU has been stable across timeframes, ranging from -1.00 to -0.98 - a consistent structural relationship.
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Return for Risk
BZQ vs. BRZU — Risk / Return Rank
BZQ
BRZU
BZQ vs. BRZU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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 | BRZU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -4.14 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.28 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 2.36 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.48 | -6.76 |
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Drawdowns
BZQ vs. BRZU - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for BZQ and BRZU.
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Drawdown Indicators
| BZQ | BRZU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -99.71% | -0.11% |
Max Drawdown (1Y)Largest decline over 1 year | -64.86% | -35.97% | -28.89% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -58.25% | -19.06% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -62.89% | -25.76% |
Max Drawdown (10Y)Largest decline over 10 years | -98.92% | -98.11% | -0.81% |
Current DrawdownCurrent decline from peak | -99.78% | -99.10% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -84.65% | -89.64% | +4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.91% | 15.49% | +29.42% |
Volatility
BZQ vs. BRZU - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily Brazil Bull 2X Shares (BRZU) have volatilities of 13.41% and 13.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | BRZU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.41% | 13.30% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 38.63% | 38.80% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 50.02% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 54.96% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 82.21% | -15.66% |
BZQ vs. BRZU - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is lower than BRZU's 1.29% expense ratio.
Dividends
BZQ vs. BRZU - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 8.15%, more than BRZU's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BRZU Direxion Daily Brazil Bull 2X Shares | 1.79% | 2.39% | 8.73% | 3.24% | 4.70% | 6.29% | 0.78% | 0.95% | 1.04% | 0.74% |
BZQ ProShares UltraShort MSCI Brazil Capped | 8.15% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% |
Frequently Asked Questions
BZQ and BRZU have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (13.41%) compared to BRZU (13.30%). In terms of maximum drawdown, BZQ dropped -99.82% vs BRZU's -99.71%.
On 10-year performance, BRZU leads with -19.05% vs -35.16% for BZQ. On fees, BZQ is cheaper at 0.95% per year. On volatility, BRZU has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BRZU has performed better with a -19.05% return vs -35.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ is cheaper with a 0.95% expense ratio, compared with 1.29% for BRZU.
BZQ has the higher dividend yield at 8.15%, compared with 1.79% for BRZU.
BZQ tracks MSCI Brazil 25-50 (-200%), while BRZU tracks MSCI Brazil 25/50 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BZQ and 1.29% for BRZU.
BRZU currently has the higher Sharpe Ratio (1.70 vs -1.14), 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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