BZQ vs. DLLL

Last updated Aug 4, 2026

BZQ (ProShares UltraShort MSCI Brazil Capped) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - BZQ tracks the MSCI Brazil 25-50 (-200%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, BZQ returned -55.71% vs 599.95% for DLLL. Their -0.25 correlation means they have often moved in opposite directions in the past. BZQ charges 0.95%/yr vs 1.50%/yr for DLLL.

Performance

BZQ vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Brazil Capped (BZQ) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BZQ achieves a -31.18% return, which is significantly lower than DLLL's 699.96% 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%

DLLL

• 1D: 11.79%
• 1M: 11.20%
• 6M: 802.44%
• YTD: 699.96%
• 1Y: 599.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 301.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BZQ ProShares UltraShort MSCI Brazil Capped	$82.44K	$121.14K	$200.97K
DLLL GraniteShares 2x Long DELL Daily ETF	$23.82M	$34.65M	$52.12M

BZQ vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
BZQ ProShares UltraShort MSCI Brazil Capped	-31.18%	-46.30%
DLLL GraniteShares 2x Long DELL Daily ETF	699.96%	-3.72%

Correlation

The correlation between BZQ and DLLL is -0.21, 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.	-0.21
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.25

Return for Risk

BZQ vs. DLLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BZQ

BZQ Risk / Return Rank: 1
BZQ Sharpe Ratio Rank: 1
BZQ Sortino Ratio Rank: 1
BZQ Omega Ratio Rank: 1
BZQ Calmar Ratio Rank: 2
BZQ Martin Ratio Rank: 2

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BZQ vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	4.30	-5.42
Sortino ratio: Return per unit of downside risk	-1.88	3.86	-5.75
Omega ratio: Gain probability vs. loss probability	0.80	1.47	-0.67
Calmar ratio: Return relative to maximum drawdown	-0.87	10.59	-11.46
Martin ratio: Return relative to average drawdown	-1.28	20.58	-21.86

BZQ vs. DLLL - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.12, which is lower than the DLLL Sharpe Ratio of 4.30. The chart below compares the historical Sharpe Ratios of BZQ and DLLL, 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. DLLL - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.82%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for BZQ and DLLL.

Drawdown Indicators

	BZQ	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-68.58%	-31.24%
Max Drawdown (1Y) Largest decline over 1 year	-64.18%	-57.19%	-6.99%
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 Drawdown Current decline from peak	-99.77%	-24.33%	-75.44%
Average Drawdown Average peak-to-trough decline	-84.66%	-25.80%	-58.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.64%	29.35%	+15.29%

Volatility

BZQ vs. DLLL - Volatility Comparison

The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 13.59%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 50.69%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZQ	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.59%	50.69%	-37.10%
Volatility (6M) Calculated over the trailing 6-month period	38.33%	114.42%	-76.09%
Volatility (1Y) Calculated over the trailing 1-year period	50.09%	140.93%	-90.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.82%	132.81%	-77.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.55%	132.81%	-66.26%

BZQ vs. DLLL - Expense Ratio Comparison

BZQ has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

BZQ vs. DLLL - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 8.02%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BZQ ProShares UltraShort MSCI Brazil Capped	8.02%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%
DLLL GraniteShares 2x Long DELL Daily ETF	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 BZQ and DLLL in my portfolio?

BZQ and DLLL have a correlation of -0.21, 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 DLLL?

DLLL has higher volatility (50.69%) compared to BZQ (13.59%). In terms of maximum drawdown, BZQ dropped -99.82% vs DLLL's -68.58%.

Which ETF is better, BZQ or DLLL?

On 1-year performance, DLLL leads with 599.95% vs -55.71% for BZQ. On fees, BZQ is cheaper at 0.95% per year. On volatility, BZQ has been the lower-risk option at 13.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BZQ or DLLL?

Over the 1-year period, DLLL has performed better with a 599.95% return vs -55.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BZQ or DLLL?

BZQ is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

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

BZQ has the higher dividend yield at 8.02%, compared with 0.00% for DLLL.

What is the main difference between BZQ and DLLL?

BZQ tracks MSCI Brazil 25-50 (-200%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for BZQ and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.30 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.