BZQ vs. ERX
BZQ (ProShares UltraShort MSCI Brazil Capped) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - BZQ tracks the MSCI Brazil 25-50 (-200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, BZQ returned -36.54%/yr vs -9.47%/yr for ERX. At a correlation of -0.49, they often move in opposite directions. BZQ charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
BZQ vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -21.77% return, which is significantly lower than ERX's 42.50% return. Over the past 10 years, BZQ has underperformed ERX with an annualized return of -36.54%, while ERX has yielded a comparatively higher -9.47% annualized return.
BZQ
- 1D
- -2.44%
- 1M
- 11.18%
- YTD
- -21.77%
- 6M
- -23.48%
- 1Y
- -46.45%
- 3Y*
- -19.84%
- 5Y*
- -21.85%
- 10Y*
- -36.54%
ERX
- 1D
- 1.86%
- 1M
- -12.34%
- YTD
- 42.50%
- 6M
- 44.57%
- 1Y
- 57.63%
- 3Y*
- 18.03%
- 5Y*
- 24.74%
- 10Y*
- -9.47%
BZQ vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.77% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
ERX Direxion Daily Energy Bull 2X Shares | 42.50% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between BZQ and ERX is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.49 |
Over the past year, the inverse relationship between BZQ and ERX has weakened: their correlation has moved from -0.49 to -0.08, meaning they move in opposite directions less often than they have historically.
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Return for Risk
BZQ vs. ERX — Risk / Return Rank
BZQ
ERX
BZQ vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.23 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.03 | -2.75 |
| Martin ratioReturn relative to average drawdown | -1.11 | 5.74 | -6.86 |
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Drawdowns
BZQ vs. ERX - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for BZQ and ERX.
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Drawdown Indicators
| BZQ | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -99.54% | -0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -28.49% | -36.71% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -42.34% | -34.97% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -46.90% | -41.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.19% | -98.59% | -0.60% |
Current DrawdownCurrent decline from peak | -99.74% | -92.81% | -6.93% |
Average DrawdownAverage peak-to-trough decline | -84.57% | -67.10% | -17.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.72% | 10.06% | +31.66% |
Volatility
BZQ vs. ERX - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.14%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 13.95%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.14% | 13.95% | -1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | 34.17% | +5.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.07% | 41.76% | +8.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.29% | 51.94% | +3.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.73% | 69.06% | -2.33% |
BZQ vs. ERX - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
BZQ vs. ERX - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.06%, more than ERX's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.06% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% |
ERX Direxion Daily Energy Bull 2X Shares | 1.79% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
BZQ and ERX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (13.95%) compared to BZQ (12.14%). In terms of maximum drawdown, BZQ dropped -99.82% vs ERX's -99.54%.
On 10-year performance, ERX leads with -9.47% vs -36.54% for BZQ. On fees, BZQ is cheaper at 0.95% per year. On volatility, BZQ has been the lower-risk option at 12.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -9.47% return vs -36.54%. 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 1.09% for ERX.
BZQ has the higher dividend yield at 7.06%, compared with 1.79% for ERX.
BZQ tracks MSCI Brazil 25-50 (-200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BZQ and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.39 vs -0.93), 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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