BZQ vs. EWZ
BZQ (ProShares UltraShort MSCI Brazil Capped) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, BZQ returned -34.28%/yr vs 5.97%/yr for EWZ. Their -1.00 correlation means they have often moved in opposite directions in the past. BZQ charges 0.95%/yr vs 0.59%/yr for EWZ.
Performance
BZQ vs. EWZ - 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 EWZ's 15.73% return. Over the past 10 years, BZQ has underperformed EWZ with an annualized return of -34.28%, while EWZ has yielded a comparatively higher 5.97% annualized 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%
EWZ
- 1D
- -0.63%
- 1M
- 5.78%
- 6M
- -1.83%
- YTD
- 15.73%
- 1Y
- 42.79%
- 3Y*
- 10.61%
- 5Y*
- 7.40%
- 10Y*
- 5.97%
- ALL TIME*
- 6.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.44K | $121.14K | $200.97K | |
| $599.48M | $629.67M | $825.02M |
BZQ vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -31.18% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
EWZ iShares MSCI Brazil ETF | 15.73% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
Correlation
The correlation between BZQ and EWZ is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -1.00 |
The correlation between BZQ and EWZ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
BZQ vs. EWZ — Risk / Return Rank
BZQ
EWZ
BZQ vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and iShares MSCI Brazil ETF (EWZ). 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 | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -4.18 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.29 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.23 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.43 | -6.71 |
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Drawdowns
BZQ vs. EWZ - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for BZQ and EWZ.
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Drawdown Indicators
| BZQ | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -77.25% | -22.57% |
Max Drawdown (1Y)Largest decline over 1 year | -64.18% | -19.27% | -44.91% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -31.36% | -45.95% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -32.24% | -56.41% |
Max Drawdown (10Y)Largest decline over 10 years | -98.92% | -56.99% | -41.93% |
Current DrawdownCurrent decline from peak | -99.77% | -19.40% | -80.37% |
Average DrawdownAverage peak-to-trough decline | -84.66% | -35.86% | -48.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.64% | 7.90% | +36.74% |
Volatility
BZQ vs. EWZ - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 13.59% compared to iShares MSCI Brazil ETF (EWZ) at 6.74%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.59% | 6.74% | +6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 38.33% | 19.11% | +19.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.09% | 25.14% | +24.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 27.46% | +27.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 33.90% | +32.65% |
BZQ vs. EWZ - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than EWZ's 0.59% expense ratio.
Dividends
BZQ vs. EWZ - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 8.02%, more than EWZ's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 8.02% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.02% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
Frequently Asked Questions
BZQ and EWZ have a correlation of -1.00, 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 EWZ (6.74%). In terms of maximum drawdown, BZQ dropped -99.82% vs EWZ's -77.25%.
On 10-year performance, EWZ leads with 5.97% vs -34.28% for BZQ. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 6.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWZ has performed better with a 5.97% return vs -34.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ is cheaper with a 0.59% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 8.02%, compared with 4.02% for EWZ.
BZQ is categorized as Leveraged Equities, while EWZ is Latin America Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for BZQ and 0.59% for EWZ.
EWZ currently has the higher Sharpe Ratio (1.71 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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