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 -36.28%/yr vs 7.48%/yr for EWZ. At a correlation of -1.00, they often move in opposite directions. 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 -21.13% return, which is significantly lower than EWZ's 8.51% return. Over the past 10 years, BZQ has underperformed EWZ with an annualized return of -36.28%, while EWZ has yielded a comparatively higher 7.48% annualized return.
BZQ
- 1D
- 0.89%
- 1M
- 11.08%
- YTD
- -21.13%
- 6M
- -22.40%
- 1Y
- -45.58%
- 3Y*
- -19.62%
- 5Y*
- -21.05%
- 10Y*
- -36.28%
EWZ
- 1D
- -0.35%
- 1M
- -5.21%
- YTD
- 8.51%
- 6M
- 9.29%
- 1Y
- 29.01%
- 3Y*
- 7.56%
- 5Y*
- 3.74%
- 10Y*
- 7.48%
BZQ vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.13% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
EWZ iShares MSCI Brazil ETF | 8.51% | 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 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.21 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 1.51 | -2.21 |
| Martin ratioReturn relative to average drawdown | -1.10 | 4.37 | -5.47 |
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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 | -65.20% | -19.27% | -45.93% |
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 | -99.26% | -56.99% | -42.27% |
Current DrawdownCurrent decline from peak | -99.74% | -24.43% | -75.31% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -35.92% | -48.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.49% | 6.65% | +34.84% |
Volatility
BZQ vs. EWZ - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.21% compared to iShares MSCI Brazil ETF (EWZ) at 6.05%. 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 | 12.21% | 6.05% | +6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 39.49% | 19.72% | +19.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 25.14% | +24.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 27.72% | +27.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.75% | 34.00% | +32.75% |
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 7.00%, more than EWZ's 4.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.00% | 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 | 4.29% | 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 (12.21%) compared to EWZ (6.05%). In terms of maximum drawdown, BZQ dropped -99.82% vs EWZ's -77.25%.
On 10-year performance, EWZ leads with 7.48% vs -36.28% for BZQ. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 6.05%. 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 7.48% return vs -36.28%. 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 7.00%, compared with 4.29% 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 (1.16 vs -0.91), 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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