BZQ vs. EWZ

Last updated Jun 3, 2026

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 -37.31%/yr vs 8.16%/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

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

Returns By Period

In the year-to-date period, BZQ achieves a -26.91% return, which is significantly lower than EWZ's 12.62% return. Over the past 10 years, BZQ has underperformed EWZ with an annualized return of -37.31%, while EWZ has yielded a comparatively higher 8.16% annualized return.

BZQ

• 1D: -0.70%
• 1M: 19.83%
• YTD: -26.91%
• 6M: -22.86%
• 1Y: -52.51%
• 3Y*: -26.22%
• 5Y*: -23.58%
• 10Y*: -37.31%

EWZ

• 1D: 0.31%
• 1M: -9.26%
• YTD: 12.62%
• 6M: 8.83%
• 1Y: 38.34%
• 3Y*: 12.25%
• 5Y*: 5.41%
• 10Y*: 8.16%

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

BZQ vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BZQ ProShares UltraShort MSCI Brazil Capped	-26.91%	-57.90%	98.84%	-49.11%	-44.20%	6.45%	-52.88%	-48.20%	-21.52%	-49.73%
EWZ iShares MSCI Brazil ETF	12.62%	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 22, 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.

Return for Risk

BZQ vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

EWZ

EWZ Risk / Return Rank: 45
EWZ Sharpe Ratio Rank: 44
EWZ Sortino Ratio Rank: 41
EWZ Omega Ratio Rank: 42
EWZ Calmar Ratio Rank: 53
EWZ Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	BZQ	EWZ	Difference
Sharpe ratio Return per unit of total volatility	-1.07	1.56	-2.63
Sortino ratio Return per unit of downside risk	-1.75	2.10	-3.85
Omega ratio Gain probability vs. loss probability	0.81	1.27	-0.46
Calmar ratio Return relative to maximum drawdown	-0.81	2.66	-3.47
Martin ratio Return relative to average drawdown	-1.32	7.41	-8.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BZQ vs. EWZ - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.07, which is lower than the EWZ Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of BZQ and EWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BZQ	EWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	1.56	-2.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.43	0.20	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.24	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	0.17	-0.63

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.

Drawdown Indicators

	BZQ	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-77.25%	-22.57%
Max Drawdown (1Y) Largest decline over 1 year	-65.20%	-14.52%	-50.68%
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	-99.33%	-56.99%	-42.34%
Current Drawdown Current decline from peak	-99.76%	-21.57%	-78.19%
Average Drawdown Average peak-to-trough decline	-84.53%	-35.95%	-48.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	5.22%	+34.66%

Volatility

BZQ vs. EWZ - Volatility Comparison

ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 14.57% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. 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.

Volatility by Period

	BZQ	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.57%	7.35%	+7.22%
Volatility (6M) Calculated over the trailing 6-month period	40.72%	20.53%	+20.19%
Volatility (1Y) Calculated over the trailing 1-year period	49.17%	24.75%	+24.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.19%	27.64%	+27.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.92%	34.09%	+32.83%

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 7.55%, more than EWZ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BZQ ProShares UltraShort MSCI Brazil Capped	7.55%	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	4.61%	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

Can I hold both BZQ and EWZ in my portfolio?

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.

Which is riskier, BZQ or EWZ?

BZQ has higher volatility (14.57%) compared to EWZ (7.35%). In terms of maximum drawdown, BZQ dropped -99.82% vs EWZ's -77.25%.

Which ETF is better, BZQ or EWZ?

On 10-year performance, EWZ leads with 8.16% vs -37.31% for BZQ. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BZQ or EWZ?

Over the 10-year period, EWZ has performed better with a 8.16% return vs -37.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BZQ or EWZ?

EWZ is cheaper with a 0.59% expense ratio, compared with 0.95% for BZQ.

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

BZQ has the higher dividend yield at 7.55%, compared with 4.61% for EWZ.

What is the main difference between BZQ and 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.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.56 vs -1.07), 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.