BZQ vs. FLBR
BZQ (ProShares UltraShort MSCI Brazil Capped) and FLBR (Franklin FTSE Brazil ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while FLBR is a Latin America Equities fund tracking the FTSE Brazil RIC Capped Index. Both are passively managed. Over the past 5 years, BZQ returned -25.00%/yr vs 7.55%/yr for FLBR. At a correlation of -0.97, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.19%/yr for FLBR.
Performance
BZQ vs. FLBR - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -29.06% return, which is significantly lower than FLBR's 19.35% return.
BZQ
- 1D
- -5.03%
- 1M
- -6.78%
- 6M
- -23.20%
- YTD
- -29.06%
- 1Y
- -51.33%
- 3Y*
- -23.76%
- 5Y*
- -25.00%
- 10Y*
- -35.44%
FLBR
- 1D
- 3.11%
- 1M
- 3.06%
- 6M
- 14.36%
- YTD
- 19.35%
- 1Y
- 39.66%
- 3Y*
- 12.91%
- 5Y*
- 7.55%
- 10Y*
- —
BZQ vs. FLBR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -29.06% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -10.28% |
FLBR Franklin FTSE Brazil ETF | 19.35% | 45.57% | -27.58% | 33.19% | 10.44% | -16.78% | -20.13% | 28.47% | -2.13% | 2.27% |
Correlation
The correlation between BZQ and FLBR is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | -0.97 |
The correlation between BZQ and FLBR has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
BZQ vs. FLBR — Risk / Return Rank
BZQ
FLBR
BZQ vs. FLBR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Franklin FTSE Brazil ETF (FLBR). 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 | FLBR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.28 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.12 | -2.90 |
| Martin ratioReturn relative to average drawdown | -1.18 | 5.56 | -6.74 |
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Drawdowns
BZQ vs. FLBR - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than FLBR's maximum drawdown of -57.42%. Use the drawdown chart below to compare losses from any high point for BZQ and FLBR.
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Drawdown Indicators
| BZQ | FLBR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -57.42% | -42.40% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -18.38% | -46.82% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -28.97% | -48.34% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -32.31% | -56.34% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | — | — |
Current DrawdownCurrent decline from peak | -99.77% | -12.76% | -87.01% |
Average DrawdownAverage peak-to-trough decline | -84.60% | -18.59% | -66.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.94% | 7.00% | +35.94% |
Volatility
BZQ vs. FLBR - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 11.61% compared to Franklin FTSE Brazil ETF (FLBR) at 5.63%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than FLBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | FLBR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.61% | 5.63% | +5.98% |
Volatility (6M)Calculated over the trailing 6-month period | 39.56% | 20.06% | +19.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.77% | 25.18% | +24.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.13% | 27.62% | +27.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.56% | 32.96% | +33.60% |
BZQ vs. FLBR - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than FLBR's 0.19% expense ratio.
Dividends
BZQ vs. FLBR - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.78%, more than FLBR's 5.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.78% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% |
FLBR Franklin FTSE Brazil ETF | 5.76% | 7.71% | 7.68% | 8.84% | 11.99% | 8.71% | 2.32% | 3.42% | 3.72% | 0.42% |
Frequently Asked Questions
BZQ and FLBR have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (11.61%) compared to FLBR (5.63%). In terms of maximum drawdown, BZQ dropped -99.82% vs FLBR's -57.42%.
On 5-year performance, FLBR leads with 7.55% vs -25.00% for BZQ. On fees, FLBR is cheaper at 0.19% per year. On volatility, FLBR has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLBR has performed better with a 7.55% return vs -25.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLBR is cheaper with a 0.19% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.78%, compared with 5.76% for FLBR.
BZQ is categorized as Leveraged Equities, while FLBR is Latin America Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while FLBR tracks FTSE Brazil RIC Capped Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for BZQ and 0.19% for FLBR.
FLBR currently has the higher Sharpe Ratio (1.55 vs -1.02), 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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