BZQ vs. FLLA
BZQ (ProShares UltraShort MSCI Brazil Capped) and FLLA (Franklin FTSE Latin America ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while FLLA is a Latin America Equities fund tracking the FTSE Latin America RIC Capped Index. Both are passively managed. Over the past 5 years, BZQ returned -25.00%/yr vs 9.24%/yr for FLLA. At a correlation of -0.93, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.19%/yr for FLLA.
Performance
BZQ vs. FLLA - 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 FLLA's 14.78% 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%
FLLA
- 1D
- 2.15%
- 1M
- 0.47%
- 6M
- 10.05%
- YTD
- 14.78%
- 1Y
- 36.48%
- 3Y*
- 12.45%
- 5Y*
- 9.24%
- 10Y*
- —
BZQ vs. FLLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -29.06% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -9.12% |
FLLA Franklin FTSE Latin America ETF | 14.78% | 51.81% | -26.89% | 32.71% | 7.78% | -8.93% | -15.08% | 19.59% | -2.78% |
Correlation
The correlation between BZQ and FLLA is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018 | -0.93 |
The correlation between BZQ and FLLA has been stable across timeframes, ranging from -0.95 to -0.93 - a consistent structural relationship.
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Return for Risk
BZQ vs. FLLA — Risk / Return Rank
BZQ
FLLA
BZQ vs. FLLA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Franklin FTSE Latin America ETF (FLLA). 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 | FLLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.60 | -3.38 |
| Martin ratioReturn relative to average drawdown | -1.18 | 6.85 | -8.03 |
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Drawdowns
BZQ vs. FLLA - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than FLLA's maximum drawdown of -53.88%. Use the drawdown chart below to compare losses from any high point for BZQ and FLLA.
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Drawdown Indicators
| BZQ | FLLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -53.88% | -45.94% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -13.75% | -51.45% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -27.76% | -49.55% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -28.32% | -60.33% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | — | — |
Current DrawdownCurrent decline from peak | -99.77% | -9.26% | -90.51% |
Average DrawdownAverage peak-to-trough decline | -84.60% | -13.45% | -71.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.94% | 5.21% | +37.73% |
Volatility
BZQ vs. FLLA - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 11.61% compared to Franklin FTSE Latin America ETF (FLLA) at 5.08%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than FLLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | FLLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.61% | 5.08% | +6.53% |
Volatility (6M)Calculated over the trailing 6-month period | 39.56% | 17.87% | +21.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.77% | 21.60% | +28.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.13% | 22.77% | +32.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.56% | 27.43% | +39.13% |
BZQ vs. FLLA - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than FLLA's 0.19% expense ratio.
Dividends
BZQ vs. FLLA - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.78%, more than FLLA's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.78% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
FLLA Franklin FTSE Latin America ETF | 4.77% | 6.06% | 7.04% | 5.45% | 9.55% | 7.60% | 2.12% | 3.18% | 0.48% |
Frequently Asked Questions
BZQ and FLLA have a correlation of -0.93, 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 FLLA (5.08%). In terms of maximum drawdown, BZQ dropped -99.82% vs FLLA's -53.88%.
On 5-year performance, FLLA leads with 9.24% vs -25.00% for BZQ. On fees, FLLA is cheaper at 0.19% per year. On volatility, FLLA has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLLA has performed better with a 9.24% return vs -25.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLLA 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 4.77% for FLLA.
BZQ is categorized as Leveraged Equities, while FLLA is Latin America Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while FLLA tracks FTSE Latin America 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 FLLA.
FLLA currently has the higher Sharpe Ratio (1.66 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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