BZQ vs. FLN
BZQ (ProShares UltraShort MSCI Brazil Capped) and FLN (First Trust Latin America AlphaDEX Fund) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while FLN is a Latin America Equities fund tracking the NASDAQ AlphaDEX Latin America Index. Both are passively managed. Over the past 10 years, BZQ returned -35.44%/yr vs 8.72%/yr for FLN. At a correlation of -0.76, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.80%/yr for FLN.
Performance
BZQ vs. FLN - 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 FLN's 15.79% return. Over the past 10 years, BZQ has underperformed FLN with an annualized return of -35.44%, while FLN has yielded a comparatively higher 8.72% annualized 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%
FLN
- 1D
- 2.04%
- 1M
- 2.06%
- 6M
- 10.39%
- YTD
- 15.79%
- 1Y
- 38.43%
- 3Y*
- 15.61%
- 5Y*
- 11.06%
- 10Y*
- 8.72%
BZQ vs. FLN - 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% | -49.73% |
FLN First Trust Latin America AlphaDEX Fund | 15.79% | 55.05% | -23.10% | 29.68% | 2.73% | -6.94% | -12.27% | 27.22% | -8.31% | 21.54% |
Correlation
The correlation between BZQ and FLN is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.83 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011 | -0.76 |
The correlation between BZQ and FLN shifts across timeframes, from -0.88 (1 year) to -0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. FLN — Risk / Return Rank
BZQ
FLN
BZQ vs. FLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and First Trust Latin America AlphaDEX Fund (FLN). 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 | FLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.31 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.90 | -3.68 |
| Martin ratioReturn relative to average drawdown | -1.18 | 7.79 | -8.97 |
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Drawdowns
BZQ vs. FLN - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than FLN's maximum drawdown of -57.95%. Use the drawdown chart below to compare losses from any high point for BZQ and FLN.
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Drawdown Indicators
| BZQ | FLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -57.95% | -41.87% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -13.10% | -52.10% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -25.23% | -52.08% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -25.95% | -62.70% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | -57.75% | -41.21% |
Current DrawdownCurrent decline from peak | -99.77% | -6.67% | -93.10% |
Average DrawdownAverage peak-to-trough decline | -84.60% | -18.84% | -65.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.94% | 4.87% | +38.07% |
Volatility
BZQ vs. FLN - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 11.61% compared to First Trust Latin America AlphaDEX Fund (FLN) at 5.07%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than FLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | FLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.61% | 5.07% | +6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 39.56% | 17.55% | +22.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.77% | 21.16% | +28.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.13% | 22.54% | +32.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.56% | 27.48% | +39.08% |
BZQ vs. FLN - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than FLN's 0.80% expense ratio.
Dividends
BZQ vs. FLN - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.78%, more than FLN's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
FLN First Trust Latin America AlphaDEX Fund | 3.43% | 3.40% | 6.26% | 4.17% | 5.57% | 4.70% | 1.64% | 1.91% | 3.08% | 10.28% | 1.06% | 2.34% |
Frequently Asked Questions
BZQ and FLN have a correlation of -0.88, 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 FLN (5.07%). In terms of maximum drawdown, BZQ dropped -99.82% vs FLN's -57.95%.
On 10-year performance, FLN leads with 8.72% vs -35.44% for BZQ. On fees, FLN is cheaper at 0.80% per year. On volatility, FLN has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLN has performed better with a 8.72% return vs -35.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLN is cheaper with a 0.80% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.78%, compared with 3.43% for FLN.
BZQ is categorized as Leveraged Equities, while FLN is Latin America Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while FLN tracks NASDAQ AlphaDEX Latin America Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for BZQ and 0.80% for FLN.
FLN currently has the higher Sharpe Ratio (1.80 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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