BZQ vs. IFED
BZQ (ProShares UltraShort MSCI Brazil Capped) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - BZQ tracks the MSCI Brazil 25-50 (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BZQ returned -24.58%/yr vs 16.94%/yr for IFED. At a correlation of -0.38, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
BZQ vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -22.71% return, which is significantly lower than IFED's -2.98% return.
BZQ
- 1D
- -0.71%
- 1M
- 28.30%
- YTD
- -22.71%
- 6M
- -15.11%
- 1Y
- -49.29%
- 3Y*
- -24.58%
- 5Y*
- -22.10%
- 10Y*
- -36.94%
IFED
- 1D
- 0.56%
- 1M
- 5.41%
- YTD
- -2.98%
- 6M
- -2.59%
- 1Y
- 2.46%
- 3Y*
- 16.94%
- 5Y*
- —
- 10Y*
- —
BZQ vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -22.71% | -57.90% | 98.84% | -49.11% | -44.20% | 21.42% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -2.98% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between BZQ and IFED is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | -0.38 |
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Return for Risk
BZQ vs. IFED — Risk / Return Rank
BZQ
IFED
BZQ vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.04 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 0.17 | -0.93 |
| Martin ratioReturn relative to average drawdown | -1.23 | 0.43 | -1.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BZQ | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 0.15 | -1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.65 | -1.10 |
Drawdowns
BZQ vs. IFED - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for BZQ and IFED.
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Drawdown Indicators
| BZQ | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -22.36% | -77.46% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -14.65% | -50.55% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -22.36% | -54.95% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.33% | — | — |
Current DrawdownCurrent decline from peak | -99.75% | -4.97% | -94.78% |
Average DrawdownAverage peak-to-trough decline | -84.54% | -5.84% | -78.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.12% | 5.76% | +34.36% |
Volatility
BZQ vs. IFED - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 15.01% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.51%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.01% | 4.51% | +10.50% |
Volatility (6M)Calculated over the trailing 6-month period | 41.06% | 12.87% | +28.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 16.18% | +33.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.23% | 19.87% | +35.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.92% | 19.87% | +47.05% |
BZQ vs. IFED - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
BZQ vs. IFED - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.14%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.14% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BZQ and IFED have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (15.01%) compared to IFED (4.51%). In terms of maximum drawdown, BZQ dropped -99.82% vs IFED's -22.36%.
On 3-year performance, IFED leads with 16.94% vs -24.58% for BZQ. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 16.94% return vs -24.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.14%, compared with 0.00% for IFED.
BZQ tracks MSCI Brazil 25-50 (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for BZQ and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.15 vs -1.00), 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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