BZQ vs. ILF
BZQ (ProShares UltraShort MSCI Brazil Capped) and ILF (iShares Latin American 40 ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while ILF is a Latin America Equities fund tracking the S&P Latin America 40 (Net). Both are passively managed. Over the past 10 years, BZQ returned -35.44%/yr vs 7.61%/yr for ILF. At a correlation of -0.94, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.47%/yr for ILF.
Performance
BZQ vs. ILF - 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 ILF's 14.78% return. Over the past 10 years, BZQ has underperformed ILF with an annualized return of -35.44%, while ILF has yielded a comparatively higher 7.61% 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%
ILF
- 1D
- 2.04%
- 1M
- 0.29%
- 6M
- 9.70%
- YTD
- 14.78%
- 1Y
- 40.54%
- 3Y*
- 14.37%
- 5Y*
- 10.24%
- 10Y*
- 7.61%
BZQ vs. ILF - 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% |
ILF iShares Latin American 40 ETF | 14.78% | 52.65% | -23.11% | 33.14% | 9.81% | -13.59% | -11.71% | 13.77% | -6.85% | 26.33% |
Correlation
The correlation between BZQ and ILF 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 | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.95 |
The correlation between BZQ and ILF has been stable across timeframes, ranging from -0.94 to -0.92 - a consistent structural relationship.
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Return for Risk
BZQ vs. ILF — Risk / Return Rank
BZQ
ILF
BZQ vs. ILF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and iShares Latin American 40 ETF (ILF). 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 | ILF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.03 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.31 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.85 | -3.63 |
| Martin ratioReturn relative to average drawdown | -1.18 | 7.82 | -9.00 |
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Drawdowns
BZQ vs. ILF - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than ILF's maximum drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for BZQ and ILF.
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Drawdown Indicators
| BZQ | ILF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -67.48% | -32.34% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -13.94% | -51.26% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -23.97% | -53.34% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -29.71% | -58.94% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | -57.79% | -41.17% |
Current DrawdownCurrent decline from peak | -99.77% | -8.27% | -91.50% |
Average DrawdownAverage peak-to-trough decline | -84.60% | -23.88% | -60.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.94% | 5.07% | +37.87% |
Volatility
BZQ vs. ILF - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 11.61% compared to iShares Latin American 40 ETF (ILF) at 5.70%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than ILF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | ILF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.61% | 5.70% | +5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 39.56% | 18.37% | +21.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.77% | 22.18% | +27.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.13% | 23.18% | +31.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.56% | 28.24% | +38.32% |
BZQ vs. ILF - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than ILF's 0.47% expense ratio.
Dividends
BZQ vs. ILF - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.78%, more than ILF's 3.42% 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% |
ILF iShares Latin American 40 ETF | 3.42% | 4.39% | 7.44% | 4.61% | 12.72% | 8.47% | 1.88% | 3.09% | 3.12% | 1.80% | 1.59% | 3.25% |
Frequently Asked Questions
BZQ and ILF 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 ILF (5.70%). In terms of maximum drawdown, BZQ dropped -99.82% vs ILF's -67.48%.
On 10-year performance, ILF leads with 7.61% vs -35.44% for BZQ. On fees, ILF is cheaper at 0.47% per year. On volatility, ILF has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ILF has performed better with a 7.61% return vs -35.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILF is cheaper with a 0.47% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.78%, compared with 3.42% for ILF.
BZQ is categorized as Leveraged Equities, while ILF is Latin America Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while ILF tracks S&P Latin America 40 (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for BZQ and 0.47% for ILF.
ILF currently has the higher Sharpe Ratio (1.79 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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