BZQ vs. JPEM
BZQ (ProShares UltraShort MSCI Brazil Capped) and JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while JPEM is a Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity Index. Both are passively managed. Over the past 10 years, BZQ returned -36.34%/yr vs 8.20%/yr for JPEM. At a correlation of -0.68, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.44%/yr for JPEM.
Performance
BZQ vs. JPEM - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -21.83% return, which is significantly lower than JPEM's 7.50% return. Over the past 10 years, BZQ has underperformed JPEM with an annualized return of -36.34%, while JPEM has yielded a comparatively higher 8.20% annualized return.
BZQ
- 1D
- -3.31%
- 1M
- 10.10%
- YTD
- -21.83%
- 6M
- -26.40%
- 1Y
- -46.02%
- 3Y*
- -19.86%
- 5Y*
- -21.83%
- 10Y*
- -36.34%
JPEM
- 1D
- -0.02%
- 1M
- 1.31%
- YTD
- 7.50%
- 6M
- 8.40%
- 1Y
- 23.92%
- 3Y*
- 14.04%
- 5Y*
- 6.55%
- 10Y*
- 8.20%
BZQ vs. JPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.83% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF | 7.50% | 22.90% | 4.23% | 11.01% | -9.03% | 8.11% | -0.46% | 16.21% | -10.55% | 28.80% |
Correlation
The correlation between BZQ and JPEM is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2015 | -0.68 |
The correlation between BZQ and JPEM has been stable across timeframes, ranging from -0.73 to -0.64 - a consistent structural relationship.
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Return for Risk
BZQ vs. JPEM — Risk / Return Rank
BZQ
JPEM
BZQ vs. JPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). 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 | JPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.34 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.33 | -3.04 |
| Martin ratioReturn relative to average drawdown | -1.11 | 8.37 | -9.48 |
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Drawdowns
BZQ vs. JPEM - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than JPEM's maximum drawdown of -40.22%. Use the drawdown chart below to compare losses from any high point for BZQ and JPEM.
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Drawdown Indicators
| BZQ | JPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -40.22% | -59.60% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -10.32% | -54.88% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -14.30% | -63.01% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -21.57% | -67.08% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -40.22% | -59.04% |
Current DrawdownCurrent decline from peak | -99.74% | -2.80% | -96.94% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -9.44% | -75.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.37% | 2.87% | +38.50% |
Volatility
BZQ vs. JPEM - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.41% compared to J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) at 4.77%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than JPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | JPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.41% | 4.77% | +7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 39.48% | 11.85% | +27.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.11% | 13.42% | +36.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 13.58% | +41.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.80% | 17.02% | +49.78% |
BZQ vs. JPEM - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than JPEM's 0.44% expense ratio.
Dividends
BZQ vs. JPEM - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.06%, more than JPEM's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.06% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF | 4.39% | 4.65% | 5.12% | 4.46% | 4.71% | 4.40% | 2.85% | 3.47% | 2.79% | 2.14% | 1.28% | 3.22% |
Frequently Asked Questions
BZQ and JPEM have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (12.41%) compared to JPEM (4.77%). In terms of maximum drawdown, BZQ dropped -99.82% vs JPEM's -40.22%.
On 10-year performance, JPEM leads with 8.20% vs -36.34% for BZQ. On fees, JPEM is cheaper at 0.44% per year. On volatility, JPEM has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JPEM has performed better with a 8.20% return vs -36.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPEM is cheaper with a 0.44% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.06%, compared with 4.39% for JPEM.
BZQ is categorized as Leveraged Equities, while JPEM is Emerging Markets Equities. BZQ tracks MSCI Brazil 25-50 (-200%), while JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for BZQ and 0.44% for JPEM.
JPEM currently has the higher Sharpe Ratio (1.79 vs -0.92), 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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