PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
BZQ vs. NOBL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BZQ vs. NOBL

Last updated Jun 5, 2026

BZQ (ProShares UltraShort MSCI Brazil Capped) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, BZQ returned -36.94%/yr vs 9.58%/yr for NOBL. At a correlation of -0.42, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

BZQ vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, BZQ achieves a -22.71% return, which is significantly lower than NOBL's 4.61% return. Over the past 10 years, BZQ has underperformed NOBL with an annualized return of -36.94%, while NOBL has yielded a comparatively higher 9.58% annualized 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%

NOBL

1D
1.06%
1M
1.10%
YTD
4.61%
6M
4.84%
1Y
10.44%
3Y*
8.56%
5Y*
5.25%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BZQ vs. NOBL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BZQ
ProShares UltraShort MSCI Brazil Capped		-22.71%-57.90%98.84%-49.11%-44.20%6.45%-52.88%-48.20%-21.52%-49.73%
NOBL
ProShares S&P 500 Dividend Aristocrats ETF		4.61%6.84%6.72%8.09%-6.52%25.46%8.35%27.39%-3.26%21.02%

Correlation

The correlation between BZQ and NOBL is -0.32, 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

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.36

Correlation (5Y)
Calculated over the trailing 5-year period

-0.37

Correlation (10Y)
Calculated over the trailing 10-year period

-0.40

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2013

-0.42

The correlation between BZQ and NOBL shifts across timeframes, from -0.42 (all time) to -0.32 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MSCI Brazil Capped

ProShares S&P 500 Dividend Aristocrats ETF

Often compared with BZQ:
BZQ vs. EWZBZQ vs. VTIBZQ vs. TSMXBZQ vs. USTBZQ vs. XTAPBZQ vs. XDQQBZQ vs. MULL
Often compared with NOBL:
NOBL vs. SCHDNOBL vs. SPYNOBL vs. VIGNOBL vs. DGRONOBL vs. SDYNOBL vs. VOONOBL vs. KNG

Return for Risk

BZQ vs. NOBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BZQ
BZQ Risk / Return Rank: 22
Overall Rank
BZQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
BZQ Sortino Ratio Rank: 11
Sortino Ratio Rank
BZQ Omega Ratio Rank: 22
Omega Ratio Rank
BZQ Calmar Ratio Rank: 33
Calmar Ratio Rank
BZQ Martin Ratio Rank: 33
Martin Ratio Rank
NOBL
NOBL Risk / Return Rank: 2525
Overall Rank
NOBL Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
NOBL Sortino Ratio Rank: 2727
Sortino Ratio Rank
NOBL Omega Ratio Rank: 2424
Omega Ratio Rank
NOBL Calmar Ratio Rank: 2525
Calmar Ratio Rank
NOBL Martin Ratio Rank: 2323
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BZQ vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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.

BZQNOBLDifference
Sharpe ratioReturn per unit of total volatility
-1.00
0.92

-1.92

Sortino ratioReturn per unit of downside risk
-1.56
1.42

-2.98

Omega ratioGain probability vs. loss probability

0.83

1.16

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.76

1.15

-1.91

Martin ratioReturn relative to average drawdown

-1.23

2.98

-4.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BZQ vs. NOBL - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.00, which is lower than the NOBL Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of BZQ and NOBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

BZQNOBLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.00

0.92

-1.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.40

0.37

-0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.55

0.58

-1.13

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.45

0.65

-1.10

Drawdowns

BZQ vs. NOBL - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.82%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for BZQ and NOBL.

Loading charts...

Drawdown Indicators

BZQNOBLDifference

Max Drawdown

Largest peak-to-trough decline

-99.82%

-35.43%

-64.39%

Max Drawdown (1Y)

Largest decline over 1 year

-65.20%

-9.11%

-56.09%

Max Drawdown (3Y)

Largest decline over 3 years

-77.31%

-15.36%

-61.95%

Max Drawdown (5Y)

Largest decline over 5 years

-88.65%

-17.92%

-70.73%

Max Drawdown (10Y)

Largest decline over 10 years

-99.33%

-35.43%

-63.90%

Current Drawdown

Current decline from peak

-99.75%

-4.99%

-94.76%

Average Drawdown

Average peak-to-trough decline

-84.54%

-3.48%

-81.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

40.12%

3.51%

+36.61%

Volatility

BZQ vs. NOBL - Volatility Comparison

ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 15.01% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.40%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BZQNOBLDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.01%

2.40%

+12.61%

Volatility (6M)

Calculated over the trailing 6-month period

41.06%

8.05%

+33.01%

Volatility (1Y)

Calculated over the trailing 1-year period

49.61%

11.37%

+38.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

55.23%

14.39%

+40.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.92%

16.60%

+50.32%

BZQ vs. NOBL - Expense Ratio Comparison

BZQ has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

BZQ vs. NOBL - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 7.14%, more than NOBL's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
BZQ
ProShares UltraShort MSCI Brazil Capped		7.14%5.96%3.26%4.51%0.22%0.00%0.21%2.13%0.28%0.00%0.00%0.00%
NOBL
ProShares S&P 500 Dividend Aristocrats ETF		2.10%2.14%2.05%2.09%1.94%1.89%2.14%1.89%2.37%1.74%2.13%2.02%

Frequently Asked Questions

BZQ and NOBL have a correlation of -0.32, 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 NOBL (2.40%). In terms of maximum drawdown, BZQ dropped -99.82% vs NOBL's -35.43%.

On 10-year performance, NOBL leads with 9.58% vs -36.94% for BZQ. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, NOBL has performed better with a 9.58% return vs -36.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for BZQ.

BZQ has the higher dividend yield at 7.14%, compared with 2.10% for NOBL.

BZQ is categorized as Leveraged Equities, while NOBL is Dividend. BZQ tracks MSCI Brazil 25-50 (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for BZQ and 0.35% for NOBL.

NOBL currently has the higher Sharpe Ratio (0.92 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.

Portfolio Optimizer

Find the right allocation for BZQ and NOBL

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer