BZQ vs. QLD
BZQ (ProShares UltraShort MSCI Brazil Capped) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, BZQ returned -36.28%/yr vs 36.27%/yr for QLD. At a correlation of -0.44, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -21.13% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, BZQ has underperformed QLD with an annualized return of -36.28%, while QLD has yielded a comparatively higher 36.27% annualized return.
BZQ
- 1D
- 0.89%
- 1M
- 11.08%
- YTD
- -21.13%
- 6M
- -22.40%
- 1Y
- -45.58%
- 3Y*
- -19.62%
- 5Y*
- -21.05%
- 10Y*
- -36.28%
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
BZQ vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.13% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
QLD ProShares Ultra QQQ | 29.58% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between BZQ and QLD is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.44 |
The correlation between BZQ and QLD shifts across timeframes, from -0.46 (1 year) to -0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. QLD — Risk / Return Rank
BZQ
QLD
BZQ vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.79 | ||
| Sortino ratioReturn per unit of downside risk | -3.69 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.31 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 2.67 | -3.37 |
| Martin ratioReturn relative to average drawdown | -1.10 | 9.05 | -10.15 |
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Drawdowns
BZQ vs. QLD - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for BZQ and QLD.
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Drawdown Indicators
| BZQ | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -83.13% | -16.69% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -25.13% | -40.07% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -42.29% | -35.02% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -63.68% | -24.97% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -63.68% | -35.58% |
Current DrawdownCurrent decline from peak | -99.74% | -9.26% | -90.48% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -18.14% | -66.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.49% | 7.40% | +34.09% |
Volatility
BZQ vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.21%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.21% | 18.22% | -6.01% |
Volatility (6M)Calculated over the trailing 6-month period | 39.49% | 28.95% | +10.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 35.77% | +14.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 45.34% | +10.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.75% | 44.80% | +21.95% |
BZQ vs. QLD - Expense Ratio Comparison
Both BZQ and QLD have an expense ratio of 0.95%.
Dividends
BZQ vs. QLD - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.00%, more than QLD's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.00% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Frequently Asked Questions
BZQ and QLD have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (18.22%) compared to BZQ (12.21%). In terms of maximum drawdown, BZQ dropped -99.82% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.27% vs -36.28% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 12.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.27% return vs -36.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and QLD have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.00%, compared with 0.13% for QLD.
BZQ tracks MSCI Brazil 25-50 (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.88 vs -0.91), 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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