BZQ vs. SHRT

Last updated Jul 17, 2026

BZQ (ProShares UltraShort MSCI Brazil Capped) and SHRT (Gotham Short Strategies ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while SHRT is a Inverse Equities fund actively managed by Gotham. BZQ is passively managed, while SHRT is actively managed. Over the past year, BZQ returned -49.60% vs -17.31% for SHRT. At a 0.27 correlation, their price movements are largely independent. BZQ charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

BZQ vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Brazil Capped (BZQ) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BZQ achieves a -26.41% return, which is significantly lower than SHRT's -15.36% return.

BZQ

• 1D: 3.58%
• 1M: -5.36%
• 6M: -18.84%
• YTD: -26.41%
• 1Y: -49.60%
• 3Y*: -21.88%
• 5Y*: -23.87%
• 10Y*: -34.51%

SHRT

• 1D: -0.23%
• 1M: -0.84%
• 6M: -11.10%
• YTD: -15.36%
• 1Y: -17.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BZQ vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BZQ ProShares UltraShort MSCI Brazil Capped	-26.41%	-57.90%	98.84%	-22.57%
SHRT Gotham Short Strategies ETF	-15.36%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between BZQ and SHRT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.27

Return for Risk

BZQ vs. SHRT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BZQ

BZQ Risk / Return Rank: 2
BZQ Sharpe Ratio Rank: 2
BZQ Sortino Ratio Rank: 2
BZQ Omega Ratio Rank: 2
BZQ Calmar Ratio Rank: 3
BZQ Martin Ratio Rank: 4

SHRT

SHRT Risk / Return Rank: 1
SHRT Sharpe Ratio Rank: 0
SHRT Sortino Ratio Rank: 1
SHRT Omega Ratio Rank: 1
SHRT Calmar Ratio Rank: 2
SHRT Martin Ratio Rank: 0

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. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Gotham Short Strategies ETF (SHRT). 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	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-1.24	+0.24
Sortino ratio: Return per unit of downside risk	-1.56	-1.81	+0.25
Omega ratio: Gain probability vs. loss probability	0.83	0.80	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.82	+0.06
Martin ratio: Return relative to average drawdown	-1.14	-1.85	+0.71

BZQ vs. SHRT - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.00, which is comparable to the SHRT Sharpe Ratio of -1.24. The chart below compares the historical Sharpe Ratios of BZQ and SHRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BZQ vs. SHRT - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.82%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for BZQ and SHRT.

Drawdown Indicators

	BZQ	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-27.84%	-71.98%
Max Drawdown (1Y) Largest decline over 1 year	-65.20%	-21.19%	-44.01%
Max Drawdown (3Y) Largest decline over 3 years	-77.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-88.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.94%	—	—
Current Drawdown Current decline from peak	-99.76%	-24.09%	-75.67%
Average Drawdown Average peak-to-trough decline	-84.62%	-8.83%	-75.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.47%	9.53%	+33.94%

Volatility

BZQ vs. SHRT - Volatility Comparison

ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.02% compared to Gotham Short Strategies ETF (SHRT) at 5.37%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZQ	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.02%	5.37%	+6.65%
Volatility (6M) Calculated over the trailing 6-month period	39.97%	11.94%	+28.03%
Volatility (1Y) Calculated over the trailing 1-year period	49.98%	14.02%	+35.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	12.97%	+42.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.57%	12.97%	+53.60%

BZQ vs. SHRT - Expense Ratio Comparison

BZQ has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

BZQ vs. SHRT - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 7.50%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BZQ ProShares UltraShort MSCI Brazil Capped	7.50%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BZQ and SHRT in my portfolio?

BZQ and SHRT 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.

Which is riskier, BZQ or SHRT?

BZQ has higher volatility (12.02%) compared to SHRT (5.37%). In terms of maximum drawdown, BZQ dropped -99.82% vs SHRT's -27.84%.

Which ETF is better, BZQ or SHRT?

On 1-year performance, SHRT leads with -17.31% vs -49.60% for BZQ. On fees, BZQ is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BZQ or SHRT?

Over the 1-year period, SHRT has performed better with a -17.31% return vs -49.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BZQ or SHRT?

BZQ is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

Which ETF pays a higher dividend yield, BZQ or SHRT?

BZQ has the higher dividend yield at 7.50%, compared with 0.08% for SHRT.

What is the main difference between BZQ and SHRT?

BZQ is categorized as Leveraged Equities, while SHRT is Inverse Equities. They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.95% for BZQ and 1.35% for SHRT.

Which has better risk-adjusted returns?

BZQ currently has the higher Sharpe Ratio (-1.00 vs -1.24), 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.