BZQ vs. SPUU
BZQ (ProShares UltraShort MSCI Brazil Capped) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - BZQ tracks the MSCI Brazil 25-50 (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, BZQ returned -36.28%/yr vs 24.81%/yr for SPUU. At a correlation of -0.44, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
BZQ vs. SPUU - 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 SPUU's 13.33% return. Over the past 10 years, BZQ has underperformed SPUU with an annualized return of -36.28%, while SPUU has yielded a comparatively higher 24.81% 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%
SPUU
- 1D
- -2.91%
- 1M
- -3.20%
- YTD
- 13.33%
- 6M
- 10.95%
- 1Y
- 43.00%
- 3Y*
- 34.33%
- 5Y*
- 18.44%
- 10Y*
- 24.81%
BZQ vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.33% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between BZQ and SPUU is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.44 |
The correlation between BZQ and SPUU shifts across timeframes, from -0.50 (1 year) to -0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. SPUU — Risk / Return Rank
BZQ
SPUU
BZQ vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.63 | ||
| Sortino ratioReturn per unit of downside risk | -3.60 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.30 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 2.38 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.10 | 10.11 | -11.21 |
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Drawdowns
BZQ vs. SPUU - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for BZQ and SPUU.
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Drawdown Indicators
| BZQ | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -59.35% | -40.47% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -18.19% | -47.01% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -35.18% | -42.13% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -46.59% | -42.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -59.35% | -39.91% |
Current DrawdownCurrent decline from peak | -99.74% | -6.62% | -93.12% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -9.48% | -75.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.49% | 4.27% | +37.22% |
Volatility
BZQ vs. SPUU - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.21% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.21% | 9.70% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 39.49% | 19.93% | +19.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 25.22% | +24.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 33.67% | +21.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.75% | 35.81% | +30.94% |
BZQ vs. SPUU - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
BZQ vs. SPUU - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.00%, more than SPUU's 1.42% 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.42% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
BZQ and SPUU have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (12.21%) compared to SPUU (9.70%). In terms of maximum drawdown, BZQ dropped -99.82% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.81% vs -36.28% for BZQ. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.81% return vs -36.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.00%, compared with 1.42% for SPUU.
BZQ tracks MSCI Brazil 25-50 (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BZQ and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.72 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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