BZQ vs. SQQQ
BZQ (ProShares UltraShort MSCI Brazil Capped) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, BZQ returned -36.94%/yr vs -55.90%/yr for SQQQ. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
BZQ vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -22.71% return, which is significantly higher than SQQQ's -44.43% return. Over the past 10 years, BZQ has outperformed SQQQ with an annualized return of -36.94%, while SQQQ has yielded a comparatively lower -55.90% 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%
SQQQ
- 1D
- 1.53%
- 1M
- -22.29%
- YTD
- -44.43%
- 6M
- -42.11%
- 1Y
- -64.38%
- 3Y*
- -55.94%
- 5Y*
- -49.01%
- 10Y*
- -55.90%
BZQ vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | -44.43% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between BZQ and SQQQ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
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 Feb 12, 2010 | 0.43 |
The correlation between BZQ and SQQQ shifts across timeframes, from 0.33 (5 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. SQQQ — Risk / Return Rank
BZQ
SQQQ
BZQ vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares UltraPro Short QQQ (SQQQ). 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.
| BZQ | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.73 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.98 | +0.22 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.79 | +0.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BZQ | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | -1.35 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | -0.74 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | -0.85 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | -0.88 | +0.43 |
Drawdowns
BZQ vs. SQQQ - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BZQ and SQQQ.
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Drawdown Indicators
| BZQ | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -100.00% | +0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -65.95% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -92.38% | +15.07% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -97.23% | +8.58% |
Max Drawdown (10Y)Largest decline over 10 years | -99.33% | -99.98% | +0.65% |
Current DrawdownCurrent decline from peak | -99.75% | -100.00% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -84.54% | -92.40% | +7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.12% | 35.96% | +4.16% |
Volatility
BZQ vs. SQQQ - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 15.01% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.81%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.01% | 13.81% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 41.06% | 36.46% | +4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 47.79% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.23% | 66.61% | -11.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.92% | 66.10% | +0.82% |
BZQ vs. SQQQ - Expense Ratio Comparison
Both BZQ and SQQQ have an expense ratio of 0.95%.
Dividends
BZQ vs. SQQQ - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.14%, less than SQQQ's 12.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 12.29% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
BZQ and SQQQ have a correlation of 0.48, 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 SQQQ (13.81%). In terms of maximum drawdown, BZQ dropped -99.82% vs SQQQ's -100.00%.
On 10-year performance, BZQ leads with -36.94% vs -55.90% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 13.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BZQ has performed better with a -36.94% return vs -55.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.29%, compared with 7.14% for BZQ.
BZQ tracks MSCI Brazil 25-50 (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
BZQ currently has the higher Sharpe Ratio (-1.00 vs -1.35), 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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