BZQ vs. SSO
BZQ (ProShares UltraShort MSCI Brazil Capped) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, BZQ returned -36.94%/yr vs 24.16%/yr for SSO. At a correlation of -0.52, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
BZQ vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -22.71% return, which is significantly lower than SSO's 20.20% return. Over the past 10 years, BZQ has underperformed SSO with an annualized return of -36.94%, while SSO has yielded a comparatively higher 24.16% 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%
SSO
- 1D
- 0.70%
- 1M
- 8.84%
- YTD
- 20.20%
- 6M
- 19.43%
- 1Y
- 53.91%
- 3Y*
- 38.10%
- 5Y*
- 19.79%
- 10Y*
- 24.16%
BZQ vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 20.20% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between BZQ and SSO 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 | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009 | -0.52 |
The correlation between BZQ and SSO shifts across timeframes, from -0.52 (all time) to -0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. SSO — Risk / Return Rank
BZQ
SSO
BZQ vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.29 | ||
| Sortino ratioReturn per unit of downside risk | -4.47 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.98 | -3.74 |
| Martin ratioReturn relative to average drawdown | -1.23 | 13.10 | -14.33 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 2.30 | -3.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | 0.59 | -0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.68 | -1.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.42 | -0.87 |
Drawdowns
BZQ vs. SSO - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for BZQ and SSO.
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Drawdown Indicators
| BZQ | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -84.67% | -15.15% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -18.17% | -47.03% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -35.21% | -42.10% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -46.73% | -41.92% |
Max Drawdown (10Y)Largest decline over 10 years | -99.33% | -59.34% | -39.99% |
Current DrawdownCurrent decline from peak | -99.75% | -0.71% | -99.04% |
Average DrawdownAverage peak-to-trough decline | -84.54% | -19.57% | -64.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.12% | 4.13% | +35.99% |
Volatility
BZQ vs. SSO - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 15.01% compared to ProShares Ultra S&P500 (SSO) at 5.56%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.01% | 5.56% | +9.45% |
Volatility (6M)Calculated over the trailing 6-month period | 41.06% | 17.78% | +23.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 23.59% | +26.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.23% | 33.64% | +21.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.92% | 35.89% | +31.03% |
BZQ vs. SSO - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
BZQ vs. SSO - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.14%, more than SSO's 0.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SSO ProShares Ultra S&P500 | 0.61% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
BZQ and SSO 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 (15.01%) compared to SSO (5.56%). In terms of maximum drawdown, BZQ dropped -99.82% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.16% vs -36.94% for BZQ. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.16% return vs -36.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.14%, compared with 0.61% for SSO.
BZQ tracks MSCI Brazil 25-50 (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for BZQ and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (2.30 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.
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