BZQ vs. TERG

Last updated Jun 24, 2026

BZQ (ProShares UltraShort MSCI Brazil Capped) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. BZQ is passively managed, while TERG is actively managed. At a correlation of -0.52, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

BZQ vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Brazil Capped (BZQ) and Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BZQ achieves a -21.13% return, which is significantly lower than TERG's 227.50% 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%

TERG

• 1D: -15.75%
• 1M: 27.59%
• YTD: 227.50%
• 6M: 210.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BZQ vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
BZQ ProShares UltraShort MSCI Brazil Capped	-21.13%	0.19%
TERG Leverage Shares 2X Long TER Daily ETF	227.50%	20.91%

Correlation

The correlation between BZQ and TERG is -0.52, 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 (All Time) Calculated using the full available price history since Nov 17, 2025	-0.52

Return for Risk

BZQ vs. TERG — Risk / Return Rank

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

BZQ

BZQ Risk / Return Rank: 3
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

TERG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	—	—
Sortino ratio: Return per unit of downside risk	-1.35	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.70	—	—
Martin ratio: Return relative to average drawdown	-1.10	—	—

Drawdowns

BZQ vs. TERG - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.82%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for BZQ and TERG.

Drawdown Indicators

	BZQ	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-49.52%	-50.30%
Max Drawdown (1Y) Largest decline over 1 year	-65.20%	—	—
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	-99.26%	—	—
Current Drawdown Current decline from peak	-99.74%	-16.52%	-83.22%
Average Drawdown Average peak-to-trough decline	-84.56%	-14.58%	-69.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.49%	—	—

Volatility

Volatility by Period

	BZQ	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	39.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	50.03%	145.85%	-95.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.34%	145.85%	-90.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.75%	145.85%	-79.10%

BZQ vs. TERG - Expense Ratio Comparison

BZQ has a 0.95% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

BZQ vs. TERG - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 7.00%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BZQ ProShares UltraShort MSCI Brazil Capped	7.00%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BZQ and TERG in my portfolio?

BZQ and TERG have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BZQ or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BZQ or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 0.95% for BZQ.

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

BZQ has the higher dividend yield at 7.00%, compared with 0.00% for TERG.

What is the main difference between BZQ and TERG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for BZQ and 0.75% for TERG.