BZQ vs. TQQQ
BZQ (ProShares UltraShort MSCI Brazil Capped) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, BZQ returned -36.54%/yr vs 46.45%/yr for TQQQ. At a correlation of -0.43, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -21.77% return, which is significantly lower than TQQQ's 42.40% return. Over the past 10 years, BZQ has underperformed TQQQ with an annualized return of -36.54%, while TQQQ has yielded a comparatively higher 46.45% annualized return.
BZQ
- 1D
- -2.44%
- 1M
- 11.18%
- YTD
- -21.77%
- 6M
- -23.48%
- 1Y
- -46.45%
- 3Y*
- -19.84%
- 5Y*
- -21.85%
- 10Y*
- -36.54%
TQQQ
- 1D
- 2.25%
- 1M
- -8.54%
- YTD
- 42.40%
- 6M
- 35.61%
- 1Y
- 91.80%
- 3Y*
- 60.52%
- 5Y*
- 21.71%
- 10Y*
- 46.45%
BZQ vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.77% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
TQQQ ProShares UltraPro QQQ | 42.40% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between BZQ and TQQQ is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
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 11, 2010 | -0.43 |
The correlation between BZQ and TQQQ shifts across timeframes, from -0.47 (1 year) to -0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. TQQQ — Risk / Return Rank
BZQ
TQQQ
BZQ vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.55 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.29 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.50 | -3.21 |
| Martin ratioReturn relative to average drawdown | -1.11 | 7.89 | -9.01 |
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Drawdowns
BZQ vs. TQQQ - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for BZQ and TQQQ.
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Drawdown Indicators
| BZQ | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -81.66% | -18.16% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -36.97% | -28.23% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -58.04% | -19.27% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -81.66% | -6.99% |
Max Drawdown (10Y)Largest decline over 10 years | -99.19% | -81.66% | -17.53% |
Current DrawdownCurrent decline from peak | -99.74% | -14.07% | -85.67% |
Average DrawdownAverage peak-to-trough decline | -84.57% | -18.49% | -66.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.72% | 11.67% | +30.05% |
Volatility
BZQ vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.14%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 26.81%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.14% | 26.81% | -14.67% |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | 43.27% | -3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.07% | 53.22% | -3.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.29% | 67.42% | -12.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.73% | 66.30% | +0.43% |
BZQ vs. TQQQ - Expense Ratio Comparison
Both BZQ and TQQQ have an expense ratio of 0.95%.
Dividends
BZQ vs. TQQQ - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.06%, more than TQQQ's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.06% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.27% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
BZQ and TQQQ have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (26.81%) compared to BZQ (12.14%). In terms of maximum drawdown, BZQ dropped -99.82% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 46.45% vs -36.54% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 12.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 46.45% return vs -36.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and TQQQ have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.06%, compared with 0.27% for TQQQ.
BZQ tracks MSCI Brazil 25-50 (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.73 vs -0.93), 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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