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 -36.94%/yr vs 44.95%/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 -22.71% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, BZQ has underperformed TQQQ with an annualized return of -36.94%, while TQQQ has yielded a comparatively higher 44.95% 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%
TQQQ
- 1D
- -1.55%
- 1M
- 26.46%
- YTD
- 61.91%
- 6M
- 54.01%
- 1Y
- 132.34%
- 3Y*
- 68.49%
- 5Y*
- 27.97%
- 10Y*
- 44.95%
BZQ vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 61.91% | 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 -0.48, 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 | -0.48 |
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 TQQQ shifts across timeframes, from -0.48 (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.
| BZQ | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.79 | ||
| Sortino ratioReturn per unit of downside risk | -4.57 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.39 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 3.60 | -4.36 |
| Martin ratioReturn relative to average drawdown | -1.23 | 11.77 | -13.00 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 2.80 | -3.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | 0.42 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.68 | -1.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.74 | -1.19 |
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 | -99.33% | -81.66% | -17.67% |
Current DrawdownCurrent decline from peak | -99.75% | -2.29% | -97.46% |
Average DrawdownAverage peak-to-trough decline | -84.54% | -18.52% | -66.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.12% | 11.28% | +28.84% |
Volatility
BZQ vs. TQQQ - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 15.01% compared to ProShares UltraPro QQQ (TQQQ) at 13.35%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier 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 | 15.01% | 13.35% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 41.06% | 36.04% | +5.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 47.60% | +2.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.23% | 66.50% | -11.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.92% | 65.95% | +0.97% |
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 7.14%, more than TQQQ's 0.37% 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% |
TQQQ ProShares UltraPro QQQ | 0.37% | 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 -0.48, 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 TQQQ (13.35%). In terms of maximum drawdown, BZQ dropped -99.82% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 44.95% vs -36.94% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 13.35%. 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 44.95% return vs -36.94%. 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 7.14%, compared with 0.37% for TQQQ.
BZQ tracks MSCI Brazil 25-50 (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.80 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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