BZQ vs. TSMG

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort MSCI Brazil Capped (BZQ) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

BZQ and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BZQ is a passively managed fund by ProShares that tracks the performance of the MSCI Brazil 25-50 (-200%). It was launched on Jun 16, 2009. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

BZQ vs. TSMG - 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 TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

BZQ vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
BZQ ProShares UltraShort MSCI Brazil Capped	-35.24%	-56.09%
TSMG Leverage Shares 2X Long TSM Daily ETF	18.85%	76.34%

Returns By Period

In the year-to-date period, BZQ achieves a -35.24% return, which is significantly lower than TSMG's 18.85% return.

BZQ

• 1D: -0.31%
• 1M: -2.23%
• YTD: -35.24%
• 6M: -44.95%
• 1Y: -62.63%
• 3Y*: -34.64%
• 5Y*: -32.43%
• 10Y*: -38.77%

TSMG

• 1D: 2.29%
• 1M: -16.16%
• YTD: 18.85%
• 6M: 24.81%
• 1Y: 225.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BZQ vs. TSMG - Expense Ratio Comparison

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

BZQ

ProShares UltraShort MSCI Brazil Capped

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

BZQ vs. TSMG — Risk / Return Rank

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

BZQ

BZQ Risk / Return Rank: 1
BZQ Sharpe Ratio Rank: 0
BZQ Sortino Ratio Rank: 0
BZQ Omega Ratio Rank: 0
BZQ Calmar Ratio Rank: 1
BZQ Martin Ratio Rank: 2

TSMG

TSMG Risk / Return Rank: 95
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 94
TSMG Omega Ratio Rank: 89
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 97

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. TSMG - 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 TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio Return per unit of total volatility	-1.22	2.94	-4.17
Sortino ratio Return per unit of downside risk	-2.25	3.06	-5.31
Omega ratio Gain probability vs. loss probability	0.75	1.39	-0.64
Calmar ratio Return relative to maximum drawdown	-0.90	6.67	-7.57
Martin ratio Return relative to average drawdown	-1.36	20.63	-22.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BZQ vs. TSMG - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.22, which is lower than the TSMG Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of BZQ and TSMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BZQ	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	2.94	-4.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.59	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.46	1.04	-1.51

Correlation

The correlation between BZQ and TSMG is -0.42. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BZQ vs. TSMG - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 8.52%, less than TSMG's 9.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BZQ ProShares UltraShort MSCI Brazil Capped	8.52%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.66%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BZQ vs. TSMG - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.79%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for BZQ and TSMG.

Drawdown Indicators

	BZQ	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.79%	-63.67%	-36.12%
Max Drawdown (1Y) Largest decline over 1 year	-70.23%	-35.29%	-34.94%
Max Drawdown (5Y) Largest decline over 5 years	-86.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.37%	—	—
Current Drawdown Current decline from peak	-99.79%	-24.61%	-75.18%
Average Drawdown Average peak-to-trough decline	-84.38%	-18.24%	-66.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.46%	11.41%	+35.05%

Volatility

BZQ vs. TSMG - Volatility Comparison

The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 22.43%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 28.00%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZQ	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.43%	28.00%	-5.57%
Volatility (6M) Calculated over the trailing 6-month period	39.07%	54.68%	-15.61%
Volatility (1Y) Calculated over the trailing 1-year period	51.39%	77.04%	-25.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.41%	81.23%	-25.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.40%	81.23%	-13.83%