BZQ vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily TSM Bull 2X Shares (TSMX).

BZQ and TSMX 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. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

BZQ vs. TSMX - Performance Comparison

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

BZQ vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BZQ ProShares UltraShort MSCI Brazil Capped	-35.05%	-57.90%	49.94%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, BZQ achieves a -35.05% return, which is significantly lower than TSMX's 16.15% return.

BZQ

• 1D: -8.31%
• 1M: -1.44%
• YTD: -35.05%
• 6M: -43.36%
• 1Y: -63.23%
• 3Y*: -34.58%
• 5Y*: -32.39%
• 10Y*: -38.75%

TSMX

• 1D: 13.81%
• 1M: -20.58%
• YTD: 16.15%
• 6M: 30.27%
• 1Y: 227.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BZQ vs. TSMX - Expense Ratio Comparison

BZQ has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.

TSMX

Direxion Daily TSM Bull 2X Shares

BZQ

ProShares UltraShort MSCI Brazil Capped

Return for Risk

BZQ vs. TSMX — 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: 0
BZQ Martin Ratio Rank: 2

TSMX

TSMX Risk / Return Rank: 96
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 95
TSMX Omega Ratio Rank: 91
TSMX Calmar Ratio Rank: 98
TSMX 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. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and Direxion Daily TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio Return per unit of total volatility	-1.23	2.95	-4.19
Sortino ratio Return per unit of downside risk	-2.29	3.08	-5.37
Omega ratio Gain probability vs. loss probability	0.75	1.39	-0.64
Calmar ratio Return relative to maximum drawdown	-0.90	6.59	-7.48
Martin ratio Return relative to average drawdown	-1.36	20.50	-21.87
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. TSMX - Sharpe Ratio Comparison

The current BZQ Sharpe Ratio is -1.23, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of BZQ and TSMX, 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	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.23	2.95	-4.19
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	1.01	-1.47

Correlation

The correlation between BZQ and TSMX is -0.33. 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. TSMX - Dividend Comparison

BZQ's dividend yield for the trailing twelve months is around 8.50%, more than TSMX's 7.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BZQ ProShares UltraShort MSCI Brazil Capped	8.50%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BZQ vs. TSMX - Drawdown Comparison

The maximum BZQ drawdown since its inception was -99.79%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for BZQ and TSMX.

Drawdown Indicators

	BZQ	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-99.79%	-63.80%	-35.99%
Max Drawdown (1Y) Largest decline over 1 year	-70.23%	-34.93%	-35.30%
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%	-25.94%	-73.85%
Average Drawdown Average peak-to-trough decline	-84.37%	-16.74%	-67.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.25%	11.22%	+35.03%

Volatility

BZQ vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 24.38%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 29.06%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZQ	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.38%	29.06%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	39.07%	54.61%	-15.54%
Volatility (1Y) Calculated over the trailing 1-year period	51.40%	77.49%	-26.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.46%	81.26%	-25.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.41%	81.26%	-13.85%