BZQ vs. UBR
BZQ (ProShares UltraShort MSCI Brazil Capped) and UBR (ProShares Ultra MSCI Brazil) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while UBR tracks the MSCI Brazil Index (200%). Both are passively managed. Over the past 10 years, BZQ returned -35.16%/yr vs -4.03%/yr for UBR. Their -0.98 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
BZQ vs. UBR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BZQ achieves a -32.32% return, which is significantly lower than UBR's 25.33% return. Over the past 10 years, BZQ has underperformed UBR with an annualized return of -35.16%, while UBR has yielded a comparatively higher -4.03% annualized return.
BZQ
- 1D
- -1.14%
- 1M
- -12.67%
- 6M
- -6.72%
- YTD
- -32.32%
- 1Y
- -56.45%
- 3Y*
- -22.51%
- 5Y*
- -26.33%
- 10Y*
- -35.16%
- ALL TIME*
- -29.46%
UBR
- 1D
- 0.70%
- 1M
- 12.25%
- 6M
- -6.59%
- YTD
- 25.33%
- 1Y
- 81.94%
- 3Y*
- 5.62%
- 5Y*
- 0.83%
- 10Y*
- -4.03%
- ALL TIME*
- -12.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.22K | $119.51K | $205.80K | |
| $50.41K | $42.73K | $85.45K |
BZQ vs. UBR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -32.32% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
UBR ProShares Ultra MSCI Brazil | 25.33% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
Correlation
The correlation between BZQ and UBR is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | -0.98 |
The correlation between BZQ and UBR has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BZQ vs. UBR — Risk / Return Rank
BZQ
UBR
BZQ vs. UBR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra MSCI Brazil (UBR). 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 | UBR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -4.12 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.28 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 2.35 | -3.22 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.45 | -6.73 |
Loading charts...
Drawdowns
BZQ vs. UBR - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum UBR drawdown of -97.15%. Use the drawdown chart below to compare losses from any high point for BZQ and UBR.
Loading charts...
Drawdown Indicators
| BZQ | UBR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -97.15% | -2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -64.86% | -35.75% | -29.11% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -58.11% | -19.20% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -65.23% | -23.42% |
Max Drawdown (10Y)Largest decline over 10 years | -98.92% | -87.57% | -11.35% |
Current DrawdownCurrent decline from peak | -99.78% | -92.06% | -7.72% |
Average DrawdownAverage peak-to-trough decline | -84.65% | -78.03% | -6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.91% | 15.35% | +29.56% |
Volatility
BZQ vs. UBR - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 13.41% compared to ProShares Ultra MSCI Brazil (UBR) at 11.69%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than UBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BZQ | UBR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.41% | 11.69% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 38.63% | 38.29% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 49.70% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 55.14% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 66.24% | +0.31% |
BZQ vs. UBR - Expense Ratio Comparison
Both BZQ and UBR have an expense ratio of 0.95%.
Dividends
BZQ vs. UBR - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 8.15%, more than UBR's 1.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 8.15% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
UBR ProShares Ultra MSCI Brazil | 1.57% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% |
Frequently Asked Questions
BZQ and UBR have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (13.41%) compared to UBR (11.69%). In terms of maximum drawdown, BZQ dropped -99.82% vs UBR's -97.15%.
On 10-year performance, UBR leads with -4.03% vs -35.16% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UBR has been the lower-risk option at 11.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UBR has performed better with a -4.03% return vs -35.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and UBR have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 8.15%, compared with 1.57% for UBR.
BZQ tracks MSCI Brazil 25-50 (-200%), while UBR tracks MSCI Brazil Index (200%).
UBR currently has the higher Sharpe Ratio (1.69 vs -1.14), 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.
Find the right allocation for BZQ and UBR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer