BZQ vs. UCO
BZQ (ProShares UltraShort MSCI Brazil Capped) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, BZQ returned -34.47%/yr vs 22.97%/yr for UCO. At a correlation of -0.33, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -26.43% return, which is significantly lower than UCO's 112.22% return. Over the past 10 years, BZQ has underperformed UCO with an annualized return of -34.47%, while UCO has yielded a comparatively higher 22.97% annualized return.
BZQ
- 1D
- -0.03%
- 1M
- -7.58%
- 6M
- -19.82%
- YTD
- -26.43%
- 1Y
- -49.00%
- 3Y*
- -22.06%
- 5Y*
- -23.87%
- 10Y*
- -34.47%
UCO
- 1D
- 4.73%
- 1M
- 12.14%
- 6M
- 100.39%
- YTD
- 112.22%
- 1Y
- 69.63%
- 3Y*
- 15.38%
- 5Y*
- 16.65%
- 10Y*
- 22.97%
BZQ vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -26.43% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
UCO ProShares Ultra Bloomberg Crude Oil | 112.22% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between BZQ and UCO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.33 |
The correlation between BZQ and UCO shifts across timeframes, from -0.33 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. UCO — Risk / Return Rank
BZQ
UCO
BZQ vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 1.82 | -2.57 |
| Martin ratioReturn relative to average drawdown | -1.12 | 3.83 | -4.96 |
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Drawdowns
BZQ vs. UCO - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BZQ and UCO.
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Drawdown Indicators
| BZQ | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -99.86% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -38.55% | -26.65% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -50.38% | -26.93% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -67.24% | -21.41% |
Max Drawdown (10Y)Largest decline over 10 years | -98.94% | -96.50% | -2.44% |
Current DrawdownCurrent decline from peak | -99.76% | -83.53% | -16.23% |
Average DrawdownAverage peak-to-trough decline | -84.62% | -82.12% | -2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.60% | 18.22% | +25.38% |
Volatility
BZQ vs. UCO - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 11.93%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 19.48%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.93% | 19.48% | -7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 39.85% | 50.04% | -10.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.98% | 58.37% | -8.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.12% | 60.44% | -5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.56% | 317.63% | -251.07% |
BZQ vs. UCO - Expense Ratio Comparison
Both BZQ and UCO have an expense ratio of 0.95%.
Dividends
BZQ vs. UCO - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.50%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.50% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BZQ and UCO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (19.48%) compared to BZQ (11.93%). In terms of maximum drawdown, BZQ dropped -99.82% vs UCO's -99.86%.
On 10-year performance, UCO leads with 22.97% vs -34.47% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 11.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 22.97% return vs -34.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and UCO have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.50%, compared with 0.00% for UCO.
BZQ is categorized as Leveraged Equities, while UCO is Oil & Gas. BZQ tracks MSCI Brazil 25-50 (-200%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).
UCO currently has the higher Sharpe Ratio (1.20 vs -0.98), 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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