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 -36.54%/yr vs 19.59%/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 -21.77% return, which is significantly lower than UCO's 77.33% return. Over the past 10 years, BZQ has underperformed UCO with an annualized return of -36.54%, while UCO has yielded a comparatively higher 19.59% annualized return.
BZQ
- 1D
- -2.44%
- 1M
- 11.18%
- YTD
- -21.77%
- 6M
- -23.48%
- 1Y
- -46.45%
- 3Y*
- -19.84%
- 5Y*
- -21.85%
- 10Y*
- -36.54%
UCO
- 1D
- 4.80%
- 1M
- -24.44%
- YTD
- 77.33%
- 6M
- 71.99%
- 1Y
- 53.08%
- 3Y*
- 14.02%
- 5Y*
- 11.51%
- 10Y*
- 19.59%
BZQ vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.77% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
UCO ProShares Ultra Bloomberg Crude Oil | 77.33% | -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 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
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 0.10 (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 | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 1.44 | -2.15 |
| Martin ratioReturn relative to average drawdown | -1.11 | 3.23 | -4.35 |
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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% | -37.09% | -28.11% |
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 | -99.19% | -96.50% | -2.69% |
Current DrawdownCurrent decline from peak | -99.74% | -86.24% | -13.50% |
Average DrawdownAverage peak-to-trough decline | -84.57% | -82.11% | -2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.72% | 16.46% | +25.26% |
Volatility
BZQ vs. UCO - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.14%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 18.06%. 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 | 12.14% | 18.06% | -5.92% |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | 48.70% | -9.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.07% | 56.42% | -6.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.29% | 60.21% | -4.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.73% | 317.66% | -250.93% |
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 7.06%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.06% | 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 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (18.06%) compared to BZQ (12.14%). In terms of maximum drawdown, BZQ dropped -99.82% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.59% vs -36.54% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 12.14%. 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 19.59% return vs -36.54%. 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 7.06%, 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 (0.95 vs -0.93), 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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