BZQ vs. UJB
BZQ (ProShares UltraShort MSCI Brazil Capped) and UJB (ProShares Ultra High Yield) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 10 years, BZQ returned -36.28%/yr vs 5.51%/yr for UJB. At a correlation of -0.27, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -21.13% return, which is significantly lower than UJB's 1.07% return. Over the past 10 years, BZQ has underperformed UJB with an annualized return of -36.28%, while UJB has yielded a comparatively higher 5.51% annualized return.
BZQ
- 1D
- 0.89%
- 1M
- 11.08%
- YTD
- -21.13%
- 6M
- -22.40%
- 1Y
- -45.58%
- 3Y*
- -19.62%
- 5Y*
- -21.05%
- 10Y*
- -36.28%
UJB
- 1D
- -0.12%
- 1M
- 0.61%
- YTD
- 1.07%
- 6M
- 1.41%
- 1Y
- 7.39%
- 3Y*
- 12.18%
- 5Y*
- 2.81%
- 10Y*
- 5.51%
BZQ vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.13% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
UJB ProShares Ultra High Yield | 1.07% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
Correlation
The correlation between BZQ and UJB is -0.49, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | -0.27 |
Over the past year, the inverse relationship between BZQ and UJB has strengthened: their correlation has moved from -0.27 to -0.49, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BZQ vs. UJB — Risk / Return Rank
BZQ
UJB
BZQ vs. UJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra High Yield (UJB). 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 | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 1.48 | -2.18 |
| Martin ratioReturn relative to average drawdown | -1.10 | 6.23 | -7.33 |
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Drawdowns
BZQ vs. UJB - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for BZQ and UJB.
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Drawdown Indicators
| BZQ | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -40.14% | -59.68% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -5.01% | -60.19% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -9.47% | -67.84% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -30.14% | -58.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -40.14% | -59.12% |
Current DrawdownCurrent decline from peak | -99.74% | -0.59% | -99.15% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -6.15% | -78.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.49% | 1.19% | +40.30% |
Volatility
BZQ vs. UJB - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.21% compared to ProShares Ultra High Yield (UJB) at 1.96%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than UJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.21% | 1.96% | +10.25% |
Volatility (6M)Calculated over the trailing 6-month period | 39.49% | 5.90% | +33.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 7.37% | +42.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 14.69% | +40.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.75% | 18.02% | +48.73% |
BZQ vs. UJB - Expense Ratio Comparison
Both BZQ and UJB have an expense ratio of 0.95%.
Dividends
BZQ vs. UJB - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.00%, more than UJB's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.00% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.34% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
Frequently Asked Questions
BZQ and UJB have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (12.21%) compared to UJB (1.96%). In terms of maximum drawdown, BZQ dropped -99.82% vs UJB's -40.14%.
On 10-year performance, UJB leads with 5.51% vs -36.28% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UJB has performed better with a 5.51% return vs -36.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and UJB have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.00%, compared with 3.34% for UJB.
BZQ is categorized as Leveraged Equities, while UJB is Leveraged Bonds. BZQ tracks MSCI Brazil 25-50 (-200%), while UJB tracks Markit iBoxx $ Liquid High Yield Index.
UJB currently has the higher Sharpe Ratio (1.01 vs -0.91), 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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