BZQ vs. ULE
BZQ (ProShares UltraShort MSCI Brazil Capped) and ULE (ProShares Ultra Euro) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, BZQ returned -34.79%/yr vs -2.46%/yr for ULE. At a correlation of -0.27, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -26.91% return, which is significantly lower than ULE's -6.69% return. Over the past 10 years, BZQ has underperformed ULE with an annualized return of -34.79%, while ULE has yielded a comparatively higher -2.46% annualized return.
BZQ
- 1D
- 3.03%
- 1M
- -3.96%
- 6M
- -21.76%
- YTD
- -26.91%
- 1Y
- -49.86%
- 3Y*
- -22.15%
- 5Y*
- -23.23%
- 10Y*
- -34.79%
ULE
- 1D
- -0.50%
- 1M
- -3.03%
- 6M
- -5.32%
- YTD
- -6.69%
- 1Y
- -6.55%
- 3Y*
- 0.08%
- 5Y*
- -3.41%
- 10Y*
- -2.46%
BZQ vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -26.91% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
ULE ProShares Ultra Euro | -6.69% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between BZQ and ULE is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.27 |
The correlation between BZQ and ULE shifts across timeframes, from -0.34 (1 year) to -0.22 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. ULE — Risk / Return Rank
BZQ
ULE
BZQ vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra Euro (ULE). 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 | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.93 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.56 | -0.20 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.15 | -0.01 |
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Drawdowns
BZQ vs. ULE - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for BZQ and ULE.
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Drawdown Indicators
| BZQ | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -72.74% | -27.08% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -11.67% | -53.53% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -17.44% | -59.87% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -37.59% | -51.06% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | -51.30% | -47.66% |
Current DrawdownCurrent decline from peak | -99.76% | -63.57% | -36.19% |
Average DrawdownAverage peak-to-trough decline | -84.60% | -46.15% | -38.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.07% | 5.69% | +37.38% |
Volatility
BZQ vs. ULE - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.15% compared to ProShares Ultra Euro (ULE) at 2.68%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.15% | 2.68% | +9.47% |
Volatility (6M)Calculated over the trailing 6-month period | 39.67% | 8.90% | +30.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.84% | 13.05% | +36.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.14% | 16.07% | +39.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.57% | 15.09% | +51.48% |
BZQ vs. ULE - Expense Ratio Comparison
Both BZQ and ULE have an expense ratio of 0.95%.
Dividends
BZQ vs. ULE - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.55%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.55% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BZQ and ULE have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (12.15%) compared to ULE (2.68%). In terms of maximum drawdown, BZQ dropped -99.82% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.46% vs -34.79% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.46% return vs -34.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and ULE have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.55%, compared with 0.00% for ULE.
BZQ is categorized as Leveraged Equities, while ULE is Leveraged Currency. BZQ tracks MSCI Brazil 25-50 (-200%), while ULE tracks USD/EUR Exchange Rate (-200%).
ULE currently has the higher Sharpe Ratio (-0.50 vs -1.01), 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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