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 -34.28%/yr vs -2.26%/yr for ULE. Their -0.28 correlation means they have often moved in opposite directions in the past. 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 -31.18% return, which is significantly lower than ULE's -4.67% return. Over the past 10 years, BZQ has underperformed ULE with an annualized return of -34.28%, while ULE has yielded a comparatively higher -2.26% annualized return.
BZQ
- 1D
- 1.68%
- 1M
- -11.20%
- 6M
- -3.41%
- YTD
- -31.18%
- 1Y
- -55.71%
- 3Y*
- -23.89%
- 5Y*
- -25.86%
- 10Y*
- -34.28%
- ALL TIME*
- -29.38%
ULE
- 1D
- -0.20%
- 1M
- 1.38%
- 6M
- -5.11%
- YTD
- -4.67%
- 1Y
- -2.62%
- 3Y*
- 2.13%
- 5Y*
- -2.97%
- 10Y*
- -2.26%
- ALL TIME*
- -3.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.44K | $121.14K | $200.97K | |
| $31.00K | $35.22K | $51.98K |
BZQ vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -31.18% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
ULE ProShares Ultra Euro | -4.67% | 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 -0.36, 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.28 |
The correlation between BZQ and ULE shifts across timeframes, from -0.36 (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 | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.97 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.23 | -0.65 |
| Martin ratioReturn relative to average drawdown | -1.28 | -0.42 | -0.85 |
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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 | -64.18% | -11.67% | -52.51% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -16.95% | -60.36% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -37.36% | -51.29% |
Max Drawdown (10Y)Largest decline over 10 years | -98.92% | -51.30% | -47.62% |
Current DrawdownCurrent decline from peak | -99.77% | -62.79% | -36.98% |
Average DrawdownAverage peak-to-trough decline | -84.66% | -46.21% | -38.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.64% | 6.18% | +38.46% |
Volatility
BZQ vs. ULE - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 13.59% compared to ProShares Ultra Euro (ULE) at 2.44%. 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 | 13.59% | 2.44% | +11.15% |
Volatility (6M)Calculated over the trailing 6-month period | 38.33% | 7.98% | +30.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.09% | 12.18% | +37.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 16.08% | +38.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 15.07% | +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 8.02%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 8.02% | 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 -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (13.59%) compared to ULE (2.44%). In terms of maximum drawdown, BZQ dropped -99.82% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.26% vs -34.28% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.44%. 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 -2.26% return vs -34.28%. 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 8.02%, 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 (-0.22 vs -1.12), 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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