BZQ vs. UPRO
BZQ (ProShares UltraShort MSCI Brazil Capped) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, BZQ returned -36.28%/yr vs 30.18%/yr for UPRO. At a correlation of -0.52, they often move in opposite directions. BZQ charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
BZQ vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BZQ achieves a -21.13% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, BZQ has underperformed UPRO with an annualized return of -36.28%, while UPRO has yielded a comparatively higher 30.18% 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%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
BZQ vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between BZQ and UPRO is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.52 |
The correlation between BZQ and UPRO shifts across timeframes, from -0.52 (all time) to -0.40 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BZQ vs. UPRO — Risk / Return Rank
BZQ
UPRO
BZQ vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.28 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 2.34 | -3.04 |
| Martin ratioReturn relative to average drawdown | -1.10 | 9.52 | -10.62 |
Loading charts...
Drawdowns
BZQ vs. UPRO - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for BZQ and UPRO.
Loading charts...
Drawdown Indicators
| BZQ | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -76.82% | -23.00% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -26.78% | -38.42% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -48.87% | -28.44% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -63.94% | -24.71% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -76.82% | -22.44% |
Current DrawdownCurrent decline from peak | -99.74% | -10.27% | -89.47% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -14.39% | -70.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.49% | 6.57% | +34.92% |
Volatility
BZQ vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.21%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BZQ | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.21% | 14.68% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 39.49% | 29.49% | +10.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 37.35% | +12.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 50.62% | +4.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.75% | 53.79% | +12.96% |
BZQ vs. UPRO - Expense Ratio Comparison
BZQ has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
BZQ vs. UPRO - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.00%, more than UPRO's 0.74% 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
BZQ and UPRO have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to BZQ (12.21%). In terms of maximum drawdown, BZQ dropped -99.82% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -36.28% for BZQ. On fees, UPRO is cheaper at 0.89% per year. On volatility, BZQ has been the lower-risk option at 12.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -36.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.00%, compared with 0.74% for UPRO.
BZQ tracks MSCI Brazil 25-50 (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for BZQ and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 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.
Find the right allocation for BZQ and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer