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 -34.28%/yr vs 28.55%/yr for UPRO. Their -0.52 correlation means they have often moved in opposite directions in the past. BZQ charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
BZQ vs. UPRO - 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 UPRO's 26.96% return. Over the past 10 years, BZQ has underperformed UPRO with an annualized return of -34.28%, while UPRO has yielded a comparatively higher 28.55% 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%
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.44K | $121.14K | $200.97K | |
| $303.16M | $293.07M | $361.38M |
BZQ vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 26.96% | 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 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. | -0.50 |
Correlation (3Y) Balances recent behavior with more history. | -0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.44 |
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.
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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 | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.97 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.27 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.27 | -3.14 |
| Martin ratioReturn relative to average drawdown | -1.28 | 8.68 | -9.96 |
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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.
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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 | -64.18% | -26.78% | -37.40% |
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 | -98.92% | -76.82% | -22.10% |
Current DrawdownCurrent decline from peak | -99.77% | -2.80% | -96.97% |
Average DrawdownAverage peak-to-trough decline | -84.66% | -14.34% | -70.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.64% | 6.99% | +37.65% |
Volatility
BZQ vs. UPRO - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 13.59% compared to ProShares UltraPro S&P 500 (UPRO) at 11.49%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.59% | 11.49% | +2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 38.33% | 30.61% | +7.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.09% | 38.43% | +11.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 50.74% | +4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 53.81% | +12.74% |
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 8.02%, 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 | 8.02% | 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.
BZQ has higher volatility (13.59%) compared to UPRO (11.49%). In terms of maximum drawdown, BZQ dropped -99.82% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.55% vs -34.28% for BZQ. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.49%. 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 28.55% return vs -34.28%. 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 8.02%, 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 (1.58 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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