BZQ vs. USD
BZQ (ProShares UltraShort MSCI Brazil Capped) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - BZQ tracks the MSCI Brazil 25-50 (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, BZQ returned -36.94%/yr vs 61.24%/yr for USD. At a correlation of -0.38, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
BZQ vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -22.71% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, BZQ has underperformed USD with an annualized return of -36.94%, while USD has yielded a comparatively higher 61.24% annualized return.
BZQ
- 1D
- -0.71%
- 1M
- 28.30%
- YTD
- -22.71%
- 6M
- -15.11%
- 1Y
- -49.29%
- 3Y*
- -24.58%
- 5Y*
- -22.10%
- 10Y*
- -36.94%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
BZQ vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -22.71% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between BZQ and USD is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009 | -0.38 |
The correlation between BZQ and USD shifts across timeframes, from -0.38 (all time) to -0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. USD — Risk / Return Rank
BZQ
USD
BZQ vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra Semiconductors (USD). 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.
| BZQ | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.12 | ||
| Sortino ratioReturn per unit of downside risk | -5.18 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.48 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 7.94 | -8.70 |
| Martin ratioReturn relative to average drawdown | -1.23 | 22.96 | -24.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BZQ | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 4.12 | -5.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | 0.89 | -1.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.89 | -1.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.49 | -0.94 |
Drawdowns
BZQ vs. USD - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BZQ and USD.
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Drawdown Indicators
| BZQ | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -88.63% | -11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -31.80% | -33.40% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -64.46% | -12.85% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -77.85% | -10.80% |
Max Drawdown (10Y)Largest decline over 10 years | -99.33% | -77.85% | -21.48% |
Current DrawdownCurrent decline from peak | -99.75% | -6.07% | -93.68% |
Average DrawdownAverage peak-to-trough decline | -84.54% | -32.35% | -52.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.12% | 10.98% | +29.14% |
Volatility
BZQ vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 15.01%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.01% | 21.29% | -6.28% |
Volatility (6M)Calculated over the trailing 6-month period | 41.06% | 46.74% | -5.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 61.28% | -11.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.23% | 76.56% | -21.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.92% | 69.24% | -2.32% |
BZQ vs. USD - Expense Ratio Comparison
Both BZQ and USD have an expense ratio of 0.95%.
Dividends
BZQ vs. USD - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.14%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.14% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
BZQ and USD 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.
USD has higher volatility (21.29%) compared to BZQ (15.01%). In terms of maximum drawdown, BZQ dropped -99.82% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -36.94% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 15.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 61.24% return vs -36.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and USD have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.14%, compared with 0.23% for USD.
BZQ tracks MSCI Brazil 25-50 (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.12 vs -1.00), 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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