BZQ vs. UST
BZQ (ProShares UltraShort MSCI Brazil Capped) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, BZQ returned -34.28%/yr vs -2.53%/yr for UST. Their 0.11 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
BZQ vs. UST - 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 UST's -4.75% return. Over the past 10 years, BZQ has underperformed UST with an annualized return of -34.28%, while UST has yielded a comparatively higher -2.53% 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%
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.44K | $121.14K | $200.97K | |
| $493.89K | $437.03K | $327.72K |
BZQ vs. UST - 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% |
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between BZQ and UST is -0.19, 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. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | 0.11 |
The correlation between BZQ and UST shifts across timeframes, from -0.19 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BZQ vs. UST — Risk / Return Rank
BZQ
UST
BZQ vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra 7-10 Year Treasury (UST). 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 | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.96 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.30 | -0.57 |
| Martin ratioReturn relative to average drawdown | -1.28 | -0.66 | -0.62 |
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Drawdowns
BZQ vs. UST - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for BZQ and UST.
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Drawdown Indicators
| BZQ | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -47.99% | -51.83% |
Max Drawdown (1Y)Largest decline over 1 year | -64.18% | -8.86% | -55.32% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -14.85% | -62.46% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -43.53% | -45.12% |
Max Drawdown (10Y)Largest decline over 10 years | -98.92% | -47.99% | -50.93% |
Current DrawdownCurrent decline from peak | -99.77% | -39.52% | -60.25% |
Average DrawdownAverage peak-to-trough decline | -84.66% | -15.35% | -69.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.64% | 4.07% | +40.57% |
Volatility
BZQ vs. UST - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 13.59% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.65%. This indicates that BZQ's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.59% | 2.65% | +10.94% |
Volatility (6M)Calculated over the trailing 6-month period | 38.33% | 7.24% | +31.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.09% | 9.01% | +41.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.82% | 15.45% | +39.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.55% | 13.15% | +53.40% |
BZQ vs. UST - Expense Ratio Comparison
Both BZQ and UST have an expense ratio of 0.95%.
Dividends
BZQ vs. UST - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 8.02%, more than UST's 3.63% 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% |
UST ProShares Ultra 7-10 Year Treasury | 3.63% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
BZQ and UST have a correlation of -0.19, 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 UST (2.65%). In terms of maximum drawdown, BZQ dropped -99.82% vs UST's -47.99%.
On 10-year performance, UST leads with -2.53% vs -34.28% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UST has performed better with a -2.53% return vs -34.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and UST have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 8.02%, compared with 3.63% for UST.
BZQ is categorized as Leveraged Equities, while UST is Leveraged Bonds. BZQ tracks MSCI Brazil 25-50 (-200%), while UST tracks ICE U.S. Treasury 7-10 Year Bond Index.
UST currently has the higher Sharpe Ratio (-0.30 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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