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 Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, BZQ returned -36.28%/yr vs -2.35%/yr for UST. At a 0.11 correlation, their price movements are largely independent. 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 -21.13% return, which is significantly lower than UST's -2.82% return. Over the past 10 years, BZQ has underperformed UST with an annualized return of -36.28%, while UST has yielded a comparatively higher -2.35% 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%
UST
- 1D
- 0.23%
- 1M
- 0.95%
- YTD
- -2.82%
- 6M
- -2.86%
- 1Y
- 1.76%
- 3Y*
- -0.19%
- 5Y*
- -6.85%
- 10Y*
- -2.35%
BZQ vs. UST - 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% |
UST ProShares Ultra 7-10 Year Treasury | -2.82% | 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 -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
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 -0.18 (3 years) 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 | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.04 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 0.20 | -0.90 |
| Martin ratioReturn relative to average drawdown | -1.10 | 0.52 | -1.62 |
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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 | -65.20% | -8.75% | -56.45% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -16.66% | -60.65% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -43.97% | -44.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.26% | -47.99% | -51.27% |
Current DrawdownCurrent decline from peak | -99.74% | -38.29% | -61.45% |
Average DrawdownAverage peak-to-trough decline | -84.56% | -15.20% | -69.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.49% | 3.37% | +38.12% |
Volatility
BZQ vs. UST - Volatility Comparison
ProShares UltraShort MSCI Brazil Capped (BZQ) has a higher volatility of 12.21% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.71%. 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 | 12.21% | 2.71% | +9.50% |
Volatility (6M)Calculated over the trailing 6-month period | 39.49% | 6.85% | +32.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.03% | 9.34% | +40.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.34% | 15.47% | +39.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.75% | 13.16% | +53.59% |
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 7.00%, more than UST's 3.49% 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% |
UST ProShares Ultra 7-10 Year Treasury | 3.49% | 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 -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (12.21%) compared to UST (2.71%). In terms of maximum drawdown, BZQ dropped -99.82% vs UST's -47.99%.
On 10-year performance, UST leads with -2.35% vs -36.28% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.71%. 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 -2.35% return vs -36.28%. 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 7.00%, compared with 3.49% for UST.
BZQ is categorized as Leveraged Equities, while UST is Leveraged Bonds. BZQ tracks MSCI Brazil 25-50 (-200%), while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%).
UST currently has the higher Sharpe Ratio (0.19 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.
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