BZQ vs. UVXY
BZQ (ProShares UltraShort MSCI Brazil Capped) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, BZQ returned -36.54%/yr vs -73.90%/yr for UVXY. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
BZQ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, BZQ achieves a -21.77% return, which is significantly higher than UVXY's -24.94% return. Over the past 10 years, BZQ has outperformed UVXY with an annualized return of -36.54%, while UVXY has yielded a comparatively lower -73.90% annualized return.
BZQ
- 1D
- -2.44%
- 1M
- 11.18%
- YTD
- -21.77%
- 6M
- -23.48%
- 1Y
- -46.45%
- 3Y*
- -19.84%
- 5Y*
- -21.85%
- 10Y*
- -36.54%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
BZQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | -21.77% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between BZQ and UVXY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.44 |
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Return for Risk
BZQ vs. UVXY — Risk / Return Rank
BZQ
UVXY
BZQ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Brazil Capped (BZQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.83 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.99 | +0.27 |
| Martin ratioReturn relative to average drawdown | -1.11 | -1.43 | +0.32 |
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Drawdowns
BZQ vs. UVXY - Drawdown Comparison
The maximum BZQ drawdown since its inception was -99.82%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BZQ and UVXY.
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Drawdown Indicators
| BZQ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -100.00% | +0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -65.20% | -72.74% | +7.54% |
Max Drawdown (3Y)Largest decline over 3 years | -77.31% | -94.91% | +17.60% |
Max Drawdown (5Y)Largest decline over 5 years | -88.65% | -99.71% | +11.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.19% | -100.00% | +0.81% |
Current DrawdownCurrent decline from peak | -99.74% | -100.00% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -84.57% | -98.75% | +14.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.72% | 50.54% | -8.82% |
Volatility
BZQ vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Brazil Capped (BZQ) is 12.14%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.55%. This indicates that BZQ experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BZQ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.14% | 25.55% | -13.41% |
Volatility (6M)Calculated over the trailing 6-month period | 39.57% | 66.08% | -26.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.07% | 84.93% | -34.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.29% | 103.95% | -48.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.73% | 112.35% | -45.62% |
BZQ vs. UVXY - Expense Ratio Comparison
Both BZQ and UVXY have an expense ratio of 0.95%.
Dividends
BZQ vs. UVXY - Dividend Comparison
BZQ's dividend yield for the trailing twelve months is around 7.06%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.06% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BZQ and UVXY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to BZQ (12.14%). In terms of maximum drawdown, BZQ dropped -99.82% vs UVXY's -100.00%.
On 10-year performance, BZQ leads with -36.54% vs -73.90% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 12.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BZQ has performed better with a -36.54% return vs -73.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BZQ and UVXY have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.06%, compared with 0.00% for UVXY.
BZQ is categorized as Leveraged Equities, while UVXY is Volatility. BZQ tracks MSCI Brazil 25-50 (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.85 vs -0.93), 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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