EWZ vs. BZQ
EWZ (iShares MSCI Brazil ETF) and BZQ (ProShares UltraShort MSCI Brazil Capped) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%). Both are passively managed. Over the past 10 years, EWZ returned 7.81%/yr vs -36.91%/yr for BZQ. At a correlation of -1.00, they often move in opposite directions. EWZ charges 0.59%/yr vs 0.95%/yr for BZQ.
Performance
EWZ vs. BZQ - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 9.03% return, which is significantly higher than BZQ's -22.16% return. Over the past 10 years, EWZ has outperformed BZQ with an annualized return of 7.81%, while BZQ has yielded a comparatively lower -36.91% annualized return.
EWZ
- 1D
- -3.19%
- 1M
- -11.27%
- YTD
- 9.03%
- 6M
- 4.84%
- 1Y
- 32.42%
- 3Y*
- 11.04%
- 5Y*
- 4.31%
- 10Y*
- 7.81%
BZQ
- 1D
- 6.49%
- 1M
- 25.18%
- YTD
- -22.16%
- 6M
- -17.09%
- 1Y
- -48.65%
- 3Y*
- -24.66%
- 5Y*
- -21.99%
- 10Y*
- -36.91%
EWZ vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 9.03% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
BZQ ProShares UltraShort MSCI Brazil Capped | -22.16% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
Correlation
The correlation between EWZ and BZQ is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009 | -1.00 |
The correlation between EWZ and BZQ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
EWZ vs. BZQ — Risk / Return Rank
EWZ
BZQ
EWZ vs. BZQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and ProShares UltraShort MSCI Brazil Capped (BZQ). 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.
| EWZ | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.83 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | -0.75 | +2.67 |
| Martin ratioReturn relative to average drawdown | 6.10 | -1.22 | +7.32 |
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
| EWZ | BZQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | -0.98 | +2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.40 | +0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | -0.55 | +0.78 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | -0.45 | +0.62 |
Drawdowns
EWZ vs. BZQ - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum BZQ drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for EWZ and BZQ.
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Drawdown Indicators
| EWZ | BZQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -99.82% | +22.57% |
Max Drawdown (1Y)Largest decline over 1 year | -16.99% | -65.20% | +48.21% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -77.31% | +45.95% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -88.65% | +56.41% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -99.33% | +42.34% |
Current DrawdownCurrent decline from peak | -24.07% | -99.74% | +75.67% |
Average DrawdownAverage peak-to-trough decline | -35.95% | -84.53% | +48.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 39.99% | -34.66% |
Volatility
EWZ vs. BZQ - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.84%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 15.53%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than BZQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | BZQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.84% | 15.53% | -7.69% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 41.21% | -20.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.97% | 49.62% | -24.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.68% | 55.26% | -27.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.10% | 66.94% | -32.84% |
EWZ vs. BZQ - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is lower than BZQ's 0.95% expense ratio.
Dividends
EWZ vs. BZQ - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.76%, less than BZQ's 7.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.09% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.76% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
Frequently Asked Questions
EWZ and BZQ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (15.53%) compared to EWZ (7.84%). In terms of maximum drawdown, EWZ dropped -77.25% vs BZQ's -99.82%.
On 10-year performance, EWZ leads with 7.81% vs -36.91% for BZQ. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 7.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWZ has performed better with a 7.81% return vs -36.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ is cheaper with a 0.59% expense ratio, compared with 0.95% for BZQ.
BZQ has the higher dividend yield at 7.09%, compared with 4.76% for EWZ.
EWZ is categorized as Latin America Equities, while BZQ is Leveraged Equities. EWZ tracks MSCI Brazil 25/50 Index, while BZQ tracks MSCI Brazil 25-50 (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for EWZ and 0.95% for BZQ.
EWZ currently has the higher Sharpe Ratio (1.31 vs -0.98), 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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