HFEQ vs. BRZU

Last updated Jun 5, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index. HFEQ is actively managed, while BRZU is passively managed. A 0.59 correlation means they provide meaningful diversification when combined. HFEQ charges 1.00%/yr vs 1.29%/yr for BRZU.

Performance

HFEQ vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFEQ achieves a 14.52% return, which is significantly higher than BRZU's 12.94% return.

HFEQ

• 1D: 0.42%
• 1M: 3.94%
• YTD: 14.52%
• 6M: 13.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BRZU

• 1D: 1.06%
• 1M: -24.13%
• YTD: 12.94%
• 6M: 0.45%
• 1Y: 58.46%
• 3Y*: 9.40%
• 5Y*: -3.84%
• 10Y*: -16.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HFEQ vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.52%	14.92%
BRZU Direxion Daily Brazil Bull 2X Shares	12.94%	36.72%

Correlation

The correlation between HFEQ and BRZU is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.59

Return for Risk

HFEQ vs. BRZU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRZU

BRZU Risk / Return Rank: 34
BRZU Sharpe Ratio Rank: 33
BRZU Sortino Ratio Rank: 32
BRZU Omega Ratio Rank: 34
BRZU Calmar Ratio Rank: 37
BRZU Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HFEQ vs. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HFEQ	BRZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.07	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	-0.35	+2.03

Drawdowns

HFEQ vs. BRZU - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for HFEQ and BRZU.

Drawdown Indicators

	HFEQ	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-99.71%	+87.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-58.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-65.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.11%	—
Current Drawdown Current decline from peak	0.00%	-99.19%	+99.19%
Average Drawdown Average peak-to-trough decline	-2.44%	-89.56%	+87.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.84%	—

Volatility

Volatility by Period

	HFEQ	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	41.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	49.55%	-27.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	55.37%	-33.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	83.13%	-61.57%

HFEQ vs. BRZU - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

HFEQ vs. BRZU - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.21%, more than BRZU's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	2.36%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.21%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and BRZU in my portfolio?

HFEQ and BRZU have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or BRZU?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or BRZU?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.29% for BRZU.

Which ETF pays a higher dividend yield, HFEQ or BRZU?

HFEQ has the higher dividend yield at 9.21%, compared with 2.36% for BRZU.

What is the main difference between HFEQ and BRZU?

HFEQ is categorized as Long-Short, while BRZU is Leveraged Equities. They also come from different issuers: Unlimited and Direxion. Their fees differ too: 1.00% for HFEQ and 1.29% for BRZU.