UBR vs. BRAZ

Last updated Jun 4, 2026

UBR (ProShares Ultra MSCI Brazil) and BRAZ (Global X Brazil Active ETF) are both exchange-traded funds - UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%), while BRAZ is a Latin America Equities fund tracking the Solactive Brazil Mid Cap Index. Both are passively managed. Over the past year, UBR returned 56.81% vs 32.60% for BRAZ. With a 0.97 correlation, they move nearly in lockstep. UBR charges 0.95%/yr vs 0.75%/yr for BRAZ.

Performance

UBR vs. BRAZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Brazil (UBR) and Global X Brazil Active ETF (BRAZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBR achieves a 13.03% return, which is significantly higher than BRAZ's 9.24% return.

UBR

• 1D: -5.40%
• 1M: -21.46%
• YTD: 13.03%
• 6M: 3.25%
• 1Y: 56.81%
• 3Y*: 8.90%
• 5Y*: -5.17%
• 10Y*: -1.90%

BRAZ

• 1D: -1.64%
• 1M: -10.10%
• YTD: 9.24%
• 6M: 4.93%
• 1Y: 32.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UBR vs. BRAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UBR ProShares Ultra MSCI Brazil	13.03%	96.11%	-57.05%	33.05%
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%

Correlation

The correlation between UBR and BRAZ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.97

The correlation between UBR and BRAZ has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

UBR vs. BRAZ — Risk / Return Rank

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

UBR

UBR Risk / Return Rank: 33
UBR Sharpe Ratio Rank: 32
UBR Sortino Ratio Rank: 31
UBR Omega Ratio Rank: 32
UBR Calmar Ratio Rank: 37
UBR Martin Ratio Rank: 35

BRAZ

BRAZ Risk / Return Rank: 38
BRAZ Sharpe Ratio Rank: 38
BRAZ Sortino Ratio Rank: 35
BRAZ Omega Ratio Rank: 35
BRAZ Calmar Ratio Rank: 42
BRAZ Martin Ratio Rank: 40

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.

UBR vs. BRAZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) and Global X Brazil Active ETF (BRAZ). 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.

	UBR	BRAZ	Difference
Sharpe ratio Return per unit of total volatility	1.15	1.36	-0.21
Sortino ratio Return per unit of downside risk	1.67	1.85	-0.18
Omega ratio Gain probability vs. loss probability	1.21	1.24	-0.02
Calmar ratio Return relative to maximum drawdown	1.81	2.06	-0.25
Martin ratio Return relative to average drawdown	5.36	6.33	-0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBR vs. BRAZ - Sharpe Ratio Comparison

The current UBR Sharpe Ratio is 1.15, which is comparable to the BRAZ Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of UBR and BRAZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UBR	BRAZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.36	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	0.44	-0.63

Drawdowns

UBR vs. BRAZ - Drawdown Comparison

The maximum UBR drawdown since its inception was -97.15%, which is greater than BRAZ's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for UBR and BRAZ.

Drawdown Indicators

	UBR	BRAZ	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-31.02%	-66.13%
Max Drawdown (1Y) Largest decline over 1 year	-31.50%	-15.91%	-15.59%
Max Drawdown (3Y) Largest decline over 3 years	-58.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.57%	—	—
Current Drawdown Current decline from peak	-92.84%	-15.91%	-76.93%
Average Drawdown Average peak-to-trough decline	-77.90%	-11.25%	-66.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.63%	5.17%	+5.46%

Volatility

UBR vs. BRAZ - Volatility Comparison

ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 15.51% compared to Global X Brazil Active ETF (BRAZ) at 6.95%. This indicates that UBR's price experiences larger fluctuations and is considered to be riskier than BRAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBR	BRAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	6.95%	+8.56%
Volatility (6M) Calculated over the trailing 6-month period	41.58%	20.04%	+21.54%
Volatility (1Y) Calculated over the trailing 1-year period	49.62%	24.14%	+25.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.66%	23.58%	+32.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.68%	23.58%	+43.10%

UBR vs. BRAZ - Expense Ratio Comparison

UBR has a 0.95% expense ratio, which is higher than BRAZ's 0.75% expense ratio.

Dividends

UBR vs. BRAZ - Dividend Comparison

UBR's dividend yield for the trailing twelve months is around 1.85%, less than BRAZ's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRAZ Global X Brazil Active ETF	3.12%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%
UBR ProShares Ultra MSCI Brazil	1.85%	2.05%	8.09%	1.15%	0.00%	0.00%	0.00%	0.53%	0.13%

Frequently Asked Questions

Can I hold both UBR and BRAZ in my portfolio?

With a correlation of 0.97, UBR and BRAZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UBR or BRAZ?

UBR has higher volatility (15.51%) compared to BRAZ (6.95%). In terms of maximum drawdown, UBR dropped -97.15% vs BRAZ's -31.02%.

Which ETF is better, UBR or BRAZ?

On 1-year performance, UBR leads with 56.81% vs 32.60% for BRAZ. On fees, BRAZ is cheaper at 0.75% per year. On volatility, BRAZ has been the lower-risk option at 6.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBR or BRAZ?

Over the 1-year period, UBR has performed better with a 56.81% return vs 32.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBR or BRAZ?

BRAZ is cheaper with a 0.75% expense ratio, compared with 0.95% for UBR.

Which ETF pays a higher dividend yield, UBR or BRAZ?

BRAZ has the higher dividend yield at 3.12%, compared with 1.85% for UBR.

What is the main difference between UBR and BRAZ?

UBR is categorized as Leveraged Equities, while BRAZ is Latin America Equities. UBR tracks MSCI Brazil Index (200%), while BRAZ tracks Solactive Brazil Mid Cap Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for UBR and 0.75% for BRAZ.

Which has better risk-adjusted returns?

BRAZ currently has the higher Sharpe Ratio (1.36 vs 1.15), 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.