UBR vs. EWZ
UBR (ProShares Ultra MSCI Brazil) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%), while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, UBR returned -1.90%/yr vs 7.81%/yr for EWZ. With a 0.98 correlation, they move nearly in lockstep. UBR charges 0.95%/yr vs 0.59%/yr for EWZ.
Performance
UBR vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, UBR achieves a 13.03% return, which is significantly higher than EWZ's 9.03% return. Over the past 10 years, UBR has underperformed EWZ with an annualized return of -1.90%, while EWZ has yielded a comparatively higher 7.81% annualized 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%
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%
UBR vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 13.03% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
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% |
Correlation
The correlation between UBR and EWZ is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 10, 2010 | 0.98 |
The correlation between UBR and EWZ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
UBR vs. EWZ — Risk / Return Rank
UBR
EWZ
UBR vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) and iShares MSCI Brazil ETF (EWZ). 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 | EWZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.15 | 1.31 | -0.15 |
Sortino ratioReturn per unit of downside risk | 1.67 | 1.81 | -0.14 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.92 | -0.10 |
Martin ratioReturn relative to average drawdown | 5.36 | 6.10 | -0.74 |
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
| UBR | EWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.31 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.16 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 0.23 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | 0.17 | -0.36 |
Drawdowns
UBR vs. EWZ - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for UBR and EWZ.
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Drawdown Indicators
| UBR | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -77.25% | -19.90% |
Max Drawdown (1Y)Largest decline over 1 year | -31.50% | -16.99% | -14.51% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -31.36% | -26.75% |
Max Drawdown (5Y)Largest decline over 5 years | -67.07% | -32.24% | -34.83% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -56.99% | -30.58% |
Current DrawdownCurrent decline from peak | -92.84% | -24.07% | -68.77% |
Average DrawdownAverage peak-to-trough decline | -77.90% | -35.95% | -41.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.63% | 5.33% | +5.30% |
Volatility
UBR vs. EWZ - Volatility Comparison
ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 15.51% compared to iShares MSCI Brazil ETF (EWZ) at 7.84%. This indicates that UBR's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBR | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.51% | 7.84% | +7.67% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 20.78% | +20.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.62% | 24.97% | +24.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.66% | 27.68% | +27.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.68% | 34.10% | +32.58% |
UBR vs. EWZ - Expense Ratio Comparison
UBR has a 0.95% expense ratio, which is higher than EWZ's 0.59% expense ratio.
Dividends
UBR vs. EWZ - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.85%, less than EWZ's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UBR ProShares Ultra MSCI Brazil | 1.85% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, UBR and EWZ 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.
UBR has higher volatility (15.51%) compared to EWZ (7.84%). In terms of maximum drawdown, UBR dropped -97.15% vs EWZ's -77.25%.
On 10-year performance, EWZ leads with 7.81% vs -1.90% for UBR. 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 -1.90%. 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 UBR.
EWZ has the higher dividend yield at 4.76%, compared with 1.85% for UBR.
UBR is categorized as Leveraged Equities, while EWZ is Latin America Equities. UBR tracks MSCI Brazil Index (200%), while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UBR and 0.59% for EWZ.
EWZ currently has the higher Sharpe Ratio (1.31 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.
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