UCO vs. BZQ
UCO (ProShares Ultra Bloomberg Crude Oil) and BZQ (ProShares UltraShort MSCI Brazil Capped) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%). Both are passively managed. Over the past 10 years, UCO returned -12.52%/yr vs -36.45%/yr for BZQ. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UCO vs. BZQ - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 131.94% return, which is significantly higher than BZQ's -18.53% return. Over the past 10 years, UCO has outperformed BZQ with an annualized return of -12.52%, while BZQ has yielded a comparatively lower -36.45% annualized return.
UCO
- 1D
- -3.09%
- 1M
- 3.56%
- YTD
- 131.94%
- 6M
- 114.50%
- 1Y
- 106.12%
- 3Y*
- 23.38%
- 5Y*
- 20.42%
- 10Y*
- -12.52%
BZQ
- 1D
- 5.41%
- 1M
- 36.51%
- YTD
- -18.53%
- 6M
- -20.51%
- 1Y
- -46.03%
- 3Y*
- -22.20%
- 5Y*
- -21.28%
- 10Y*
- -36.45%
UCO vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 131.94% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
BZQ ProShares UltraShort MSCI Brazil Capped | -18.53% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
Correlation
The correlation between UCO and BZQ is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009 | -0.34 |
The correlation between UCO and BZQ shifts across timeframes, from -0.34 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. BZQ — Risk / Return Rank
UCO
BZQ
UCO vs. BZQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.85 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | -0.71 | +3.78 |
| Martin ratioReturn relative to average drawdown | 5.80 | -1.15 | +6.95 |
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
| UCO | BZQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.86 | -0.92 | +2.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | -0.39 | +0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.18 | -0.55 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.35 | -0.45 | +0.10 |
Drawdowns
UCO vs. BZQ - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum BZQ drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for UCO and BZQ.
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Drawdown Indicators
| UCO | BZQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.82% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -65.20% | +30.43% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -77.31% | +26.93% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -88.65% | +21.41% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -99.33% | +0.58% |
Current DrawdownCurrent decline from peak | -99.28% | -99.73% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -85.49% | -84.54% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.36% | 40.22% | -21.86% |
Volatility
UCO vs. BZQ - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 17.06% compared to ProShares UltraShort MSCI Brazil Capped (BZQ) at 15.37%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier 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
| UCO | BZQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.06% | 15.37% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 46.72% | 41.41% | +5.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.32% | 49.92% | +7.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.80% | 55.26% | +4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.35% | 66.95% | +4.40% |
UCO vs. BZQ - Expense Ratio Comparison
Both UCO and BZQ have an expense ratio of 0.95%.
Dividends
UCO vs. BZQ - Dividend Comparison
UCO has not paid dividends to shareholders, while BZQ's dividend yield for the trailing twelve months is around 6.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 6.78% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCO and BZQ have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (17.06%) compared to BZQ (15.37%). In terms of maximum drawdown, UCO dropped -99.95% vs BZQ's -99.82%.
On 10-year performance, UCO leads with -12.52% vs -36.45% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, BZQ has been the lower-risk option at 15.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a -12.52% return vs -36.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and BZQ have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 6.78%, compared with 0.00% for UCO.
UCO is categorized as Leveraged Commodities, while BZQ is Leveraged Equities. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while BZQ tracks MSCI Brazil 25-50 (-200%).
UCO currently has the higher Sharpe Ratio (1.86 vs -0.92), 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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