UJB vs. BZQ
UJB (ProShares Ultra High Yield) and BZQ (ProShares UltraShort MSCI Brazil Capped) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%). Both are passively managed. Over the past 10 years, UJB returned 6.36%/yr vs -36.91%/yr for BZQ. At a correlation of -0.27, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UJB vs. BZQ - Performance Comparison
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Returns By Period
In the year-to-date period, UJB achieves a 0.81% return, which is significantly higher than BZQ's -22.16% return. Over the past 10 years, UJB has outperformed BZQ with an annualized return of 6.36%, while BZQ has yielded a comparatively lower -36.91% annualized return.
UJB
- 1D
- -0.45%
- 1M
- 0.33%
- YTD
- 0.81%
- 6M
- 1.28%
- 1Y
- 8.44%
- 3Y*
- 11.49%
- 5Y*
- 3.01%
- 10Y*
- 6.36%
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%
UJB vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 0.81% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
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 UJB and BZQ is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | -0.27 |
The correlation between UJB and BZQ shifts across timeframes, from -0.47 (1 year) to -0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UJB vs. BZQ — Risk / Return Rank
UJB
BZQ
UJB vs. BZQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) 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.
| UJB | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.83 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | -0.75 | +2.44 |
| Martin ratioReturn relative to average drawdown | 7.20 | -1.22 | +8.42 |
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
| UJB | BZQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | -0.98 | +2.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.40 | +0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | -0.55 | +0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | -0.45 | +0.78 |
Drawdowns
UJB vs. BZQ - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum BZQ drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for UJB and BZQ.
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Drawdown Indicators
| UJB | BZQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -99.82% | +59.68% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -65.20% | +60.19% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -77.31% | +67.84% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -88.65% | +58.51% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -99.33% | +59.19% |
Current DrawdownCurrent decline from peak | -0.85% | -99.74% | +98.89% |
Average DrawdownAverage peak-to-trough decline | -6.17% | -84.53% | +78.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 39.99% | -38.82% |
Volatility
UJB vs. BZQ - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 2.29%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 15.53%. This indicates that UJB 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
| UJB | BZQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 15.53% | -13.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 41.21% | -35.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 49.62% | -42.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.67% | 55.26% | -40.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 66.94% | -48.66% |
UJB vs. BZQ - Expense Ratio Comparison
Both UJB and BZQ have an expense ratio of 0.95%.
Dividends
UJB vs. BZQ - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.35%, 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% |
UJB ProShares Ultra High Yield | 3.35% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
Frequently Asked Questions
UJB and BZQ have a correlation of -0.47, 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 UJB (2.29%). In terms of maximum drawdown, UJB dropped -40.14% vs BZQ's -99.82%.
On 10-year performance, UJB leads with 6.36% vs -36.91% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UJB has performed better with a 6.36% return vs -36.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UJB and BZQ have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.09%, compared with 3.35% for UJB.
UJB is categorized as Leveraged Bonds, while BZQ is Leveraged Equities. UJB tracks Markit iBoxx $ Liquid High Yield Index, while BZQ tracks MSCI Brazil 25-50 (-200%).
UJB currently has the higher Sharpe Ratio (1.16 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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