ULE vs. BZQ
ULE (ProShares Ultra Euro) and BZQ (ProShares UltraShort MSCI Brazil Capped) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BZQ is a Leveraged Equities fund tracking the MSCI Brazil 25-50 (-200%). Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs -35.16%/yr for BZQ. Their -0.28 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
ULE vs. BZQ - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly higher than BZQ's -32.32% return. Over the past 10 years, ULE has outperformed BZQ with an annualized return of -2.49%, while BZQ has yielded a comparatively lower -35.16% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
BZQ
- 1D
- -1.14%
- 1M
- -12.67%
- 6M
- -6.72%
- YTD
- -32.32%
- 1Y
- -56.45%
- 3Y*
- -22.51%
- 5Y*
- -26.33%
- 10Y*
- -35.16%
- ALL TIME*
- -29.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.22K | $119.51K | $205.80K | |
| $30.31K | $35.90K | $64.55K |
ULE vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
BZQ ProShares UltraShort MSCI Brazil Capped | -32.32% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
Correlation
The correlation between ULE and BZQ is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.28 |
The correlation between ULE and BZQ shifts across timeframes, from -0.35 (1 year) to -0.22 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. BZQ — Risk / Return Rank
ULE
BZQ
ULE vs. BZQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ULE | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.79 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.88 | +0.93 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.28 | +1.37 |
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Drawdowns
ULE vs. BZQ - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum BZQ drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for ULE and BZQ.
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Drawdown Indicators
| ULE | BZQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -99.82% | +27.08% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -64.86% | +53.19% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -77.31% | +60.36% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -88.65% | +51.29% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -98.92% | +47.62% |
Current DrawdownCurrent decline from peak | -62.71% | -99.78% | +37.07% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -84.65% | +38.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 44.91% | -38.76% |
Volatility
ULE vs. BZQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 13.41%. This indicates that ULE 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
| ULE | BZQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 13.41% | -10.86% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 38.63% | -30.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 50.03% | -37.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 54.82% | -38.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 66.55% | -51.48% |
ULE vs. BZQ - Expense Ratio Comparison
Both ULE and BZQ have an expense ratio of 0.95%.
Dividends
ULE vs. BZQ - Dividend Comparison
ULE has not paid dividends to shareholders, while BZQ's dividend yield for the trailing twelve months is around 8.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 8.15% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and BZQ have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (13.41%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs BZQ's -99.82%.
On 10-year performance, ULE leads with -2.49% vs -35.16% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.49% return vs -35.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and BZQ have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 8.15%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while BZQ is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while BZQ tracks MSCI Brazil 25-50 (-200%).
ULE currently has the higher Sharpe Ratio (0.04 vs -1.14), 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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