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 -2.44%/yr vs -35.44%/yr for BZQ. At a correlation of -0.27, they often move in opposite directions. 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 -6.22% return, which is significantly higher than BZQ's -29.06% return. Over the past 10 years, ULE has outperformed BZQ with an annualized return of -2.44%, while BZQ has yielded a comparatively lower -35.44% annualized return.
ULE
- 1D
- -0.07%
- 1M
- -2.54%
- 6M
- -4.48%
- YTD
- -6.22%
- 1Y
- -6.08%
- 3Y*
- 1.51%
- 5Y*
- -3.50%
- 10Y*
- -2.44%
BZQ
- 1D
- -5.03%
- 1M
- -6.78%
- 6M
- -23.20%
- YTD
- -29.06%
- 1Y
- -51.33%
- 3Y*
- -23.76%
- 5Y*
- -25.00%
- 10Y*
- -35.44%
ULE vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.22% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
BZQ ProShares UltraShort MSCI Brazil Capped | -29.06% | -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 -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.27 |
The correlation between ULE and BZQ shifts across timeframes, from -0.34 (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 | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.82 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.78 | +0.24 |
| Martin ratioReturn relative to average drawdown | -1.12 | -1.18 | +0.06 |
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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% | -65.20% | +53.53% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -77.31% | +59.87% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -88.65% | +51.06% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -98.96% | +47.66% |
Current DrawdownCurrent decline from peak | -63.39% | -99.77% | +36.38% |
Average DrawdownAverage peak-to-trough decline | -46.15% | -84.60% | +38.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.65% | 42.94% | -37.29% |
Volatility
ULE vs. BZQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 11.61%. 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 | 2.65% | 11.61% | -8.96% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 39.56% | -30.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 49.77% | -36.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 55.13% | -39.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 66.56% | -51.47% |
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 7.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.78% | 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 -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (11.61%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs BZQ's -99.82%.
On 10-year performance, ULE leads with -2.44% vs -35.44% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.65%. 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 -2.44% return vs -35.44%. 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 7.78%, 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 (-0.49 vs -1.02), 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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