UST vs. BZQ
UST (ProShares Ultra 7-10 Year Treasury) and BZQ (ProShares UltraShort MSCI Brazil Capped) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury 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, UST returned -2.45%/yr vs -34.79%/yr for BZQ. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UST vs. BZQ - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -4.15% return, which is significantly higher than BZQ's -26.91% return. Over the past 10 years, UST has outperformed BZQ with an annualized return of -2.45%, while BZQ has yielded a comparatively lower -34.79% annualized return.
UST
- 1D
- -0.76%
- 1M
- -1.53%
- 6M
- -4.17%
- YTD
- -4.15%
- 1Y
- 1.32%
- 3Y*
- -0.33%
- 5Y*
- -7.56%
- 10Y*
- -2.45%
BZQ
- 1D
- 3.03%
- 1M
- -3.96%
- 6M
- -21.76%
- YTD
- -26.91%
- 1Y
- -49.86%
- 3Y*
- -22.15%
- 5Y*
- -23.23%
- 10Y*
- -34.79%
UST vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.15% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
BZQ ProShares UltraShort MSCI Brazil Capped | -26.91% | -57.90% | 98.84% | -49.11% | -44.20% | 6.45% | -52.88% | -48.20% | -21.52% | -49.73% |
Correlation
The correlation between UST and BZQ is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | 0.11 |
The correlation between UST and BZQ shifts across timeframes, from -0.19 (3 years) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. BZQ — Risk / Return Rank
UST
BZQ
UST vs. BZQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) 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.
| UST | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.83 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.77 | +0.92 |
| Martin ratioReturn relative to average drawdown | 0.37 | -1.16 | +1.53 |
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Drawdowns
UST vs. BZQ - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum BZQ drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for UST and BZQ.
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Drawdown Indicators
| UST | BZQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -99.82% | +51.83% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -65.20% | +56.45% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -77.31% | +60.96% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -88.65% | +44.68% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -98.96% | +50.97% |
Current DrawdownCurrent decline from peak | -39.13% | -99.76% | +60.63% |
Average DrawdownAverage peak-to-trough decline | -15.27% | -84.60% | +69.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 43.07% | -39.47% |
Volatility
UST vs. BZQ - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.14%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 12.15%. This indicates that UST 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
| UST | BZQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 12.15% | -9.01% |
Volatility (6M)Calculated over the trailing 6-month period | 7.06% | 39.67% | -32.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.34% | 49.84% | -40.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.48% | 55.14% | -39.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 66.57% | -53.42% |
UST vs. BZQ - Expense Ratio Comparison
Both UST and BZQ have an expense ratio of 0.95%.
Dividends
UST vs. BZQ - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.60%, less than BZQ's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 7.55% | 5.96% | 3.26% | 4.51% | 0.22% | 0.00% | 0.21% | 2.13% | 0.28% | 0.00% | 0.00% | 0.00% |
UST ProShares Ultra 7-10 Year Treasury | 3.60% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
UST and BZQ have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (12.15%) compared to UST (3.14%). In terms of maximum drawdown, UST dropped -47.99% vs BZQ's -99.82%.
On 10-year performance, UST leads with -2.45% vs -34.79% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UST has performed better with a -2.45% return vs -34.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST and BZQ have the same expense ratio: 0.95% per year.
BZQ has the higher dividend yield at 7.55%, compared with 3.60% for UST.
UST is categorized as Leveraged Bonds, while BZQ is Leveraged Equities. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while BZQ tracks MSCI Brazil 25-50 (-200%).
UST currently has the higher Sharpe Ratio (0.14 vs -1.01), 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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