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 -2.13%/yr vs -36.91%/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 -2.88% return, which is significantly higher than BZQ's -22.16% return. Over the past 10 years, UST has outperformed BZQ with an annualized return of -2.13%, while BZQ has yielded a comparatively lower -36.91% annualized return.
UST
- 1D
- -0.56%
- 1M
- -0.51%
- YTD
- -2.88%
- 6M
- -4.24%
- 1Y
- 3.81%
- 3Y*
- -0.51%
- 5Y*
- -6.75%
- 10Y*
- -2.13%
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%
UST vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -2.88% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
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 UST and BZQ is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010 | 0.11 |
The correlation between UST and BZQ shifts across timeframes, from -0.18 (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.
| UST | BZQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.83 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | -0.75 | +1.18 |
| Martin ratioReturn relative to average drawdown | 1.26 | -1.22 | +2.48 |
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
| UST | BZQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | -0.98 | +1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | -0.40 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | -0.55 | +0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.45 | +0.64 |
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 | -16.87% | -77.31% | +60.44% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -88.65% | +44.68% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -99.33% | +51.34% |
Current DrawdownCurrent decline from peak | -38.33% | -99.74% | +61.41% |
Average DrawdownAverage peak-to-trough decline | -15.13% | -84.53% | +69.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 39.99% | -36.96% |
Volatility
UST vs. BZQ - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 15.53%. 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 | 3.10% | 15.53% | -12.43% |
Volatility (6M)Calculated over the trailing 6-month period | 6.58% | 41.21% | -34.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.50% | 49.62% | -40.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 55.26% | -39.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.18% | 66.94% | -53.76% |
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 3.49%, 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% |
UST ProShares Ultra 7-10 Year Treasury | 3.49% | 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 -0.14, 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 UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs BZQ's -99.82%.
On 10-year performance, UST leads with -2.13% vs -36.91% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.10%. 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 -2.13% return vs -36.91%. 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 7.09%, compared with 3.49% 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 (0.40 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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