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 ICE U.S. Treasury 7-10 Year Bond Index, 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 -2.53%/yr vs -34.28%/yr for BZQ. Their 0.11 correlation means their historical movements had little consistent relationship. 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 -4.75% return, which is significantly higher than BZQ's -31.18% return. Over the past 10 years, UST has outperformed BZQ with an annualized return of -2.53%, while BZQ has yielded a comparatively lower -34.28% annualized return.
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
BZQ
- 1D
- 1.68%
- 1M
- -11.20%
- 6M
- -3.41%
- YTD
- -31.18%
- 1Y
- -55.71%
- 3Y*
- -23.89%
- 5Y*
- -25.86%
- 10Y*
- -34.28%
- ALL TIME*
- -29.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.44K | $121.14K | $200.97K | |
| $493.89K | $437.03K | $327.72K |
UST vs. BZQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
BZQ ProShares UltraShort MSCI Brazil Capped | -31.18% | -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 -0.19, 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. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 (1 year) 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 | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.80 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -0.87 | +0.57 |
| Martin ratioReturn relative to average drawdown | -0.66 | -1.28 | +0.62 |
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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 | -8.86% | -64.18% | +55.32% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -77.31% | +62.46% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -88.65% | +45.12% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -98.92% | +50.93% |
Current DrawdownCurrent decline from peak | -39.52% | -99.77% | +60.25% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -84.66% | +69.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 44.64% | -40.57% |
Volatility
UST vs. BZQ - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while ProShares UltraShort MSCI Brazil Capped (BZQ) has a volatility of 13.59%. 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 | 2.65% | 13.59% | -10.94% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 38.33% | -31.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 50.09% | -41.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 54.82% | -39.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 66.55% | -53.40% |
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 3.63%, less than BZQ's 8.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BZQ ProShares UltraShort MSCI Brazil Capped | 8.02% | 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 | 3.63% | 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 -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BZQ has higher volatility (13.59%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs BZQ's -99.82%.
On 10-year performance, UST leads with -2.53% vs -34.28% for BZQ. Both ETFs have the same 0.95% expense ratio. On volatility, UST 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, UST has performed better with a -2.53% return vs -34.28%. 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 8.02%, compared with 3.63% for UST.
UST is categorized as Leveraged Bonds, while BZQ is Leveraged Equities. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while BZQ tracks MSCI Brazil 25-50 (-200%).
UST currently has the higher Sharpe Ratio (-0.30 vs -1.12), 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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