Which came closer to its stated multiple, BRZU or UBR?

Over the window to Sep 30, 2026, BRZU finished 2.1 points from what its multiple implies and UBR finished 2.5 points from its own, so BRZU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are BRZU and UBR levered on the same thing?

Yes. Both are levered on Brazil, BRZU at +2 times and UBR at +2 times the daily move.

Which one decays faster, BRZU or UBR?

Decay follows how much the underlying moves about. Over this window BRZU’s moved at 22% annualized and UBR’s at 22%, so BRZU has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold BRZU or UBR for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, BRZU or UBR?

BRZU charges 1.32% a year and UBR charges 0.95%, so UBR is cheaper. Fees come from each fund's prospectus.

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BRZU vs UBR: which held to its multiple?

Over the days both have traded, BRZU finished 2.1 points from its stated multiple and UBR 2.5. Direxion Daily MSCI Brazil Bull 2X ETF and ProShares Ultra MSCI Brazil Capped.

+15.8%

BRZU returned, 3 months

+15.4%

UBR returned, 3 months

−2.1 pts

BRZU from its stated multiple

−2.5 pts

UBR from its stated multiple

BRZU · 3 months to Sep 30, 20262.1 pts short of its stated multiple

BRZU returned +15.8% while 2 times EWZ's move would have been +18.0%

UBR · 3 months to Sep 30, 20262.5 pts short of its stated multiple

UBR returned +15.4% while 2 times EWZ's move would have been +18.0%

ETFIQ Decay Resistance Score · BRZU scores higherDid it keep up with its own daily multiple, compounded day by day?

BRZU 88.8

UBR 74.1

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	BRZU	UBR	BRZU	UBR	BRZU	UBR
1 month	+6.1%	+6.1%	+6.8%	+6.8%	−0.7 pts	−0.7 pts
3 months	+15.8%	+15.4%	+18.0%	+18.0%	−2.1 pts	−2.5 pts
6 months	−8.9%	−9.0%	−4.0%	−4.0%	−4.9 pts	−5.0 pts
1 year	+40.1%	+39.3%	+51.3%	+51.3%	−11.2 pts	−12.1 pts
3 years	+46.9%	+44.0%	+89.4%	+89.4%	−42.5 pts	−45.5 pts
Since launch BRZU Apr 2013 · UBR May 2010	−99.1%	−87.2%	+48.2%	+36.8%	−147.3 pts	−124.0 pts

BRZU and UBR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BRZU

Direxion Daily MSCI Brazil Bull 2X ETF · Aims to return twice the daily move of Brazil (EWZ)

UBR

ProShares Ultra MSCI Brazil Capped · Aims to return twice the daily move of Brazil (EWZ)

Issuer Direxion ProShares

Sets out to return +2x +2x

Underlying asset EWZ EWZ

Segment country country

Fund returned, 3 months or since launch +15.8% +15.4%

Underlying returned, over that window +9.0% +9.0%

What the stated multiple implies, over that window +18.0% +18.0%

Difference from stated, over that window −2.1 pts −2.5 pts

Fund returned, 1 year or since launch +40.1% +39.3%

Difference from stated, over that window −11.2 pts −12.1 pts

Underlying volatility 22% 22%

Difference over the days both have traded −2.1 pts −2.5 pts

Expense ratio 1.32% 0.95%

Launched Apr 10, 2013 May 7, 2010

Net assets $117m $3m

BRZU and UBR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

BRZU in plain words

Three months to Sep 30, 2026: BRZU returned +15.8% where its own daily promise gave +17.3%, 1.4 points short. Read the multiple against the whole window instead and 2 times EWZ's 9.0% implies +18.0%, which makes BRZU look 2.1 points short. 0.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BRZU aims to return +2 times EWZ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. EWZ moved at 22% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

UBR in plain words

Three months to Sep 30, 2026: UBR returned +15.4% where its own daily promise gave +17.3%, 1.9 points short. Read the multiple against the whole window instead and 2 times EWZ's 9.0% implies +18.0%, which makes UBR look 2.5 points short. UBR aims to return +2 times EWZ's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, BRZU or UBR?: Over the window to Sep 30, 2026, BRZU finished 2.1 points from what its multiple implies and UBR finished 2.5 points from its own, so BRZU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are BRZU and UBR levered on the same thing?: Yes. Both are levered on Brazil, BRZU at +2 times and UBR at +2 times the daily move.
Which one decays faster, BRZU or UBR?: Decay follows how much the underlying moves about. Over this window BRZU’s moved at 22% annualized and UBR’s at 22%, so BRZU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BRZU or UBR for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, BRZU or UBR?: BRZU charges 1.32% a year and UBR charges 0.95%, so UBR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BRZU vs BRZX BRZU vs BZQ UBR vs BRZX UBR vs BZQ

EWZ →BRZU on its own →UBR on its own →How every figure is computed →Standards and sources →

Where these figures came from

BRZU filings on SEC EDGAR ↗BRZU prospectus with the expense ratio (SEC) ↗Direxion website ↗UBR filings on SEC EDGAR ↗UBR prospectus with the expense ratio (SEC) ↗ProShares page for UBR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BRZU against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/brzu-vs-ubr

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.