BRZX vs UBR: which held to its multiple?
Over the days both have traded, BRZX finished 3.7 points from its stated multiple and UBR 2.5. Corgi Brazil 2x Daily ETF and ProShares Ultra MSCI Brazil Capped.
BRZX returned +14.2% while 2 times EWZ's move would have been +18.0%
UBR returned +15.4% while 2 times EWZ's move would have been +18.0%
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 | BRZX | UBR | BRZX | UBR | BRZX | UBR |
| 1 month | +5.5% | +6.1% | +6.8% | +6.8% | −1.3 pts | −0.7 pts |
| 3 months | +14.2% | +15.4% | +18.0% | +18.0% | −3.7 pts | −2.5 pts |
| 6 months | not published | −9.0% | not published | −4.0% | not published | −5.0 pts |
| 1 year | not published | +39.3% | not published | +51.3% | not published | −12.1 pts |
| 3 years | not published | +44.0% | not published | +89.4% | not published | −45.5 pts |
| Since launch BRZX Jun 2026 · UBR May 2010 | +11.9% | −87.2% | +17.1% | +36.8% | −5.2 pts | −124.0 pts |
BRZX 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
BRZX and UBR on the same fields, as of Sep 30, 2026. Source: ETFIQ.
BRZX in plain words
Three months to Sep 30, 2026: BRZX returned +14.2% where its own daily promise gave +17.3%, 3.1 points short. Read the multiple against the whole window instead and 2 times EWZ's 9.0% implies +18.0%, which makes BRZX look 3.7 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. BRZX 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, BRZX or UBR?
- Over the window to Sep 30, 2026, BRZX finished 3.7 points from what its multiple implies and UBR finished 2.5 points from its own, so UBR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are BRZX and UBR levered on the same thing?
- Yes. Both are levered on Brazil, BRZX at +2 times and UBR at +2 times the daily move.
- Which one decays faster, BRZX or UBR?
- Decay follows how much the underlying moves about. Over this window BRZX’s moved at 22% annualized and UBR’s at 22%, so BRZX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold BRZX 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.
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.
ETFIQ, BRZX against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/brzx-vs-ubr
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, BRZX against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/brzx-vs-ubr Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, BRZX against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/brzx-vs-ubr
- APA
- ETFIQ. (Sep 30, 2026). BRZX against UBR. Retrieved from https://etfiq.com/compare/leverage/brzx-vs-ubr
- Markdown
- [BRZX against UBR (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/brzx-vs-ubr)