BZQ vs UBR: which held to its multiple?
Over three months against its own daily promise, BZQ finished 1.3 points over and UBR 1.9 points short. ProShares UltraShort MSCI Brazil Capped and ProShares Ultra MSCI Brazil Capped.
BZQ returned −17.7% 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%
BZQ among the 125 inverse ETFs over three months
UBR among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. UBR is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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 | BZQ | UBR | BZQ | UBR | BZQ | UBR |
| 1 month | −7.4% | +6.1% | −6.8% | +6.8% | −0.6 pts | −0.7 pts |
| 3 months | −17.7% | +15.4% | −18.0% | +18.0% | +0.2 pts | −2.5 pts |
| 6 months | −0.1% | −9.0% | +4.0% | −4.0% | −4.1 pts | −5.0 pts |
| 1 year | −43.6% | +39.3% | −51.3% | +51.3% | +7.8 pts | −12.1 pts |
| 3 years | −61.7% | +44.0% | −89.4% | +89.4% | +27.7 pts | −45.5 pts |
| Since launch BZQ Jan 2010 · UBR May 2010 | −99.3% | −87.2% | +3.9% | +36.8% | −103.3 pts | −124.0 pts |
BZQ 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
BZQ and UBR on the same fields, as of Sep 30, 2026. Source: ETFIQ.
BZQ in plain words
Three months to Sep 30, 2026: BZQ returned −17.7% where its own daily promise gave −19.0%, 1.3 points over. Read the multiple against the whole window instead and −2 times EWZ's 9.0% implies −18.0%, which makes BZQ look 0.2 points over. 1.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. BZQ 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. 0.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UBR aims to return +2 times EWZ's move each day, then resets. 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.
Questions people ask
- Which came closer to its stated multiple, BZQ or UBR?
- Over the window to Sep 30, 2026, BZQ finished 0.2 points from what its multiple implies and UBR finished 2.5 points from its own, so BZQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are BZQ and UBR levered on the same thing?
- Yes. Both are levered on Brazil, BZQ at -2 times and UBR at +2 times the daily move.
- Which one decays faster, BZQ or UBR?
- Decay follows how much the underlying moves about. Over this window BZQ’s moved at 22% annualized and UBR’s at 22%, so BZQ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold BZQ 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, BZQ against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/bzq-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, BZQ against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/bzq-vs-ubr Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, BZQ against UBR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/bzq-vs-ubr
- APA
- ETFIQ. (Sep 30, 2026). BZQ against UBR. Retrieved from https://etfiq.com/compare/leverage/bzq-vs-ubr
- Markdown
- [BZQ against UBR (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/bzq-vs-ubr)