BZQ vs SPY
ProShares UltraShort MSCI Brazil Capped vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BZQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $3M | $821.1B | |
| Dividend Yield | 6.94% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | -24.09% | +12.68% | |
| 1Y Return | -48.63% | +21.82% | |
| 3Y Return (annualized) | -24.27% | +21.98% | |
| 5Y Return (annualized) | -27.22% | +12.89% | |
| Volatility (annualized) | 58.3% | 15.3% | |
| Max Drawdown | -99.8% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 16, 2009 | Jan 22, 1993 |
BZQ vs SPY Performance
ProShares UltraShort MSCI Brazil Capped (BZQ) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BZQ returned -48.63% while SPY returned +21.82%. Year to date, BZQ is down 24.09% versus a gain of 12.68% for SPY.
Over three years, BZQ compounded at -24.27% per year against +21.98% for SPY; over five years the annualized figures are -27.22% and +12.89% respectively. Across the full 17-year window we track, SPY has the edge at +8.81% annualized vs -29.11%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BZQ has been the more volatile fund, with annualized monthly volatility of 58.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -99.8% for BZQ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.47. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BZQ charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, BZQ currently yields 6.94% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, BZQ or SPY?
BZQ has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, BZQ or SPY?
Over the past year BZQ returned -48.63% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), BZQ annualized -29.11% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, BZQ or SPY?
BZQ has been the more volatile fund at 58.3% annualized versus 15.3% for SPY. Worst drawdown: BZQ -99.8% vs SPY -56.5%.
Should I hold both BZQ and SPY?
BZQ and SPY have a monthly-return correlation of -0.47, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, BZQ or SPY?
BZQ yields 6.94% while SPY yields 1.01%, so BZQ currently pays the higher dividend yield.
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