AGZ vs. UST
AGZ (iShares Agency Bond ETF) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD), while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, AGZ returned 1.83%/yr vs -2.13%/yr for UST. A 0.76 correlation means they provide meaningful diversification when combined. AGZ charges 0.20%/yr vs 0.95%/yr for UST.
Performance
AGZ vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, AGZ achieves a 0.16% return, which is significantly higher than UST's -2.88% return. Over the past 10 years, AGZ has outperformed UST with an annualized return of 1.83%, while UST has yielded a comparatively lower -2.13% annualized return.
AGZ
- 1D
- -0.13%
- 1M
- -0.03%
- YTD
- 0.16%
- 6M
- 0.29%
- 1Y
- 3.95%
- 3Y*
- 4.10%
- 5Y*
- 1.15%
- 10Y*
- 1.83%
UST
- 1D
- -0.56%
- 1M
- -0.51%
- YTD
- -2.88%
- 6M
- -4.24%
- 1Y
- 3.81%
- 3Y*
- -0.51%
- 5Y*
- -6.75%
- 10Y*
- -2.13%
AGZ vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.16% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
UST ProShares Ultra 7-10 Year Treasury | -2.88% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between AGZ and UST is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010 | 0.76 |
The correlation between AGZ and UST has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.
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Return for Risk
AGZ vs. UST — Risk / Return Rank
AGZ
UST
AGZ vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and ProShares Ultra 7-10 Year Treasury (UST). 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.
| AGZ | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.07 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 0.44 | +2.50 |
| Martin ratioReturn relative to average drawdown | 9.76 | 1.26 | +8.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGZ | UST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 0.40 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | -0.44 | +0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | -0.16 | +0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.19 | +0.49 |
Drawdowns
AGZ vs. UST - Drawdown Comparison
The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum UST drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for AGZ and UST.
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Drawdown Indicators
| AGZ | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.01% | -47.99% | +36.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -8.75% | +7.40% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -16.87% | +15.02% |
Max Drawdown (5Y)Largest decline over 5 years | -10.66% | -43.97% | +33.31% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -47.99% | +36.98% |
Current DrawdownCurrent decline from peak | -0.78% | -38.33% | +37.55% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -15.13% | +13.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 3.03% | -2.62% |
Volatility
AGZ vs. UST - Volatility Comparison
The current volatility for iShares Agency Bond ETF (AGZ) is 0.76%, while ProShares Ultra 7-10 Year Treasury (UST) has a volatility of 3.10%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGZ | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 3.10% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 6.58% | -4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 9.50% | -6.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 15.47% | -11.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 13.18% | -10.15% |
AGZ vs. UST - Expense Ratio Comparison
AGZ has a 0.20% expense ratio, which is lower than UST's 0.95% expense ratio.
Dividends
AGZ vs. UST - Dividend Comparison
AGZ's dividend yield for the trailing twelve months is around 3.73%, more than UST's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.73% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
UST ProShares Ultra 7-10 Year Treasury | 3.49% | 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
AGZ and UST have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UST has higher volatility (3.10%) compared to AGZ (0.76%). In terms of maximum drawdown, AGZ dropped -11.01% vs UST's -47.99%.
On 10-year performance, AGZ leads with 1.83% vs -2.13% for UST. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGZ has performed better with a 1.83% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGZ is cheaper with a 0.20% expense ratio, compared with 0.95% for UST.
AGZ has the higher dividend yield at 3.73%, compared with 3.49% for UST.
AGZ is categorized as Government Bonds, while UST is Leveraged Bonds. AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.20% for AGZ and 0.95% for UST.
AGZ currently has the higher Sharpe Ratio (1.54 vs 0.40), 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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