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 1.74%/yr vs -2.65%/yr for UST. Their 0.76 correlation means they have sometimes moved together and sometimes differently. 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 0.14% return, which is significantly higher than UST's -5.28% return. Over the past 10 years, AGZ has outperformed UST with an annualized return of 1.74%, while UST has yielded a comparatively lower -2.65% annualized return.
AGZ
- 1D
- -0.12%
- 1M
- -0.37%
- 6M
- 0.06%
- YTD
- 0.14%
- 1Y
- 2.32%
- 3Y*
- 4.20%
- 5Y*
- 0.97%
- 10Y*
- 1.74%
- ALL TIME*
- 2.35%
UST
- 1D
- -1.21%
- 1M
- -3.09%
- 6M
- -4.76%
- YTD
- -5.28%
- 1Y
- -3.20%
- 3Y*
- 0.33%
- 5Y*
- -8.23%
- 10Y*
- -2.65%
- ALL TIME*
- 2.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.57M | $1.51M | $1.37M | |
| $532.69K | $437.48K | $326.17K |
AGZ vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.14% | 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 | -5.28% | 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 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AGZ | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.99 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | -0.11 | +2.31 |
| Martin ratioReturn relative to average drawdown | 6.46 | -0.23 | +6.69 |
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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% | -8.86% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -14.85% | +13.00% |
Max Drawdown (5Y)Largest decline over 5 years | -10.65% | -43.97% | +33.32% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -47.99% | +36.98% |
Current DrawdownCurrent decline from peak | -0.81% | -39.85% | +39.04% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -15.35% | +13.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 4.04% | -3.58% |
Volatility
AGZ vs. UST - Volatility Comparison
The current volatility for iShares Agency Bond ETF (AGZ) is 0.66%, while ProShares Ultra 7-10 Year Treasury (UST) has a volatility of 2.58%. 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 | 0.66% | 2.58% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 7.22% | -5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 9.28% | -6.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 15.44% | -11.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 13.15% | -10.12% |
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 3.72%, more than UST's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.39% | 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 | 3.65% | 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 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UST has higher volatility (2.58%) compared to AGZ (0.66%). In terms of maximum drawdown, AGZ dropped -11.01% vs UST's -47.99%.
On 10-year performance, AGZ leads with 1.74% vs -2.65% for UST. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.66%. 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 1.74% return vs -2.65%. 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.
UST has the higher dividend yield at 3.65%, compared with 3.39% for AGZ.
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 (1.17 vs -0.10), 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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