DIG vs. UBT
DIG (ProShares Ultra Oil & Gas) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily). Both are passively managed. Over the past 10 years, DIG returned 5.18%/yr vs -9.58%/yr for UBT. Their -0.30 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
DIG vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, DIG achieves a 66.37% return, which is significantly higher than UBT's -9.14% return. Over the past 10 years, DIG has outperformed UBT with an annualized return of 5.18%, while UBT has yielded a comparatively lower -9.58% annualized return.
DIG
- 1D
- -2.58%
- 1M
- 20.98%
- 6M
- 33.99%
- YTD
- 66.37%
- 1Y
- 81.22%
- 3Y*
- 16.66%
- 5Y*
- 35.08%
- 10Y*
- 5.18%
- ALL TIME*
- -0.04%
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $2.48M | $2.42M | |
| $607.37K | $624.24K | $851.60K |
DIG vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 66.37% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between DIG and UBT is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.30 |
The correlation between DIG and UBT shifts across timeframes, from -0.30 (all time) to -0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DIG vs. UBT — Risk / Return Rank
DIG
UBT
DIG vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) and ProShares Ultra 20+ Year Treasury (UBT). 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.
| DIG | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.93 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | -0.51 | +3.25 |
| Martin ratioReturn relative to average drawdown | 6.98 | -1.08 | +8.06 |
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Drawdowns
DIG vs. UBT - Drawdown Comparison
The maximum DIG drawdown since its inception was -97.04%, which is greater than UBT's maximum drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for DIG and UBT.
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Drawdown Indicators
| DIG | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.04% | -78.90% | -18.14% |
Max Drawdown (1Y)Largest decline over 1 year | -29.80% | -18.25% | -11.55% |
Max Drawdown (3Y)Largest decline over 3 years | -42.41% | -31.18% | -11.23% |
Max Drawdown (5Y)Largest decline over 5 years | -46.02% | -72.49% | +26.47% |
Max Drawdown (10Y)Largest decline over 10 years | -92.53% | -78.90% | -13.63% |
Current DrawdownCurrent decline from peak | -51.26% | -78.21% | +26.95% |
Average DrawdownAverage peak-to-trough decline | -64.27% | -32.73% | -31.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.68% | 8.58% | +3.10% |
Volatility
DIG vs. UBT - Volatility Comparison
ProShares Ultra Oil & Gas (DIG) has a higher volatility of 12.58% compared to ProShares Ultra 20+ Year Treasury (UBT) at 5.23%. This indicates that DIG's price experiences larger fluctuations and is considered to be riskier than UBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DIG | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.58% | 5.23% | +7.35% |
Volatility (6M)Calculated over the trailing 6-month period | 33.67% | 13.51% | +20.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.13% | 18.34% | +23.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.16% | 31.09% | +20.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.79% | 29.18% | +28.61% |
DIG vs. UBT - Expense Ratio Comparison
Both DIG and UBT have an expense ratio of 0.95%.
Dividends
DIG vs. UBT - Dividend Comparison
DIG's dividend yield for the trailing twelve months is around 1.49%, less than UBT's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.49% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
DIG and UBT have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (12.58%) compared to UBT (5.23%). In terms of maximum drawdown, DIG dropped -97.04% vs UBT's -78.90%.
On 10-year performance, DIG leads with 5.18% vs -9.58% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 5.18% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIG and UBT have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.77%, compared with 1.49% for DIG.
DIG is categorized as Leveraged Equities, while UBT is Leveraged Bonds. DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily).
DIG currently has the higher Sharpe Ratio (1.94 vs -0.51), 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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