EDV vs. UBT
EDV (Vanguard Extended Duration Treasury ETF) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - EDV is a Government Bonds fund tracking the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, 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, EDV returned -4.40%/yr vs -9.58%/yr for UBT. Their 0.98 correlation means they have historically moved very closely together. EDV charges 0.05%/yr vs 0.95%/yr for UBT.
Performance
EDV vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, EDV achieves a -5.76% return, which is significantly higher than UBT's -9.14% return. Over the past 10 years, EDV has outperformed UBT with an annualized return of -4.40%, while UBT has yielded a comparatively lower -9.58% annualized return.
EDV
- 1D
- 0.47%
- 1M
- -5.91%
- 6M
- -5.09%
- YTD
- -5.76%
- 1Y
- -5.56%
- 3Y*
- -4.58%
- 5Y*
- -12.82%
- 10Y*
- -4.40%
- ALL TIME*
- 2.37%
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) |
|---|---|---|---|
| $91.73M | $72.86M | $67.75M | |
| $607.37K | $624.24K | $851.60K |
EDV vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -5.76% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
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 EDV and UBT is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | 0.98 |
The correlation between EDV and UBT has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
EDV vs. UBT — Risk / Return Rank
EDV
UBT
EDV vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Duration Treasury ETF (EDV) 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.
| EDV | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.93 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | -0.51 | +0.09 |
| Martin ratioReturn relative to average drawdown | -0.87 | -1.08 | +0.21 |
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Drawdowns
EDV vs. UBT - Drawdown Comparison
The maximum EDV drawdown since its inception was -59.96%, smaller than the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for EDV and UBT.
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Drawdown Indicators
| EDV | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -78.90% | +18.94% |
Max Drawdown (1Y)Largest decline over 1 year | -13.24% | -18.25% | +5.01% |
Max Drawdown (3Y)Largest decline over 3 years | -22.74% | -31.18% | +8.44% |
Max Drawdown (5Y)Largest decline over 5 years | -55.03% | -72.49% | +17.46% |
Max Drawdown (10Y)Largest decline over 10 years | -59.96% | -78.90% | +18.94% |
Current DrawdownCurrent decline from peak | -56.76% | -78.21% | +21.45% |
Average DrawdownAverage peak-to-trough decline | -23.70% | -32.73% | +9.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.39% | 8.58% | -2.19% |
Volatility
EDV vs. UBT - Volatility Comparison
The current volatility for Vanguard Extended Duration Treasury ETF (EDV) is 3.91%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 5.23%. This indicates that EDV experiences smaller price fluctuations and is considered to be less risky 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
| EDV | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 5.23% | -1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 13.51% | -3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.01% | 18.34% | -4.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.52% | 31.09% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 29.18% | -9.44% |
EDV vs. UBT - Expense Ratio Comparison
EDV has a 0.05% expense ratio, which is lower than UBT's 0.95% expense ratio.
Dividends
EDV vs. UBT - Dividend Comparison
EDV's dividend yield for the trailing twelve months is around 5.42%, more than UBT's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.42% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
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
With a correlation of 0.97, EDV and UBT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UBT has higher volatility (5.23%) compared to EDV (3.91%). In terms of maximum drawdown, EDV dropped -59.96% vs UBT's -78.90%.
On 10-year performance, EDV leads with -4.40% vs -9.58% for UBT. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDV has performed better with a -4.40% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.95% for UBT.
EDV has the higher dividend yield at 5.42%, compared with 3.77% for UBT.
EDV is categorized as Government Bonds, while UBT is Leveraged Bonds. EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.05% for EDV and 0.95% for UBT.
EDV currently has the higher Sharpe Ratio (-0.40 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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