EEV vs. UST
EEV (ProShares UltraShort MSCI Emerging Markets) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-200%), 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, EEV returned -22.12%/yr vs -2.45%/yr for UST. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
EEV vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -35.24% return, which is significantly lower than UST's -4.15% return. Over the past 10 years, EEV has underperformed UST with an annualized return of -22.12%, while UST has yielded a comparatively higher -2.45% annualized return.
EEV
- 1D
- 7.43%
- 1M
- 7.34%
- 6M
- -27.37%
- YTD
- -35.24%
- 1Y
- -49.99%
- 3Y*
- -29.87%
- 5Y*
- -14.73%
- 10Y*
- -22.12%
UST
- 1D
- -0.76%
- 1M
- -1.53%
- 6M
- -4.17%
- YTD
- -4.15%
- 1Y
- 1.32%
- 3Y*
- -0.33%
- 5Y*
- -7.56%
- 10Y*
- -2.45%
EEV vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -35.24% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
UST ProShares Ultra 7-10 Year Treasury | -4.15% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between EEV and UST is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | 0.17 |
The correlation between EEV and UST shifts across timeframes, from -0.25 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EEV vs. UST — Risk / Return Rank
EEV
UST
EEV vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.
| EEV | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.03 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 0.15 | -1.01 |
| Martin ratioReturn relative to average drawdown | -1.52 | 0.37 | -1.88 |
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Drawdowns
EEV vs. UST - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for EEV and UST.
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Drawdown Indicators
| EEV | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -47.99% | -51.89% |
Max Drawdown (1Y)Largest decline over 1 year | -58.51% | -8.75% | -49.76% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -16.35% | -61.16% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -43.97% | -37.17% |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | -47.99% | -45.40% |
Current DrawdownCurrent decline from peak | -99.86% | -39.13% | -60.73% |
Average DrawdownAverage peak-to-trough decline | -93.02% | -15.27% | -77.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.00% | 3.60% | +29.40% |
Volatility
EEV vs. UST - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 22.55% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.14%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier 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
| EEV | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.55% | 3.14% | +19.41% |
Volatility (6M)Calculated over the trailing 6-month period | 43.38% | 7.06% | +36.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.68% | 9.34% | +38.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.86% | 15.48% | +24.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.55% | 13.15% | +28.40% |
EEV vs. UST - Expense Ratio Comparison
Both EEV and UST have an expense ratio of 0.95%.
Dividends
EEV vs. UST - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 7.23%, more than UST's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.23% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% | 0.00% | 0.00% | 0.00% |
UST ProShares Ultra 7-10 Year Treasury | 3.60% | 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
EEV and UST have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEV has higher volatility (22.55%) compared to UST (3.14%). In terms of maximum drawdown, EEV dropped -99.88% vs UST's -47.99%.
On 10-year performance, UST leads with -2.45% vs -22.12% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UST has performed better with a -2.45% return vs -22.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEV and UST have the same expense ratio: 0.95% per year.
EEV has the higher dividend yield at 7.23%, compared with 3.60% for UST.
EEV is categorized as Leveraged Equities, while UST is Leveraged Bonds. EEV tracks MSCI Emerging Markets Index (-200%), while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%).
UST currently has the higher Sharpe Ratio (0.14 vs -1.05), 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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