FBND vs. UST

Last updated Jun 13, 2026

FBND (Fidelity Total Bond ETF) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). FBND is actively managed, while UST is passively managed. Over the past 10 years, FBND returned 2.54%/yr vs -2.25%/yr for UST. A 0.80 correlation means they provide meaningful diversification when combined. FBND charges 0.36%/yr vs 0.95%/yr for UST.

Performance

FBND vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Bond ETF (FBND) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBND achieves a 0.70% return, which is significantly higher than UST's -2.66% return. Over the past 10 years, FBND has outperformed UST with an annualized return of 2.54%, while UST has yielded a comparatively lower -2.25% annualized return.

FBND

• 1D: -0.13%
• 1M: 0.43%
• YTD: 0.70%
• 6M: 1.04%
• 1Y: 4.85%
• 3Y*: 4.89%
• 5Y*: 0.76%
• 10Y*: 2.54%

UST

• 1D: -0.42%
• 1M: -0.04%
• YTD: -2.66%
• 6M: -2.37%
• 1Y: 2.47%
• 3Y*: 0.27%
• 5Y*: -6.96%
• 10Y*: -2.25%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FBND vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%
UST ProShares Ultra 7-10 Year Treasury	-2.66%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%

Correlation

The correlation between FBND and UST is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.80

The correlation between FBND and UST shifts across timeframes, from 0.80 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

FBND vs. UST - Sectors Allocation Comparison

Sectors	FBND	UST
Industrials	71.4%	-
Utilities	27.5%	-
Energy	1.1%	-
Financial Services	0.2%	96.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

FBND vs. UST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 41
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 38
FBND Calmar Ratio Rank: 41
FBND Martin Ratio Rank: 38

UST

UST Risk / Return Rank: 13
UST Sharpe Ratio Rank: 14
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 12
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FBND vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) 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.

	FBND	UST	Difference
Sharpe ratio: Return per unit of total volatility	1.27	0.27	+1.01
Sortino ratio: Return per unit of downside risk	1.90	0.45	+1.45
Omega ratio: Gain probability vs. loss probability	1.22	1.05	+0.17
Calmar ratio: Return relative to maximum drawdown	1.83	0.28	+1.54
Martin ratio: Return relative to average drawdown	5.32	0.77	+4.56

FBND vs. UST - Sharpe Ratio Comparison

The current FBND Sharpe Ratio is 1.27, which is higher than the UST Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of FBND and UST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBND vs. UST - Drawdown Comparison

The maximum FBND drawdown since its inception was -17.25%, smaller than the maximum UST drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for FBND and UST.

Drawdown Indicators

	FBND	UST	Difference
Max Drawdown Largest peak-to-trough decline	-17.25%	-47.99%	+30.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-8.75%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-16.74%	+10.80%
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	-43.97%	+26.72%
Max Drawdown (10Y) Largest decline over 10 years	-17.25%	-47.99%	+30.74%
Current Drawdown Current decline from peak	-1.23%	-38.19%	+36.96%
Average Drawdown Average peak-to-trough decline	-3.34%	-15.16%	+11.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	3.22%	-2.31%

Volatility

FBND vs. UST - Volatility Comparison

The current volatility for Fidelity Total Bond ETF (FBND) is 1.35%, while ProShares Ultra 7-10 Year Treasury (UST) has a volatility of 3.25%. This indicates that FBND 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.

Volatility by Period

	FBND	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	3.25%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	6.75%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	9.35%	-5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	15.47%	-9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	13.18%	-7.08%

FBND vs. UST - Expense Ratio Comparison

FBND has a 0.36% expense ratio, which is lower than UST's 0.95% expense ratio.

Dividends

FBND vs. UST - Dividend Comparison

FBND's dividend yield for the trailing twelve months is around 4.69%, more than UST's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
UST ProShares Ultra 7-10 Year Treasury	3.48%	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

Can I hold both FBND and UST in my portfolio?

With a correlation of 0.97, FBND and UST 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.

Which is riskier, FBND or UST?

UST has higher volatility (3.25%) compared to FBND (1.35%). In terms of maximum drawdown, FBND dropped -17.25% vs UST's -47.99%.

Which ETF is better, FBND or UST?

On 10-year performance, FBND leads with 2.54% vs -2.25% for UST. On fees, FBND is cheaper at 0.36% per year. On volatility, FBND has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBND or UST?

Over the 10-year period, FBND has performed better with a 2.54% return vs -2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBND or UST?

FBND is cheaper with a 0.36% expense ratio, compared with 0.95% for UST.

Which ETF pays a higher dividend yield, FBND or UST?

FBND has the higher dividend yield at 4.69%, compared with 3.48% for UST.

What is the main difference between FBND and UST?

FBND is categorized as Intermediate Core-Plus Bond, while UST is Leveraged Bonds. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.36% for FBND and 0.95% for UST.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (1.27 vs 0.27), 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.