FDHY vs. UST

Last updated Jun 13, 2026

FDHY (Fidelity High Yield Factor ETF) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - FDHY is a High Yield Bonds fund actively managed by Fidelity, while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). FDHY is actively managed, while UST is passively managed. Over the past 5 years, FDHY returned 3.91%/yr vs -6.96%/yr for UST. At a 0.20 correlation, their price movements are largely independent. FDHY charges 0.45%/yr vs 0.95%/yr for UST.

Performance

FDHY vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Yield Factor ETF (FDHY) 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, FDHY achieves a 2.39% return, which is significantly higher than UST's -2.66% return.

FDHY

• 1D: 0.18%
• 1M: 0.57%
• YTD: 2.39%
• 6M: 3.06%
• 1Y: 8.19%
• 3Y*: 8.86%
• 5Y*: 3.91%
• 10Y*: —

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)

FDHY vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FDHY Fidelity High Yield Factor ETF	2.39%	9.24%	7.53%	11.14%	-11.30%	4.33%	10.71%	16.87%	-2.35%
UST ProShares Ultra 7-10 Year Treasury	-2.66%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	6.81%

Correlation

The correlation between FDHY and UST is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.20

Over the past year, FDHY and UST have become more correlated (0.45) than their long-term average of 0.20, meaning their price movements have been converging.

FDHY vs. UST - Sectors Allocation Comparison

Sectors	FDHY	UST
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	96.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FDHY vs. UST — Risk / Return Rank

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

FDHY

FDHY Risk / Return Rank: 85
FDHY Sharpe Ratio Rank: 82
FDHY Sortino Ratio Rank: 88
FDHY Omega Ratio Rank: 87
FDHY Calmar Ratio Rank: 83
FDHY Martin Ratio Rank: 87

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.

FDHY vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Yield Factor ETF (FDHY) 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.

	FDHY	UST	Difference
Sharpe ratio: Return per unit of total volatility	2.29	0.27	+2.03
Sortino ratio: Return per unit of downside risk	3.51	0.45	+3.06
Omega ratio: Gain probability vs. loss probability	1.46	1.05	+0.41
Calmar ratio: Return relative to maximum drawdown	3.87	0.28	+3.59
Martin ratio: Return relative to average drawdown	16.30	0.77	+15.53

FDHY vs. UST - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 2.29, which is higher than the UST Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of FDHY 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

FDHY vs. UST - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum UST drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for FDHY and UST.

Drawdown Indicators

	FDHY	UST	Difference
Max Drawdown Largest peak-to-trough decline	-20.01%	-47.99%	+27.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-8.75%	+6.63%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	-16.74%	+11.48%
Max Drawdown (5Y) Largest decline over 5 years	-16.38%	-43.97%	+27.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.99%	—
Current Drawdown Current decline from peak	-0.02%	-38.19%	+38.17%
Average Drawdown Average peak-to-trough decline	-2.87%	-15.16%	+12.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	3.22%	-2.72%

Volatility

FDHY vs. UST - Volatility Comparison

The current volatility for Fidelity High Yield Factor ETF (FDHY) is 1.23%, while ProShares Ultra 7-10 Year Treasury (UST) has a volatility of 3.25%. This indicates that FDHY 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

	FDHY	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	3.25%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	6.75%	-3.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	9.35%	-5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	15.47%	-8.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.04%	13.18%	-5.14%

FDHY vs. UST - Expense Ratio Comparison

FDHY has a 0.45% expense ratio, which is lower than UST's 0.95% expense ratio.

Dividends

FDHY vs. UST - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.51%, more than UST's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDHY Fidelity High Yield Factor ETF	6.51%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%	0.00%	0.00%	0.00%
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 FDHY and UST in my portfolio?

FDHY and UST have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDHY or UST?

UST has higher volatility (3.25%) compared to FDHY (1.23%). In terms of maximum drawdown, FDHY dropped -20.01% vs UST's -47.99%.

Which ETF is better, FDHY or UST?

On 5-year performance, FDHY leads with 3.91% vs -6.96% for UST. On fees, FDHY is cheaper at 0.45% per year. On volatility, FDHY has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDHY or UST?

Over the 5-year period, FDHY has performed better with a 3.91% return vs -6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDHY or UST?

FDHY is cheaper with a 0.45% expense ratio, compared with 0.95% for UST.

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

FDHY has the higher dividend yield at 6.51%, compared with 3.48% for UST.

What is the main difference between FDHY and UST?

FDHY is categorized as High Yield Bonds, while UST is Leveraged Bonds. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.45% for FDHY and 0.95% for UST.

Which has better risk-adjusted returns?

FDHY currently has the higher Sharpe Ratio (2.29 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.