KBAB vs. UST

Last updated Apr 1, 2026

Compare and contrast key facts about KraneShares 2x Long BABA Daily ETF (KBAB) and ProShares Ultra 7-10 Year Treasury (UST).

KBAB and UST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KBAB is an actively managed fund by KraneShares. It was launched on Mar 7, 2025. UST is a passively managed fund by ProShares that tracks the performance of the Barclays Capital U.S. 7-10 Year Treasury Index (200%). It was launched on Jan 19, 2010.

Performance

KBAB vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long BABA Daily ETF (KBAB) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

KBAB vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-31.94%	-7.77%
UST ProShares Ultra 7-10 Year Treasury	-1.33%	6.39%

Returns By Period

In the year-to-date period, KBAB achieves a -31.94% return, which is significantly lower than UST's -1.33% return.

KBAB

• 1D: 5.59%
• 1M: -26.07%
• YTD: -31.94%
• 6M: -57.04%
• 1Y: -31.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UST

• 1D: -0.13%
• 1M: -3.86%
• YTD: -1.33%
• 6M: -1.34%
• 1Y: 2.36%
• 3Y*: -1.15%
• 5Y*: -5.97%
• 10Y*: -1.82%

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

KBAB vs. UST - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is higher than UST's 0.95% expense ratio.

KBAB

KraneShares 2x Long BABA Daily ETF

UST

ProShares Ultra 7-10 Year Treasury

Return for Risk

KBAB vs. UST — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 7
KBAB Sharpe Ratio Rank: 6
KBAB Sortino Ratio Rank: 10
KBAB Omega Ratio Rank: 10
KBAB Calmar Ratio Rank: 4
KBAB Martin Ratio Rank: 4

UST

UST Risk / Return Rank: 17
UST Sharpe Ratio Rank: 17
UST Sortino Ratio Rank: 15
UST Omega Ratio Rank: 14
UST Calmar Ratio Rank: 20
UST Martin Ratio Rank: 18

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.

KBAB vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) 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.

	KBAB	UST	Difference
Sharpe ratio Return per unit of total volatility	-0.35	0.21	-0.56
Sortino ratio Return per unit of downside risk	0.07	0.37	-0.31
Omega ratio Gain probability vs. loss probability	1.01	1.04	-0.04
Calmar ratio Return relative to maximum drawdown	-0.50	0.36	-0.86
Martin ratio Return relative to average drawdown	-1.01	0.81	-1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBAB vs. UST - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.35, which is lower than the UST Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of KBAB and UST, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KBAB	UST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	0.21	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	0.20	-0.59

Correlation

The correlation between KBAB and UST is -0.10. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

KBAB vs. UST - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 87.98%, more than UST's 3.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBAB KraneShares 2x Long BABA Daily ETF	87.98%	59.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UST ProShares Ultra 7-10 Year Treasury	3.43%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Drawdowns

KBAB vs. UST - Drawdown Comparison

The maximum KBAB drawdown since its inception was -63.69%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for KBAB and UST.

Drawdown Indicators

	KBAB	UST	Difference
Max Drawdown Largest peak-to-trough decline	-63.69%	-47.99%	-15.70%
Max Drawdown (1Y) Largest decline over 1 year	-63.69%	-8.44%	-55.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.99%	—
Current Drawdown Current decline from peak	-61.66%	-37.34%	-24.32%
Average Drawdown Average peak-to-trough decline	-33.88%	-14.89%	-18.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.72%	3.69%	+28.03%

Volatility

KBAB vs. UST - Volatility Comparison

KraneShares 2x Long BABA Daily ETF (KBAB) has a higher volatility of 25.39% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.75%. This indicates that KBAB'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.

Volatility by Period

	KBAB	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.39%	3.75%	+21.64%
Volatility (6M) Calculated over the trailing 6-month period	59.20%	6.39%	+52.81%
Volatility (1Y) Calculated over the trailing 1-year period	92.59%	11.28%	+81.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.97%	15.45%	+76.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.97%	13.18%	+78.79%