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LTPZ vs. UBT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LTPZ vs. UBT

Last updated Jun 4, 2026

LTPZ (PIMCO 15+ Year US TIPS Index ETF) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%). Both are passively managed. Over the past 10 years, LTPZ returned 0.75%/yr vs -8.27%/yr for UBT. Their correlation of 0.81 suggests significant overlap in exposure. LTPZ charges 0.20%/yr vs 0.95%/yr for UBT.

Performance

LTPZ vs. UBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 15+ Year US TIPS Index ETF (LTPZ) and ProShares Ultra 20+ Year Treasury (UBT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LTPZ achieves a 0.41% return, which is significantly higher than UBT's -2.69% return. Over the past 10 years, LTPZ has outperformed UBT with an annualized return of 0.75%, while UBT has yielded a comparatively lower -8.27% annualized return.

LTPZ

1D
-0.49%
1M
1.02%
YTD
0.41%
6M
-1.15%
1Y
4.72%
3Y*
-0.79%
5Y*
-5.24%
10Y*
0.75%

UBT

1D
-0.74%
1M
1.08%
YTD
-2.69%
6M
-6.59%
1Y
4.39%
3Y*
-10.32%
5Y*
-17.99%
10Y*
-8.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LTPZ vs. UBT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LTPZ
PIMCO 15+ Year US TIPS Index ETF		0.41%4.00%-4.80%0.96%-31.71%7.02%24.89%17.47%-7.22%9.07%
UBT
ProShares Ultra 20+ Year Treasury		-2.69%2.03%-21.81%-3.68%-55.54%-12.14%31.87%24.46%-6.54%16.12%

Correlation

The correlation between LTPZ and UBT is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Jan 22, 2010

0.81

The correlation between LTPZ and UBT has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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PIMCO 15+ Year US TIPS Index ETF

ProShares Ultra 20+ Year Treasury

Often compared with LTPZ:
LTPZ vs. SCHPLTPZ vs. TLTLTPZ vs. TIPXLTPZ vs. VTIPLTPZ vs. VGLTLTPZ vs. HYSLTPZ vs. JNK
Often compared with UBT:
UBT vs. TLTUBT vs. TMFUBT vs. KMLMUBT vs. QLDUBT vs. EDVUBT vs. VTUBT vs. PST

Return for Risk

LTPZ vs. UBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LTPZ
LTPZ Risk / Return Rank: 1616
Overall Rank
LTPZ Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
LTPZ Sortino Ratio Rank: 1515
Sortino Ratio Rank
LTPZ Omega Ratio Rank: 1515
Omega Ratio Rank
LTPZ Calmar Ratio Rank: 1717
Calmar Ratio Rank
LTPZ Martin Ratio Rank: 1616
Martin Ratio Rank
UBT
UBT Risk / Return Rank: 1111
Overall Rank
UBT Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
UBT Sortino Ratio Rank: 1111
Sortino Ratio Rank
UBT Omega Ratio Rank: 1111
Omega Ratio Rank
UBT Calmar Ratio Rank: 1212
Calmar Ratio Rank
UBT Martin Ratio Rank: 1111
Martin Ratio Rank
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.

LTPZ vs. UBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) 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.

LTPZUBTDifference

Sharpe ratio

Return per unit of total volatility

0.51

0.23

+0.29

Sortino ratio

Return per unit of downside risk

0.78

0.46

+0.32

Omega ratio

Gain probability vs. loss probability

1.09

1.05

+0.04

Calmar ratio

Return relative to maximum drawdown

0.68

0.26

+0.42

Martin ratio

Return relative to average drawdown

1.48

0.63

+0.85

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTPZ vs. UBT - Sharpe Ratio Comparison

The current LTPZ Sharpe Ratio is 0.51, which is higher than the UBT Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of LTPZ and UBT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

LTPZUBTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.51

0.23

+0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.33

-0.58

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.05

-0.28

+0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.02

+0.19

Drawdowns

LTPZ vs. UBT - Drawdown Comparison

The maximum LTPZ drawdown since its inception was -40.99%, smaller than the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for LTPZ and UBT.

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Drawdown Indicators

LTPZUBTDifference

Max Drawdown

Largest peak-to-trough decline

-40.99%

-78.90%

+37.91%

Max Drawdown (1Y)

Largest decline over 1 year

-7.00%

-16.86%

+9.86%

Max Drawdown (3Y)

Largest decline over 3 years

-16.27%

-36.62%

+20.35%

Max Drawdown (5Y)

Largest decline over 5 years

-40.99%

-72.49%

+31.50%

Max Drawdown (10Y)

Largest decline over 10 years

-40.99%

-78.90%

+37.91%

Current Drawdown

Current decline from peak

-32.74%

-76.66%

+43.92%

Average Drawdown

Average peak-to-trough decline

-12.41%

-32.30%

+19.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

7.01%

-3.81%

Volatility

LTPZ vs. UBT - Volatility Comparison

The current volatility for PIMCO 15+ Year US TIPS Index ETF (LTPZ) is 2.32%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 5.41%. This indicates that LTPZ 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

LTPZUBTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.32%

5.41%

-3.09%

Volatility (6M)

Calculated over the trailing 6-month period

6.41%

12.78%

-6.37%

Volatility (1Y)

Calculated over the trailing 1-year period

9.26%

19.41%

-10.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.89%

31.33%

-15.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.07%

29.31%

-14.24%

LTPZ vs. UBT - Expense Ratio Comparison

LTPZ has a 0.20% expense ratio, which is lower than UBT's 0.95% expense ratio.

Dividends

LTPZ vs. UBT - Dividend Comparison

LTPZ's dividend yield for the trailing twelve months is around 5.23%, more than UBT's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
LTPZ
PIMCO 15+ Year US TIPS Index ETF		5.23%4.64%3.71%3.71%8.38%3.56%1.42%1.74%3.05%2.25%2.32%0.71%
UBT
ProShares Ultra 20+ Year Treasury		3.99%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 0.91, LTPZ 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 (5.41%) compared to LTPZ (2.32%). In terms of maximum drawdown, LTPZ dropped -40.99% vs UBT's -78.90%.

On 10-year performance, LTPZ leads with 0.75% vs -8.27% for UBT. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, LTPZ has performed better with a 0.75% return vs -8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LTPZ is cheaper with a 0.20% expense ratio, compared with 0.95% for UBT.

LTPZ has the higher dividend yield at 5.23%, compared with 3.99% for UBT.

LTPZ is categorized as Inflation-Protected Bonds, while UBT is Leveraged Bonds. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%). They also come from different issuers: PIMCO and ProShares. Their fees differ too: 0.20% for LTPZ and 0.95% for UBT.

LTPZ currently has the higher Sharpe Ratio (0.51 vs 0.23), 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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