PST vs. FXAIX

Last updated Jun 24, 2026

PST (ProShares UltraShort 7-10 Year Treasury) and FXAIX (Fidelity 500 Index Fund) are both funds - PST is a Inverse Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PST returned 2.73%/yr vs 15.80%/yr for FXAIX. At a 0.22 correlation, their price movements are largely independent. PST charges 0.95%/yr vs 0.02%/yr for FXAIX.

Performance

PST vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 7-10 Year Treasury (PST) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PST achieves a 4.69% return, which is significantly lower than FXAIX's 9.79% return. Over the past 10 years, PST has underperformed FXAIX with an annualized return of 2.73%, while FXAIX has yielded a comparatively higher 15.80% annualized return.

PST

• 1D: -0.27%
• 1M: -0.60%
• YTD: 4.69%
• 6M: 5.06%
• 1Y: 3.06%
• 3Y*: 5.23%
• 5Y*: 9.44%
• 10Y*: 2.73%

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

PST vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PST ProShares UltraShort 7-10 Year Treasury	4.69%	-4.42%	12.27%	3.17%	38.55%	4.01%	-18.67%	-11.03%	1.72%	-4.52%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between PST and FXAIX 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	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.22

The correlation between PST and FXAIX shifts across timeframes, from -0.25 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PST vs. FXAIX — Risk / Return Rank

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

PST

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

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

PST vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 7-10 Year Treasury (PST) and Fidelity 500 Index Fund (FXAIX). 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.

	PST	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.15	-1.83
Sortino ratio: Return per unit of downside risk	0.52	2.91	-2.38
Omega ratio: Gain probability vs. loss probability	1.06	1.39	-0.33
Calmar ratio: Return relative to maximum drawdown	0.45	3.02	-2.57
Martin ratio: Return relative to average drawdown	0.80	13.62	-12.82

PST vs. FXAIX - Sharpe Ratio Comparison

The current PST Sharpe Ratio is 0.32, which is lower than the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PST and FXAIX, 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

PST vs. FXAIX - Drawdown Comparison

The maximum PST drawdown since its inception was -79.25%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for PST and FXAIX.

Drawdown Indicators

	PST	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-79.25%	-33.79%	-45.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-8.89%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	-18.76%	+2.57%
Max Drawdown (5Y) Largest decline over 5 years	-16.19%	-24.50%	+8.31%
Max Drawdown (10Y) Largest decline over 10 years	-36.07%	-33.79%	-2.28%
Current Drawdown Current decline from peak	-64.08%	-1.72%	-62.36%
Average Drawdown Average peak-to-trough decline	-61.48%	-3.79%	-57.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	1.97%	+1.86%

Volatility

PST vs. FXAIX - Volatility Comparison

The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.73%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that PST experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PST	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	4.68%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	9.84%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	9.49%	12.50%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	17.00%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.30%	18.12%	-4.82%

PST vs. FXAIX - Expense Ratio Comparison

PST has a 0.95% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

PST vs. FXAIX - Dividend Comparison

PST's dividend yield for the trailing twelve months is around 3.08%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
PST ProShares UltraShort 7-10 Year Treasury	3.08%	3.47%	3.61%	3.69%	0.02%	0.00%	0.11%	1.85%	0.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PST and FXAIX in my portfolio?

PST and FXAIX 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.

Which is riskier, PST or FXAIX?

FXAIX has higher volatility (4.68%) compared to PST (2.73%). In terms of maximum drawdown, PST dropped -79.25% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.15 vs 0.32), 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.