PST vs. TYO
PST (ProShares UltraShort 7-10 Year Treasury) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both exchange-traded funds - PST is a Inverse Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, PST returned 3.13%/yr vs 2.74%/yr for TYO. Their correlation of 0.95 means they have usually moved in the same direction. PST charges 0.95%/yr vs 1.08%/yr for TYO.
Performance
PST vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, PST achieves a 7.74% return, which is significantly lower than TYO's 13.00% return. Over the past 10 years, PST has outperformed TYO with an annualized return of 3.13%, while TYO has yielded a comparatively lower 2.74% annualized return.
PST
- 1D
- 0.55%
- 1M
- 3.24%
- 6M
- 6.90%
- YTD
- 7.74%
- 1Y
- 7.92%
- 3Y*
- 4.59%
- 5Y*
- 11.11%
- 10Y*
- 3.13%
- ALL TIME*
- -4.97%
TYO
- 1D
- 1.13%
- 1M
- 4.90%
- 6M
- 11.24%
- YTD
- 13.00%
- 1Y
- 13.40%
- 3Y*
- 6.55%
- 5Y*
- 15.57%
- 10Y*
- 2.74%
- ALL TIME*
- -6.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $115.25K | $150.97K | $186.50K | |
| $187.18K | $201.48K | $266.73K |
PST vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 7.74% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 13.00% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between PST and TYO is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.95 |
The correlation between PST and TYO has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
PST vs. TYO — Risk / Return Rank
PST
TYO
PST vs. TYO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 7-10 Year Treasury (PST) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.12 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.40 | -0.23 |
| Martin ratioReturn relative to average drawdown | 2.40 | 2.88 | -0.48 |
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Drawdowns
PST vs. TYO - Drawdown Comparison
The maximum PST drawdown since its inception was -79.25%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for PST and TYO.
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Drawdown Indicators
| PST | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.25% | -89.25% | +10.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -6.90% | +2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -24.40% | +8.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -24.40% | +8.21% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | -52.21% | +16.14% |
Current DrawdownCurrent decline from peak | -63.04% | -76.14% | +13.10% |
Average DrawdownAverage peak-to-trough decline | -61.49% | -71.13% | +9.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 3.91% | -1.18% |
Volatility
PST vs. TYO - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.53%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 3.79%. This indicates that PST experiences smaller price fluctuations and is considered to be less risky than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PST | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.53% | 3.79% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 11.04% | -3.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.39% | 14.19% | -4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 23.17% | -7.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 20.15% | -6.86% |
PST vs. TYO - Expense Ratio Comparison
PST has a 0.95% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
PST vs. TYO - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 2.78%, more than TYO's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 2.78% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.47% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
With a correlation of 0.97, PST and TYO 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.
TYO has higher volatility (3.79%) compared to PST (2.53%). In terms of maximum drawdown, PST dropped -79.25% vs TYO's -89.25%.
On 10-year performance, PST leads with 3.13% vs 2.74% for TYO. On fees, PST is cheaper at 0.95% per year. On volatility, PST has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PST has performed better with a 3.13% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PST is cheaper with a 0.95% expense ratio, compared with 1.08% for TYO.
PST has the higher dividend yield at 2.78%, compared with 2.47% for TYO.
PST is categorized as Inverse Bonds, while TYO is Leveraged Bonds. PST tracks ICE U.S. Treasury 7-10 Year Bond Index, while TYO tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for PST and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.68 vs 0.59), 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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