PST vs. TYO
Compare and contrast key facts about ProShares UltraShort 7-10 Year Treasury (PST) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO).
PST and TYO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PST is a passively managed fund by ProShares that tracks the performance of the ICE BofA US Treasury (7-10 Y) (-200%). It was launched on May 1, 2008. TYO is a passively managed fund by Direxion that tracks the performance of the NYSE 7-10 Year Treasury Bond Index. It was launched on Apr 16, 2009. Both PST and TYO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PST or TYO.
Key characteristics
| PST | TYO | |
|---|---|---|
| YTD Return | 12.28% | 18.35% |
| 1Y Return | 22.10% | 31.14% |
| 3Y Return (Ann) | 15.49% | 21.23% |
| 5Y Return (Ann) | 4.38% | 4.54% |
| 10Y Return (Ann) | -0.59% | -3.31% |
| Sharpe Ratio | 1.23 | 1.16 |
| Daily Std Dev | 17.05% | 25.35% |
| Max Drawdown | -79.25% | -89.25% |
| Current Drawdown | -64.10% | -77.25% |
Correlation
The correlation between PST and TYO is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
PST vs. TYO - Performance Comparison
In the year-to-date period, PST achieves a 12.28% return, which is significantly lower than TYO's 18.35% return. Over the past 10 years, PST has outperformed TYO with an annualized return of -0.59%, while TYO has yielded a comparatively lower -3.31% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PST vs. TYO - Expense Ratio Comparison
PST has a 0.95% expense ratio, which is lower than TYO's 1.08% expense ratio.
Risk-Adjusted Performance
PST vs. TYO - Risk-Adjusted Performance 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.
Dividends
PST vs. TYO - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 3.47%, less than TYO's 3.99% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 3.47% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 3.99% | 3.62% | 0.09% | 0.00% | 0.37% | 1.58% | 0.32% |
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. For additional features, visit the drawdowns tool.
Volatility
PST vs. TYO - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 4.59%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 6.89%. 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.