PST vs. UBT
PST (ProShares UltraShort 7-10 Year Treasury) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - PST is a Inverse Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, 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, PST returned 2.91%/yr vs -9.26%/yr for UBT. At a correlation of -0.91, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
PST vs. UBT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PST achieves a 6.60% return, which is significantly higher than UBT's -5.35% return. Over the past 10 years, PST has outperformed UBT with an annualized return of 2.91%, while UBT has yielded a comparatively lower -9.26% annualized return.
PST
- 1D
- 0.91%
- 1M
- 1.86%
- 6M
- 6.65%
- YTD
- 6.60%
- 1Y
- 3.69%
- 3Y*
- 5.39%
- 5Y*
- 10.37%
- 10Y*
- 2.91%
UBT
- 1D
- -1.15%
- 1M
- -3.39%
- 6M
- -6.26%
- YTD
- -5.35%
- 1Y
- -0.34%
- 3Y*
- -10.62%
- 5Y*
- -20.04%
- 10Y*
- -9.26%
PST vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 6.60% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
UBT ProShares Ultra 20+ Year Treasury | -5.35% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between PST and UBT is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.91 |
The correlation between PST and UBT has been stable across timeframes, ranging from -0.91 to -0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PST vs. UBT — Risk / Return Rank
PST
UBT
PST vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 7-10 Year Treasury (PST) 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.
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 | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.01 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.02 | +0.56 |
| Martin ratioReturn relative to average drawdown | 0.96 | -0.04 | +1.00 |
Loading charts...
Drawdowns
PST vs. UBT - Drawdown Comparison
The maximum PST drawdown since its inception was -79.25%, roughly equal to the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for PST and UBT.
Loading charts...
Drawdown Indicators
| PST | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.25% | -78.90% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -16.86% | +9.96% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -35.81% | +19.62% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -72.49% | +56.30% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | -78.90% | +42.83% |
Current DrawdownCurrent decline from peak | -63.43% | -77.30% | +13.87% |
Average DrawdownAverage peak-to-trough decline | -61.48% | -32.57% | -28.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.87% | 7.73% | -3.86% |
Volatility
PST vs. UBT - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 3.07%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 5.91%. This indicates that PST 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.
Loading charts...
Volatility by Period
| PST | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.07% | 5.91% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 13.46% | -6.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.43% | 18.75% | -9.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 31.20% | -15.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 29.18% | -15.89% |
PST vs. UBT - Expense Ratio Comparison
Both PST and UBT have an expense ratio of 0.95%.
Dividends
PST vs. UBT - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 2.81%, less than UBT's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 2.81% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.62% | 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
PST and UBT have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.91%) compared to PST (3.07%). In terms of maximum drawdown, PST dropped -79.25% vs UBT's -78.90%.
On 10-year performance, PST leads with 2.91% vs -9.26% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, PST has been the lower-risk option at 3.07%. 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 2.91% return vs -9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PST and UBT have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.62%, compared with 2.81% for PST.
PST is categorized as Inverse Bonds, while UBT is Leveraged Bonds. PST tracks ICE U.S. Treasury 7-10 Year Bond Index, while UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%).
PST currently has the higher Sharpe Ratio (0.39 vs -0.02), 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.
Find the right allocation for PST and UBT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer