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 2.76%/yr vs -8.46%/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
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Returns By Period
In the year-to-date period, PST achieves a 4.97% return, which is significantly higher than UBT's -1.00% return. Over the past 10 years, PST has outperformed UBT with an annualized return of 2.76%, while UBT has yielded a comparatively lower -8.46% annualized return.
PST
- 1D
- 0.74%
- 1M
- -0.34%
- YTD
- 4.97%
- 6M
- 5.46%
- 1Y
- 2.59%
- 3Y*
- 5.33%
- 5Y*
- 9.47%
- 10Y*
- 2.76%
UBT
- 1D
- -1.27%
- 1M
- 4.22%
- YTD
- -1.00%
- 6M
- -1.75%
- 1Y
- 2.54%
- 3Y*
- -10.45%
- 5Y*
- -18.46%
- 10Y*
- -8.46%
PST vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 4.97% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
UBT ProShares Ultra 20+ Year Treasury | -1.00% | 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.
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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 | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.04 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.15 | +0.23 |
| Martin ratioReturn relative to average drawdown | 0.68 | 0.34 | +0.33 |
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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.
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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% | -36.47% | +20.28% |
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 | -63.99% | -76.25% | +12.26% |
Average DrawdownAverage peak-to-trough decline | -61.48% | -32.42% | -29.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 7.41% | -3.58% |
Volatility
PST vs. UBT - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.72%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 4.42%. 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.
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Volatility by Period
| PST | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 4.42% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 13.07% | -6.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.50% | 18.91% | -9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 31.23% | -15.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.33% | 29.32% | -15.99% |
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 3.07%, less than UBT's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 3.07% | 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 | 3.93% | 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 (4.42%) compared to PST (2.72%). In terms of maximum drawdown, PST dropped -79.25% vs UBT's -78.90%.
On 10-year performance, PST leads with 2.76% vs -8.46% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, PST has been the lower-risk option at 2.72%. 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 2.76% return vs -8.46%. 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 3.93%, compared with 3.07% 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 (0.27 vs 0.14), 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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