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 ICE U.S. Treasury 20+ Year Bond Index (200% Daily). Both are passively managed. Over the past 10 years, PST returned 3.13%/yr vs -9.80%/yr for UBT. Their -0.91 correlation means they have often moved in opposite directions in the past. 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 7.74% return, which is significantly higher than UBT's -9.88% return. Over the past 10 years, PST has outperformed UBT with an annualized return of 3.13%, while UBT has yielded a comparatively lower -9.80% 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%
UBT
- 1D
- -1.93%
- 1M
- -8.39%
- 6M
- -9.39%
- YTD
- -9.88%
- 1Y
- -9.99%
- 3Y*
- -10.25%
- 5Y*
- -21.36%
- 10Y*
- -9.80%
- ALL TIME*
- 0.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $115.25K | $150.97K | $186.50K | |
| $559.65K | $668.92K | $852.70K |
PST vs. UBT - 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% |
UBT ProShares Ultra 20+ Year Treasury | -9.88% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.88 |
Correlation (3Y) Balances recent behavior with more history. | -0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.95 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | -0.40 | +1.57 |
| Martin ratioReturn relative to average drawdown | 2.40 | -0.86 | +3.26 |
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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 | -4.73% | -18.25% | +13.52% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -31.18% | +14.99% |
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 | -63.04% | -78.38% | +15.34% |
Average DrawdownAverage peak-to-trough decline | -61.49% | -32.72% | -28.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 8.51% | -5.78% |
Volatility
PST vs. UBT - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.53%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 5.14%. 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 | 2.53% | 5.14% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 13.53% | -6.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.39% | 18.53% | -9.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 31.09% | -15.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 29.17% | -15.88% |
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 2.78%, less than UBT's 3.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.80% | 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 (5.14%) compared to PST (2.53%). In terms of maximum drawdown, PST dropped -79.25% vs UBT's -78.90%.
On 10-year performance, PST leads with 3.13% vs -9.80% for UBT. Both ETFs have the same 0.95% expense ratio. 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 -9.80%. 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 3.80%, compared with 2.78% 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 ICE U.S. Treasury 20+ Year Bond Index (200% Daily).
PST currently has the higher Sharpe Ratio (0.59 vs -0.40), 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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