PST vs. UST
PST (ProShares UltraShort 7-10 Year Treasury) and UST (ProShares Ultra 7-10 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 UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, PST returned 2.73%/yr vs -2.35%/yr for UST. At a correlation of -0.96, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
PST vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, PST achieves a 4.69% return, which is significantly higher than UST's -2.82% return. Over the past 10 years, PST has outperformed UST with an annualized return of 2.73%, while UST has yielded a comparatively lower -2.35% annualized return.
PST
- 1D
- -0.27%
- 1M
- -0.60%
- YTD
- 4.69%
- 6M
- 5.06%
- 1Y
- 3.06%
- 3Y*
- 5.23%
- 5Y*
- 9.44%
- 10Y*
- 2.73%
UST
- 1D
- 0.23%
- 1M
- 0.95%
- YTD
- -2.82%
- 6M
- -2.86%
- 1Y
- 1.76%
- 3Y*
- -0.19%
- 5Y*
- -6.85%
- 10Y*
- -2.35%
PST vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 4.69% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
UST ProShares Ultra 7-10 Year Treasury | -2.82% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between PST and UST is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | -0.96 |
The correlation between PST and UST has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
PST vs. UST — Risk / Return Rank
PST
UST
PST vs. UST - 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 7-10 Year Treasury (UST). 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 | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.04 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 0.20 | +0.24 |
| Martin ratioReturn relative to average drawdown | 0.80 | 0.52 | +0.28 |
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Drawdowns
PST vs. UST - Drawdown Comparison
The maximum PST drawdown since its inception was -79.25%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for PST and UST.
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Drawdown Indicators
| PST | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.25% | -47.99% | -31.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -8.75% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -16.66% | +0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -43.97% | +27.78% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | -47.99% | +11.92% |
Current DrawdownCurrent decline from peak | -64.08% | -38.29% | -25.79% |
Average DrawdownAverage peak-to-trough decline | -61.48% | -15.20% | -46.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 3.37% | +0.46% |
Volatility
PST vs. UST - Volatility Comparison
ProShares UltraShort 7-10 Year Treasury (PST) and ProShares Ultra 7-10 Year Treasury (UST) have volatilities of 2.73% and 2.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PST | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.71% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 7.03% | 6.85% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.49% | 9.34% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 15.47% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.30% | 13.16% | +0.14% |
PST vs. UST - Expense Ratio Comparison
Both PST and UST have an expense ratio of 0.95%.
Dividends
PST vs. UST - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 3.08%, less than UST's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 3.08% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% | 0.00% | 0.00% | 0.00% |
UST ProShares Ultra 7-10 Year Treasury | 3.49% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
PST and UST have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PST has higher volatility (2.73%) compared to UST (2.71%). In terms of maximum drawdown, PST dropped -79.25% vs UST's -47.99%.
On 10-year performance, PST leads with 2.73% vs -2.35% for UST. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. 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 2.73% return vs -2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PST and UST have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.49%, compared with 3.08% for PST.
PST is categorized as Inverse Bonds, while UST is Leveraged Bonds. PST tracks ICE U.S. Treasury 7-10 Year Bond Index, while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%).
PST currently has the higher Sharpe Ratio (0.32 vs 0.19), 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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