SPY5.L vs. UST

Last updated Jun 14, 2026

SPY5.L (State Street SPDR S&P 500 UCITS ETF) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - SPY5.L is a S&P 500 fund tracking the S&P 500, 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, SPY5.L returned 15.24%/yr vs -2.25%/yr for UST. At a correlation of -0.14, they often move in opposite directions. SPY5.L charges 0.09%/yr vs 0.95%/yr for UST.

Performance

SPY5.L vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 UCITS ETF (SPY5.L) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY5.L achieves a 8.61% return, which is significantly higher than UST's -2.66% return. Over the past 10 years, SPY5.L has outperformed UST with an annualized return of 15.24%, while UST has yielded a comparatively lower -2.25% annualized return.

SPY5.L

• 1D: 2.31%
• 1M: -0.62%
• YTD: 8.61%
• 6M: 9.78%
• 1Y: 25.17%
• 3Y*: 20.84%
• 5Y*: 13.27%
• 10Y*: 15.24%

UST

• 1D: -0.42%
• 1M: 0.09%
• YTD: -2.66%
• 6M: -2.37%
• 1Y: 3.24%
• 3Y*: 0.27%
• 5Y*: -6.96%
• 10Y*: -2.25%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY5.L vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY5.L State Street SPDR S&P 500 UCITS ETF	8.61%	17.43%	25.36%	26.64%	-18.68%	29.28%	17.52%	30.43%	-5.46%	21.58%
UST ProShares Ultra 7-10 Year Treasury	-2.66%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%

Correlation

The correlation between SPY5.L and UST is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 19, 2012	-0.14

The correlation between SPY5.L and UST shifts across timeframes, from -0.14 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPY5.L vs. UST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPY5.L

SPY5.L Risk / Return Rank: 74
SPY5.L Sharpe Ratio Rank: 74
SPY5.L Sortino Ratio Rank: 79
SPY5.L Omega Ratio Rank: 74
SPY5.L Calmar Ratio Rank: 69
SPY5.L Martin Ratio Rank: 76

UST

UST Risk / Return Rank: 13
UST Sharpe Ratio Rank: 14
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 12
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPY5.L vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 UCITS ETF (SPY5.L) 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.

	SPY5.L	UST	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.27	+1.79
Sortino ratio: Return per unit of downside risk	3.05	0.45	+2.60
Omega ratio: Gain probability vs. loss probability	1.37	1.05	+0.32
Calmar ratio: Return relative to maximum drawdown	3.01	0.28	+2.73
Martin ratio: Return relative to average drawdown	12.62	0.77	+11.86

SPY5.L vs. UST - Sharpe Ratio Comparison

The current SPY5.L Sharpe Ratio is 2.05, which is higher than the UST Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of SPY5.L and UST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPY5.L vs. UST - Drawdown Comparison

The maximum SPY5.L drawdown since its inception was -33.89%, smaller than the maximum UST drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for SPY5.L and UST.

Drawdown Indicators

	SPY5.L	UST	Difference
Max Drawdown Largest peak-to-trough decline	-33.89%	-47.99%	+14.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-8.75%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.36%	-16.74%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-43.97%	+19.60%
Max Drawdown (10Y) Largest decline over 10 years	-33.89%	-47.99%	+14.10%
Current Drawdown Current decline from peak	-2.08%	-38.19%	+36.11%
Average Drawdown Average peak-to-trough decline	-3.69%	-15.16%	+11.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.22%	-1.27%

Volatility

SPY5.L vs. UST - Volatility Comparison

State Street SPDR S&P 500 UCITS ETF (SPY5.L) has a higher volatility of 4.17% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.25%. This indicates that SPY5.L's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY5.L	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	3.25%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	6.75%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.00%	9.35%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	15.47%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	13.18%	+3.07%

SPY5.L vs. UST - Expense Ratio Comparison

SPY5.L has a 0.09% expense ratio, which is lower than UST's 0.95% expense ratio.

Dividends

SPY5.L vs. UST - Dividend Comparison

SPY5.L's dividend yield for the trailing twelve months is around 0.90%, less than UST's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.L State Street SPDR S&P 500 UCITS ETF	0.90%	0.97%	1.06%	1.19%	1.40%	0.99%	1.28%	1.44%	1.77%	1.51%	1.64%	1.73%
UST ProShares Ultra 7-10 Year Treasury	3.48%	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

Can I hold both SPY5.L and UST in my portfolio?

SPY5.L and UST have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPY5.L or UST?

On fees, SPY5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPY5.L or UST?

SPY5.L is cheaper with a 0.09% expense ratio, compared with 0.95% for UST.

What is the main difference between SPY5.L and UST?

SPY5.L is categorized as S&P 500, while UST is Leveraged Bonds. SPY5.L tracks S&P 500, while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.09% for SPY5.L and 0.95% for UST.