TBT vs. UST
TBT (ProShares UltraShort 20+ Year Treasury) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ 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, TBT returned 2.32%/yr vs -2.35%/yr for UST. At a correlation of -0.90, they often move in opposite directions. TBT charges 0.93%/yr vs 0.95%/yr for UST.
Performance
TBT vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than UST's -2.82% return. Over the past 10 years, TBT has outperformed UST with an annualized return of 2.32%, while UST has yielded a comparatively lower -2.35% annualized return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
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%
TBT vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
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 TBT and UST is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
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 Feb 2, 2010 | -0.90 |
The correlation between TBT and UST has been stable across timeframes, ranging from -0.90 to -0.89 - a consistent structural relationship.
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Return for Risk
TBT vs. UST — Risk / Return Rank
TBT
UST
TBT vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
| TBT | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.04 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.20 | -0.25 |
| Martin ratioReturn relative to average drawdown | -0.10 | 0.52 | -0.62 |
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Drawdowns
TBT vs. UST - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for TBT and UST.
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Drawdown Indicators
| TBT | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -47.99% | -47.00% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -8.75% | -6.14% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -16.66% | -17.17% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -43.97% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -47.99% | -17.10% |
Current DrawdownCurrent decline from peak | -85.92% | -38.29% | -47.63% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -15.20% | -62.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 3.37% | +4.18% |
Volatility
TBT vs. UST - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.71%. This indicates that TBT'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.
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Volatility by Period
| TBT | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 2.71% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 6.85% | +6.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 9.34% | +9.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 15.47% | +15.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 13.16% | +15.59% |
TBT vs. UST - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than UST's 0.95% expense ratio.
Dividends
TBT vs. UST - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than UST's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 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
TBT and UST have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to UST (2.71%). In terms of maximum drawdown, TBT dropped -94.99% vs UST's -47.99%.
On 10-year performance, TBT leads with 2.32% vs -2.35% for UST. On fees, TBT is cheaper at 0.93% per year. On volatility, UST has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 2.32% return vs -2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for UST.
UST has the higher dividend yield at 3.49%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while UST is Leveraged Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%). Their fees differ too: 0.93% for TBT and 0.95% for UST.
UST currently has the higher Sharpe Ratio (0.19 vs -0.04), 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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