TSYW vs. UBT

Last updated Jul 11, 2026

TSYW (Roundhill Treasury Bond WeeklyPay ETF) and UBT (ProShares Ultra 20+ Year Treasury) are both Leveraged Bonds funds. TSYW is actively managed, while UBT is passively managed. With a 0.96 correlation, they move nearly in lockstep. TSYW charges 0.99%/yr vs 0.95%/yr for UBT.

Performance

TSYW vs. UBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Treasury Bond WeeklyPay ETF (TSYW) and ProShares Ultra 20+ Year Treasury (UBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSYW achieves a -3.24% return, which is significantly higher than UBT's -4.25% return.

TSYW

• 1D: -0.09%
• 1M: -1.54%
• 6M: -3.84%
• YTD: -3.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UBT

• 1D: 0.00%
• 1M: -2.27%
• 6M: -5.90%
• YTD: -4.25%
• 1Y: 0.81%
• 3Y*: -9.31%
• 5Y*: -19.77%
• 10Y*: -9.36%

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

TSYW vs. UBT - Yearly Performance Comparison

	2026 (YTD)	2025
TSYW Roundhill Treasury Bond WeeklyPay ETF	-3.24%	-3.37%
UBT ProShares Ultra 20+ Year Treasury	-4.25%	-5.84%

Correlation

The correlation between TSYW and UBT is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.96

Return for Risk

TSYW vs. UBT — Risk / Return Rank

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

TSYW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UBT

UBT Risk / Return Rank: 8
UBT Sharpe Ratio Rank: 8
UBT Sortino Ratio Rank: 8
UBT Omega Ratio Rank: 8
UBT Calmar Ratio Rank: 8
UBT Martin Ratio Rank: 8

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.

TSYW vs. UBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Treasury Bond WeeklyPay ETF (TSYW) 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.

	TSYW	UBT	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.11	—
Sortino ratio: Return per unit of downside risk	—	-0.02	—
Omega ratio: Gain probability vs. loss probability	—	1.00	—
Calmar ratio: Return relative to maximum drawdown	—	-0.12	—
Martin ratio: Return relative to average drawdown	—	-0.26	—

Drawdowns

TSYW vs. UBT - Drawdown Comparison

The maximum TSYW drawdown since its inception was -9.79%, smaller than the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for TSYW and UBT.

Drawdown Indicators

	TSYW	UBT	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-78.90%	+69.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-72.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-78.90%	—
Current Drawdown Current decline from peak	-7.56%	-77.03%	+69.47%
Average Drawdown Average peak-to-trough decline	-4.29%	-32.56%	+28.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.71%	—

Volatility

Volatility by Period

	TSYW	UBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	18.88%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.90%	31.19%	-20.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.90%	29.21%	-18.31%

TSYW vs. UBT - Expense Ratio Comparison

TSYW has a 0.99% expense ratio, which is higher than UBT's 0.95% expense ratio.

Dividends

TSYW vs. UBT - Dividend Comparison

TSYW's dividend yield for the trailing twelve months is around 8.92%, more than UBT's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSYW Roundhill Treasury Bond WeeklyPay ETF	8.92%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UBT ProShares Ultra 20+ Year Treasury	3.58%	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

Can I hold both TSYW and UBT in my portfolio?

With a correlation of 0.96, TSYW and UBT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TSYW or UBT?

On fees, UBT is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSYW or UBT?

UBT is cheaper with a 0.95% expense ratio, compared with 0.99% for TSYW.

Which ETF pays a higher dividend yield, TSYW or UBT?

TSYW has the higher dividend yield at 8.92%, compared with 3.58% for UBT.

What is the main difference between TSYW and UBT?

They also come from different issuers: Roundhill and ProShares. Their fees differ too: 0.99% for TSYW and 0.95% for UBT.