TTT vs. UBT
TTT (UltraPro Short 20+ Year Treasury) and UBT (ProShares Ultra 20+ Year Treasury) are both Leveraged Bonds funds from ProShares - TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%) while UBT tracks the Barclays Capital U.S. 20+ Year Treasury Index (200%). Both are passively managed. Over the past 10 years, TTT returned 0.71%/yr vs -9.26%/yr for UBT. At a correlation of -0.98, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
TTT vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 8.27% return, which is significantly higher than UBT's -5.35% return. Over the past 10 years, TTT has outperformed UBT with an annualized return of 0.71%, while UBT has yielded a comparatively lower -9.26% annualized return.
TTT
- 1D
- 1.71%
- 1M
- 5.70%
- 6M
- 9.78%
- YTD
- 8.27%
- 1Y
- 0.44%
- 3Y*
- 10.81%
- 5Y*
- 22.32%
- 10Y*
- 0.71%
UBT
- 1D
- -1.15%
- 1M
- -3.39%
- 6M
- -6.26%
- YTD
- -5.35%
- 1Y
- -0.34%
- 3Y*
- -10.62%
- 5Y*
- -20.04%
- 10Y*
- -9.26%
TTT vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 8.27% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
UBT ProShares Ultra 20+ Year Treasury | -5.35% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between TTT and UBT is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | -0.98 |
The correlation between TTT and UBT has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
TTT vs. UBT — Risk / Return Rank
TTT
UBT
TTT vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.01 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.02 | +0.04 |
| Martin ratioReturn relative to average drawdown | 0.04 | -0.04 | +0.08 |
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Drawdowns
TTT vs. UBT - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than UBT's maximum drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for TTT and UBT.
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Drawdown Indicators
| TTT | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -78.90% | -15.10% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -16.86% | -5.32% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -35.81% | -13.88% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -72.49% | +22.80% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -78.90% | -2.86% |
Current DrawdownCurrent decline from peak | -77.29% | -77.30% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -70.40% | -32.57% | -37.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.12% | 7.73% | +4.39% |
Volatility
TTT vs. UBT - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 8.57% compared to ProShares Ultra 20+ Year Treasury (UBT) at 5.91%. This indicates that TTT's price experiences larger fluctuations and is considered to be riskier 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
| TTT | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.57% | 5.91% | +2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 20.35% | 13.46% | +6.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.99% | 18.75% | +9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 31.20% | +15.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.18% | 29.18% | +14.00% |
TTT vs. UBT - Expense Ratio Comparison
Both TTT and UBT have an expense ratio of 0.95%.
Dividends
TTT vs. UBT - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 8.96%, more than UBT's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 8.96% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.62% | 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
TTT and UBT have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (8.57%) compared to UBT (5.91%). In terms of maximum drawdown, TTT dropped -94.00% vs UBT's -78.90%.
On 10-year performance, TTT leads with 0.71% vs -9.26% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TTT has performed better with a 0.71% return vs -9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TTT and UBT have the same expense ratio: 0.95% per year.
TTT has the higher dividend yield at 8.96%, compared with 3.62% for UBT.
TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%).
TTT currently has the higher Sharpe Ratio (0.02 vs -0.02), 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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