TTT vs. UPRO
TTT (UltraPro Short 20+ Year Treasury) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TTT returned -0.85%/yr vs 30.18%/yr for UPRO. At a 0.19 correlation, their price movements are largely independent. TTT charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
TTT vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.59% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, TTT has underperformed UPRO with an annualized return of -0.85%, while UPRO has yielded a comparatively higher 30.18% annualized return.
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
TTT vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between TTT and UPRO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | 0.19 |
The correlation between TTT and UPRO shifts across timeframes, from -0.22 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. UPRO — Risk / Return Rank
TTT
UPRO
TTT vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.28 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.34 | -2.52 |
| Martin ratioReturn relative to average drawdown | -0.34 | 9.52 | -9.85 |
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Drawdowns
TTT vs. UPRO - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for TTT and UPRO.
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Drawdown Indicators
| TTT | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -76.82% | -17.18% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -26.78% | +4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -48.87% | -0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -63.94% | +14.25% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -76.82% | -4.94% |
Current DrawdownCurrent decline from peak | -78.91% | -10.27% | -68.64% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -14.39% | -55.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 6.57% | +5.32% |
Volatility
TTT vs. UPRO - Volatility Comparison
The current volatility for UltraPro Short 20+ Year Treasury (TTT) is 6.36%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that TTT experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 14.68% | -8.32% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 29.49% | -9.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 37.35% | -9.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 50.62% | -3.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 53.79% | -10.47% |
TTT vs. UPRO - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
TTT vs. UPRO - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.61%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
TTT and UPRO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to TTT (6.36%). In terms of maximum drawdown, TTT dropped -94.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -0.85% for TTT. On fees, UPRO is cheaper at 0.89% per year. On volatility, TTT has been the lower-risk option at 6.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -0.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for TTT.
TTT has the higher dividend yield at 9.61%, compared with 0.74% for UPRO.
TTT is categorized as Leveraged Bonds, while UPRO is Leveraged Equities. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for TTT and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 vs -0.14), 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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