TTT vs. UVXY
TTT (UltraPro Short 20+ Year Treasury) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, TTT returned -0.85%/yr vs -73.85%/yr for UVXY. At a correlation of -0.19, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
TTT vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.59% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, TTT has outperformed UVXY with an annualized return of -0.85%, while UVXY has yielded a comparatively lower -73.85% 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
TTT vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between TTT and UVXY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | -0.19 |
The correlation between TTT and UVXY shifts across timeframes, from -0.19 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. UVXY — Risk / Return Rank
TTT
UVXY
TTT vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.81 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | -1.01 | +0.83 |
| Martin ratioReturn relative to average drawdown | -0.34 | -1.45 | +1.12 |
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Drawdowns
TTT vs. UVXY - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TTT and UVXY.
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Drawdown Indicators
| TTT | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -100.00% | +6.00% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -73.51% | +51.33% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -94.93% | +45.24% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -99.71% | +50.02% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -100.00% | +18.24% |
Current DrawdownCurrent decline from peak | -78.91% | -100.00% | +21.09% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -98.75% | +28.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 55.34% | -43.45% |
Volatility
TTT vs. UVXY - Volatility Comparison
The current volatility for UltraPro Short 20+ Year Treasury (TTT) is 6.36%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that TTT experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 25.85% | -19.49% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 66.46% | -46.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 85.46% | -57.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 103.96% | -56.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 112.39% | -69.07% |
TTT vs. UVXY - Expense Ratio Comparison
Both TTT and UVXY have an expense ratio of 0.95%.
Dividends
TTT vs. UVXY - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.61%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TTT and UVXY have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to TTT (6.36%). In terms of maximum drawdown, TTT dropped -94.00% vs UVXY's -100.00%.
On 10-year performance, TTT leads with -0.85% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. 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, TTT has performed better with a -0.85% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TTT and UVXY have the same expense ratio: 0.95% per year.
TTT has the higher dividend yield at 9.61%, compared with 0.00% for UVXY.
TTT is categorized as Leveraged Bonds, while UVXY is Volatility. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
TTT currently has the higher Sharpe Ratio (-0.14 vs -0.87), 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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