TYD vs. UBT
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and UBT (ProShares Ultra 20+ Year Treasury) are both Leveraged Bonds funds - TYD tracks the NYSE 7-10 Year Treasury Bond Index while UBT tracks the Barclays Capital U.S. 20+ Year Treasury Index (200%). Both are passively managed. Over the past 10 years, TYD returned -5.34%/yr vs -8.42%/yr for UBT. Their correlation of 0.83 suggests significant overlap in exposure. TYD charges 1.09%/yr vs 0.95%/yr for UBT.
Performance
TYD vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -7.02% return, which is significantly lower than UBT's -0.63% return. Over the past 10 years, TYD has outperformed UBT with an annualized return of -5.34%, while UBT has yielded a comparatively lower -8.42% annualized return.
TYD
- 1D
- -0.47%
- 1M
- 0.30%
- YTD
- -7.02%
- 6M
- -7.06%
- 1Y
- -2.87%
- 3Y*
- -4.91%
- 5Y*
- -13.23%
- 10Y*
- -5.34%
UBT
- 1D
- 0.37%
- 1M
- 4.60%
- YTD
- -0.63%
- 6M
- -1.74%
- 1Y
- 2.30%
- 3Y*
- -10.34%
- 5Y*
- -18.46%
- 10Y*
- -8.42%
TYD vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -7.02% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
UBT ProShares Ultra 20+ Year Treasury | -0.63% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between TYD and UBT is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | 0.83 |
The correlation between TYD and UBT has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
TYD vs. UBT — Risk / Return Rank
TYD
UBT
TYD vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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.
| TYD | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.03 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 0.14 | -0.35 |
| Martin ratioReturn relative to average drawdown | -0.52 | 0.31 | -0.83 |
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Drawdowns
TYD vs. UBT - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum UBT drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for TYD and UBT.
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Drawdown Indicators
| TYD | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -78.90% | +14.62% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -16.86% | +3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -24.62% | -36.47% | +11.85% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -72.49% | +12.65% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -78.90% | +14.62% |
Current DrawdownCurrent decline from peak | -59.59% | -76.16% | +16.57% |
Average DrawdownAverage peak-to-trough decline | -22.05% | -32.43% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 7.44% | -1.90% |
Volatility
TYD vs. UBT - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.04%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 4.40%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky 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
| TYD | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 4.40% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.96% | 13.04% | -3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 18.87% | -5.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 31.23% | -8.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.33% | 29.28% | -8.95% |
TYD vs. UBT - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than UBT's 0.95% expense ratio.
Dividends
TYD vs. UBT - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.26%, less than UBT's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.26% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
UBT ProShares Ultra 20+ Year Treasury | 3.91% | 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
TYD and UBT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (4.40%) compared to TYD (4.04%). In terms of maximum drawdown, TYD dropped -64.28% vs UBT's -78.90%.
On 10-year performance, TYD leads with -5.34% vs -8.42% for UBT. On fees, UBT is cheaper at 0.95% per year. On volatility, TYD has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYD has performed better with a -5.34% return vs -8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT is cheaper with a 0.95% expense ratio, compared with 1.09% for TYD.
UBT has the higher dividend yield at 3.91%, compared with 3.26% for TYD.
TYD tracks NYSE 7-10 Year Treasury Bond Index, while UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for TYD and 0.95% for UBT.
UBT currently has the higher Sharpe Ratio (0.12 vs -0.21), 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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