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 -5.35%/yr vs -9.19%/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 -7.44% return, which is significantly lower than UBT's -4.93% return. Over the past 10 years, TYD has outperformed UBT with an annualized return of -5.35%, while UBT has yielded a comparatively lower -9.19% annualized return.
TYD
- 1D
- -0.30%
- 1M
- -2.72%
- 6M
- -7.62%
- YTD
- -7.44%
- 1Y
- -1.23%
- 3Y*
- -4.61%
- 5Y*
- -14.13%
- 10Y*
- -5.35%
UBT
- 1D
- -0.32%
- 1M
- -4.32%
- 6M
- -7.37%
- YTD
- -4.93%
- 1Y
- 1.56%
- 3Y*
- -10.49%
- 5Y*
- -20.25%
- 10Y*
- -9.19%
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 | -7.44% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
UBT ProShares Ultra 20+ Year Treasury | -4.93% | 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 0.88, 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 | 0.88 |
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 | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.03 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.09 | -0.18 |
| Martin ratioReturn relative to average drawdown | -0.20 | 0.20 | -0.40 |
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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 | -23.96% | -35.81% | +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 | -59.77% | -77.19% | +17.42% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -32.60% | +10.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.09% | 7.88% | -1.79% |
Volatility
TYD vs. UBT - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.31%, while ProShares Ultra 20+ Year Treasury (UBT) has a volatility of 5.19%. 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 | 4.31% | 5.19% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 10.33% | 13.35% | -3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.79% | 18.67% | -4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.96% | 31.17% | -8.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 29.16% | -8.96% |
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 3.33%, less than UBT's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.33% | 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 | 3.60% | 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 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.19%) compared to TYD (4.31%). In terms of maximum drawdown, TYD dropped -64.28% vs UBT's -78.90%.
On 10-year performance, TYD leads with -5.35% vs -9.19% for UBT. On fees, UBT is cheaper at 0.95% per year. On volatility, TYD has been the lower-risk option at 4.31%. 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 -5.35% return vs -9.19%. 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 3.60%, compared with 3.33% 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 (0.08 vs -0.09), 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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