TYD vs. UST

Last updated Jun 3, 2026

TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and UST (ProShares Ultra 7-10 Year Treasury) are both Leveraged Bonds funds - TYD tracks the NYSE 7-10 Year Treasury Bond Index while UST tracks the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, TYD returned -4.63%/yr vs -2.07%/yr for UST. Their correlation of 0.88 suggests significant overlap in exposure. TYD charges 1.09%/yr vs 0.95%/yr for UST.

Performance

TYD vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TYD achieves a -5.40% return, which is significantly lower than UST's -2.33% return. Over the past 10 years, TYD has underperformed UST with an annualized return of -4.63%, while UST has yielded a comparatively higher -2.07% annualized return.

TYD

• 1D: 0.13%
• 1M: -1.42%
• YTD: -5.40%
• 6M: -7.08%
• 1Y: 1.17%
• 3Y*: -4.80%
• 5Y*: -12.47%
• 10Y*: -4.63%

UST

• 1D: 0.17%
• 1M: -0.70%
• YTD: -2.33%
• 6M: -3.40%
• 1Y: 4.06%
• 3Y*: -0.32%
• 5Y*: -6.44%
• 10Y*: -2.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TYD vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TYD Direxion Daily 7-10 Year Treasury Bull 3X	-5.40%	11.68%	-13.89%	-2.87%	-43.32%	-11.36%	27.62%	17.88%	0.76%	5.64%
UST ProShares Ultra 7-10 Year Treasury	-2.33%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%

Correlation

The correlation between TYD and UST is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010	0.88

The correlation between TYD and UST shifts across timeframes, from 0.88 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

TYD vs. UST - Sectors Allocation Comparison

Sectors	TYD	UST
Financial Services	21.5%	97.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TYD vs. UST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TYD

TYD Risk / Return Rank: 9
TYD Sharpe Ratio Rank: 10
TYD Sortino Ratio Rank: 9
TYD Omega Ratio Rank: 9
TYD Calmar Ratio Rank: 9
TYD Martin Ratio Rank: 9

UST

UST Risk / Return Rank: 14
UST Sharpe Ratio Rank: 15
UST Sortino Ratio Rank: 15
UST Omega Ratio Rank: 14
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 14

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TYD vs. UST - 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 7-10 Year Treasury (UST). 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.

	TYD	UST	Difference
Sharpe ratio Return per unit of total volatility	0.08	0.43	-0.35
Sortino ratio Return per unit of downside risk	0.22	0.68	-0.46
Omega ratio Gain probability vs. loss probability	1.02	1.08	-0.05
Calmar ratio Return relative to maximum drawdown	0.02	0.41	-0.39
Martin ratio Return relative to average drawdown	0.05	1.20	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYD vs. UST - Sharpe Ratio Comparison

The current TYD Sharpe Ratio is 0.08, which is lower than the UST Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of TYD and UST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TYD	UST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	0.43	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	-0.42	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.23	-0.16	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.20	-0.14

Drawdowns

TYD vs. UST - Drawdown Comparison

The maximum TYD drawdown since its inception was -64.28%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for TYD and UST.

Drawdown Indicators

	TYD	UST	Difference
Max Drawdown Largest peak-to-trough decline	-64.28%	-47.99%	-16.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-8.75%	-4.79%
Max Drawdown (3Y) Largest decline over 3 years	-25.04%	-16.95%	-8.09%
Max Drawdown (5Y) Largest decline over 5 years	-59.84%	-43.97%	-15.87%
Max Drawdown (10Y) Largest decline over 10 years	-64.28%	-47.99%	-16.29%
Current Drawdown Current decline from peak	-58.89%	-37.98%	-20.91%
Average Drawdown Average peak-to-trough decline	-21.94%	-15.12%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	3.00%	+1.92%

Volatility

TYD vs. UST - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bull 3X (TYD) has a higher volatility of 4.26% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.14%. This indicates that TYD's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYD	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	3.14%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	6.65%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.13%	9.49%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.98%	15.47%	+7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.37%	13.18%	+7.19%

TYD vs. UST - Expense Ratio Comparison

TYD has a 1.09% expense ratio, which is higher than UST's 0.95% expense ratio.

Dividends

TYD vs. UST - Dividend Comparison

TYD's dividend yield for the trailing twelve months is around 3.20%, less than UST's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TYD Direxion Daily 7-10 Year Treasury Bull 3X	3.20%	2.97%	3.10%	2.71%	0.55%	0.00%	9.80%	0.92%	1.10%	0.01%	6.84%	1.65%
UST ProShares Ultra 7-10 Year Treasury	3.47%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both TYD and UST in my portfolio?

With a correlation of 0.99, TYD and UST move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TYD or UST?

TYD has higher volatility (4.26%) compared to UST (3.14%). In terms of maximum drawdown, TYD dropped -64.28% vs UST's -47.99%.

Which ETF is better, TYD or UST?

On 10-year performance, UST leads with -2.07% vs -4.63% for TYD. On fees, UST is cheaper at 0.95% per year. On volatility, UST has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TYD or UST?

Over the 10-year period, UST has performed better with a -2.07% return vs -4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYD or UST?

UST is cheaper with a 0.95% expense ratio, compared with 1.09% for TYD.

Which ETF pays a higher dividend yield, TYD or UST?

UST has the higher dividend yield at 3.47%, compared with 3.20% for TYD.

What is the main difference between TYD and UST?

TYD tracks NYSE 7-10 Year Treasury Bond Index, while UST tracks Barclays Capital U.S. 7-10 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 UST.

Which has better risk-adjusted returns?

UST currently has the higher Sharpe Ratio (0.43 vs 0.08), 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.