TYO vs. UST

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and ProShares Ultra 7-10 Year Treasury (UST).

TYO and UST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TYO is a passively managed fund by Direxion that tracks the performance of the NYSE 7-10 Year Treasury Bond Index. It was launched on Apr 16, 2009. UST is a passively managed fund by ProShares that tracks the performance of the Barclays Capital U.S. 7-10 Year Treasury Index (200%). It was launched on Jan 19, 2010. Both TYO and UST are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TYO vs. UST - Performance Comparison

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

TYO vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TYO Direxion Daily 7-10 Year Treasury Bear 3X	3.84%	-7.64%	18.94%	1.06%	58.83%	7.47%	-28.56%	-18.71%	-1.42%	-8.94%
UST ProShares Ultra 7-10 Year Treasury	-1.20%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%

Returns By Period

In the year-to-date period, TYO achieves a 3.84% return, which is significantly higher than UST's -1.20% return. Over the past 10 years, TYO has outperformed UST with an annualized return of 1.01%, while UST has yielded a comparatively lower -1.81% annualized return.

TYO

• 1D: -0.22%
• 1M: 8.42%
• YTD: 3.84%
• 6M: 5.01%
• 1Y: 3.53%
• 3Y*: 8.35%
• 5Y*: 10.58%
• 10Y*: 1.01%

UST

• 1D: 0.28%
• 1M: -4.94%
• YTD: -1.20%
• 6M: -0.56%
• 1Y: 3.14%
• 3Y*: -1.11%
• 5Y*: -5.94%
• 10Y*: -1.81%

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

TYO vs. UST - Expense Ratio Comparison

TYO has a 1.08% expense ratio, which is higher than UST's 0.95% expense ratio.

TYO

Direxion Daily 7-10 Year Treasury Bear 3X

UST

ProShares Ultra 7-10 Year Treasury

Return for Risk

TYO vs. UST — Risk / Return Rank

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

TYO

TYO Risk / Return Rank: 17
TYO Sharpe Ratio Rank: 18
TYO Sortino Ratio Rank: 18
TYO Omega Ratio Rank: 16
TYO Calmar Ratio Rank: 17
TYO Martin Ratio Rank: 15

UST

UST Risk / Return Rank: 20
UST Sharpe Ratio Rank: 20
UST Sortino Ratio Rank: 19
UST Omega Ratio Rank: 18
UST Calmar Ratio Rank: 23
UST Martin Ratio Rank: 20

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.

TYO vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.

	TYO	UST	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.28	-0.06
Sortino ratio Return per unit of downside risk	0.43	0.46	-0.04
Omega ratio Gain probability vs. loss probability	1.05	1.06	-0.01
Calmar ratio Return relative to maximum drawdown	0.23	0.44	-0.21
Martin ratio Return relative to average drawdown	0.38	1.00	-0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYO vs. UST - Sharpe Ratio Comparison

The current TYO Sharpe Ratio is 0.22, which is comparable to the UST Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of TYO and UST, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TYO	UST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.28	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	-0.39	+0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	-0.14	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.20	-0.55

Correlation

The correlation between TYO and UST is -0.93. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TYO vs. UST - Dividend Comparison

TYO's dividend yield for the trailing twelve months is around 2.93%, less than UST's 3.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TYO Direxion Daily 7-10 Year Treasury Bear 3X	2.93%	3.69%	4.22%	3.62%	0.09%	0.00%	0.36%	1.58%	0.32%	0.00%	0.00%	0.00%
UST ProShares Ultra 7-10 Year Treasury	3.43%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Drawdowns

TYO vs. UST - Drawdown Comparison

The maximum TYO drawdown since its inception was -89.25%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for TYO and UST.

Drawdown Indicators

	TYO	UST	Difference
Max Drawdown Largest peak-to-trough decline	-89.25%	-47.99%	-41.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-8.44%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	-43.97%	+19.57%
Max Drawdown (10Y) Largest decline over 10 years	-52.21%	-47.99%	-4.22%
Current Drawdown Current decline from peak	-78.07%	-37.26%	-40.81%
Average Drawdown Average peak-to-trough decline	-71.03%	-14.88%	-56.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.10%	3.68%	+3.42%

Volatility

TYO vs. UST - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 5.92% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.75%. This indicates that TYO'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

	TYO	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	3.75%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	6.39%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	11.29%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	15.46%	+7.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.22%	13.19%	+7.03%