TYO vs. UST
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and UST (ProShares Ultra 7-10 Year Treasury) are both Leveraged Bonds funds - TYO 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, TYO returned 1.79%/yr vs -2.13%/yr for UST. At a correlation of -0.93, they often move in opposite directions. TYO charges 1.08%/yr vs 0.95%/yr for UST.
Performance
TYO vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 8.03% return, which is significantly higher than UST's -2.88% return. Over the past 10 years, TYO has outperformed UST with an annualized return of 1.79%, while UST has yielded a comparatively lower -2.13% annualized return.
TYO
- 1D
- 1.07%
- 1M
- 1.54%
- YTD
- 8.03%
- 6M
- 11.18%
- 1Y
- 3.00%
- 3Y*
- 7.71%
- 5Y*
- 12.51%
- 10Y*
- 1.79%
UST
- 1D
- -0.56%
- 1M
- -0.51%
- YTD
- -2.88%
- 6M
- -4.24%
- 1Y
- 3.81%
- 3Y*
- -0.51%
- 5Y*
- -6.75%
- 10Y*
- -2.13%
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 | 8.03% | -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 | -2.88% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between TYO and UST is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010 | -0.93 |
The correlation between TYO and UST has been stable across timeframes, ranging from -0.98 to -0.93 - a consistent structural relationship.
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Return for Risk
TYO vs. UST — Risk / Return Rank
TYO
UST
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 ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.07 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | 0.44 | -0.15 |
| Martin ratioReturn relative to average drawdown | 0.51 | 1.26 | -0.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TYO | UST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 0.40 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | -0.44 | +0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.09 | -0.16 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.19 | -0.53 |
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.
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Drawdown Indicators
| TYO | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -47.99% | -41.26% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -8.75% | -1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -16.87% | -7.53% |
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 DrawdownCurrent decline from peak | -77.19% | -38.33% | -38.86% |
Average DrawdownAverage peak-to-trough decline | -71.09% | -15.13% | -55.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.85% | 3.03% | +2.82% |
Volatility
TYO vs. UST - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 4.94% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.10%. 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.
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Volatility by Period
| TYO | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 3.10% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 10.14% | 6.58% | +3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.56% | 9.50% | +5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 15.47% | +7.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 13.18% | +7.01% |
TYO vs. UST - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than UST's 0.95% expense ratio.
Dividends
TYO vs. UST - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.82%, less than UST's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.82% | 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 | 3.49% | 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
TYO and UST have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (4.94%) compared to UST (3.10%). In terms of maximum drawdown, TYO dropped -89.25% vs UST's -47.99%.
On 10-year performance, TYO leads with 1.79% vs -2.13% for UST. On fees, UST is cheaper at 0.95% per year. On volatility, UST has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 1.79% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST is cheaper with a 0.95% expense ratio, compared with 1.08% for TYO.
UST has the higher dividend yield at 3.49%, compared with 2.82% for TYO.
TYO 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: 1.08% for TYO and 0.95% for UST.
UST currently has the higher Sharpe Ratio (0.40 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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