UBR vs. BIL
UBR (ProShares Ultra MSCI Brazil) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%), while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, UBR returned -1.90%/yr vs 2.18%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. UBR charges 0.95%/yr vs 0.14%/yr for BIL.
Performance
UBR vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, UBR achieves a 13.03% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, UBR has underperformed BIL with an annualized return of -1.90%, while BIL has yielded a comparatively higher 2.18% annualized return.
UBR
- 1D
- -5.40%
- 1M
- -21.46%
- YTD
- 13.03%
- 6M
- 3.25%
- 1Y
- 56.81%
- 3Y*
- 8.90%
- 5Y*
- -5.17%
- 10Y*
- -1.90%
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
UBR vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 13.03% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between UBR and BIL is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 10, 2010 | -0.01 |
The correlation between UBR and BIL shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UBR vs. BIL — Risk / Return Rank
UBR
BIL
UBR vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| UBR | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.56 | ||
| Sortino ratioReturn per unit of downside risk | -172.49 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 87.91 | -86.69 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 355.35 | -353.54 |
| Martin ratioReturn relative to average drawdown | 5.36 | 2,817.77 | -2,812.41 |
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
| UBR | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 19.71 | -18.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 13.16 | -13.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 8.52 | -8.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | 2.78 | -2.97 |
Drawdowns
UBR vs. BIL - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for UBR and BIL.
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Drawdown Indicators
| UBR | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -0.78% | -96.37% |
Max Drawdown (1Y)Largest decline over 1 year | -31.50% | -0.01% | -31.49% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -0.01% | -58.10% |
Max Drawdown (5Y)Largest decline over 5 years | -67.07% | -0.10% | -66.97% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -0.21% | -87.36% |
Current DrawdownCurrent decline from peak | -92.84% | 0.00% | -92.84% |
Average DrawdownAverage peak-to-trough decline | -77.90% | -0.26% | -77.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.63% | 0.00% | +10.63% |
Volatility
UBR vs. BIL - Volatility Comparison
ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 15.51% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that UBR's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBR | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.51% | 0.05% | +15.46% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 0.13% | +41.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.62% | 0.20% | +49.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.66% | 0.26% | +55.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.68% | 0.26% | +66.42% |
UBR vs. BIL - Expense Ratio Comparison
UBR has a 0.95% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
UBR vs. BIL - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.85%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
UBR ProShares Ultra MSCI Brazil | 1.85% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% | 0.00% | 0.00% |
Frequently Asked Questions
UBR and BIL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBR has higher volatility (15.51%) compared to BIL (0.05%). In terms of maximum drawdown, UBR dropped -97.15% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.18% vs -1.90% for UBR. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.18% return vs -1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.95% for UBR.
BIL has the higher dividend yield at 3.86%, compared with 1.85% for UBR.
UBR is categorized as Leveraged Equities, while BIL is Government Bonds. UBR tracks MSCI Brazil Index (200%), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UBR and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.15), 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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