UBT vs. EDV
UBT (ProShares Ultra 20+ Year Treasury) and EDV (Vanguard Extended Duration Treasury ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while EDV is a Government Bonds fund tracking the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. Both are passively managed. Over the past 10 years, UBT returned -8.46%/yr vs -3.45%/yr for EDV. With a 0.98 correlation, they move nearly in lockstep. UBT charges 0.95%/yr vs 0.05%/yr for EDV.
Performance
UBT vs. EDV - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -1.00% return, which is significantly lower than EDV's 0.88% return. Over the past 10 years, UBT has underperformed EDV with an annualized return of -8.46%, while EDV has yielded a comparatively higher -3.45% annualized return.
UBT
- 1D
- -1.27%
- 1M
- 4.22%
- YTD
- -1.00%
- 6M
- -1.75%
- 1Y
- 2.54%
- 3Y*
- -10.45%
- 5Y*
- -18.46%
- 10Y*
- -8.46%
EDV
- 1D
- -1.20%
- 1M
- 3.55%
- YTD
- 0.88%
- 6M
- 0.43%
- 1Y
- 4.03%
- 3Y*
- -5.37%
- 5Y*
- -10.33%
- 10Y*
- -3.45%
UBT vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -1.00% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
EDV Vanguard Extended Duration Treasury ETF | 0.88% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
Correlation
The correlation between UBT and EDV is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | 0.98 |
The correlation between UBT and EDV has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
UBT vs. EDV — Risk / Return Rank
UBT
EDV
UBT vs. EDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and Vanguard Extended Duration Treasury ETF (EDV). 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.
| UBT | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.06 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 0.32 | -0.17 |
| Martin ratioReturn relative to average drawdown | 0.34 | 0.72 | -0.37 |
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Drawdowns
UBT vs. EDV - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than EDV's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for UBT and EDV.
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Drawdown Indicators
| UBT | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -59.96% | -18.94% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -12.54% | -4.32% |
Max Drawdown (3Y)Largest decline over 3 years | -36.47% | -26.90% | -9.57% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -55.03% | -17.46% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -59.96% | -18.94% |
Current DrawdownCurrent decline from peak | -76.25% | -53.72% | -22.53% |
Average DrawdownAverage peak-to-trough decline | -32.42% | -23.51% | -8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.41% | 5.62% | +1.79% |
Volatility
UBT vs. EDV - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 4.42% compared to Vanguard Extended Duration Treasury ETF (EDV) at 3.44%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than EDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 3.44% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 9.90% | +3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.91% | 14.29% | +4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.23% | 21.58% | +9.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.32% | 19.82% | +9.50% |
UBT vs. EDV - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than EDV's 0.05% expense ratio.
Dividends
UBT vs. EDV - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.93%, less than EDV's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 4.91% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
UBT ProShares Ultra 20+ Year Treasury | 3.93% | 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
With a correlation of 0.97, UBT and EDV 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.
UBT has higher volatility (4.42%) compared to EDV (3.44%). In terms of maximum drawdown, UBT dropped -78.90% vs EDV's -59.96%.
On 10-year performance, EDV leads with -3.45% vs -8.46% for UBT. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDV has performed better with a -3.45% return vs -8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.95% for UBT.
EDV has the higher dividend yield at 4.91%, compared with 3.93% for UBT.
UBT is categorized as Leveraged Bonds, while EDV is Government Bonds. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for UBT and 0.05% for EDV.
EDV currently has the higher Sharpe Ratio (0.28 vs 0.14), 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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