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 -9.26%/yr vs -4.10%/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 -5.35% return, which is significantly lower than EDV's -2.63% return. Over the past 10 years, UBT has underperformed EDV with an annualized return of -9.26%, while EDV has yielded a comparatively higher -4.10% annualized return.
UBT
- 1D
- -1.15%
- 1M
- -3.39%
- 6M
- -6.26%
- YTD
- -5.35%
- 1Y
- -0.34%
- 3Y*
- -10.62%
- 5Y*
- -20.04%
- 10Y*
- -9.26%
EDV
- 1D
- -0.85%
- 1M
- -2.64%
- 6M
- -3.42%
- YTD
- -2.63%
- 1Y
- 1.17%
- 3Y*
- -5.65%
- 5Y*
- -11.58%
- 10Y*
- -4.10%
UBT vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -5.35% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
EDV Vanguard Extended Duration Treasury ETF | -2.63% | 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 | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.02 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.09 | -0.11 |
| Martin ratioReturn relative to average drawdown | -0.04 | 0.20 | -0.25 |
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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 | -35.81% | -26.42% | -9.39% |
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 | -77.30% | -55.33% | -21.97% |
Average DrawdownAverage peak-to-trough decline | -32.57% | -23.60% | -8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.73% | 5.80% | +1.93% |
Volatility
UBT vs. EDV - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.91% compared to Vanguard Extended Duration Treasury ETF (EDV) at 4.49%. 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 | 5.91% | 4.49% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 10.20% | +3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 14.12% | +4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.20% | 21.57% | +9.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 19.74% | +9.44% |
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 3.62%, less than EDV's 5.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.25% | 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 | 3.62% | 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 (5.91%) compared to EDV (4.49%). In terms of maximum drawdown, UBT dropped -78.90% vs EDV's -59.96%.
On 10-year performance, EDV leads with -4.10% vs -9.26% for UBT. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 4.49%. 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 -4.10% return vs -9.26%. 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 5.25%, compared with 3.62% 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 (0.08 vs -0.02), 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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