UBT vs. EET

Last updated Jun 11, 2026

UBT (ProShares Ultra 20+ Year Treasury) and EET (ProShares Ultra MSCI Emerging Markets) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while EET is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (200%). Both are passively managed. Over the past 10 years, UBT returned -8.66%/yr vs 9.47%/yr for EET. At a correlation of -0.19, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UBT vs. EET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra MSCI Emerging Markets (EET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBT achieves a -3.85% return, which is significantly lower than EET's 31.08% return. Over the past 10 years, UBT has underperformed EET with an annualized return of -8.66%, while EET has yielded a comparatively higher 9.47% annualized return.

UBT

• 1D: -0.81%
• 1M: -1.43%
• YTD: -3.85%
• 6M: -5.86%
• 1Y: 1.24%
• 3Y*: -10.64%
• 5Y*: -18.74%
• 10Y*: -8.66%

EET

• 1D: -3.33%
• 1M: -10.92%
• YTD: 31.08%
• 6M: 32.45%
• 1Y: 73.61%
• 3Y*: 30.02%
• 5Y*: 1.12%
• 10Y*: 9.47%

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

UBT vs. EET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBT ProShares Ultra 20+ Year Treasury	-3.85%	2.03%	-21.81%	-3.68%	-55.54%	-12.14%	31.87%	24.46%	-6.54%	16.12%
EET ProShares Ultra MSCI Emerging Markets	31.08%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%

Correlation

The correlation between UBT and EET is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010	-0.19

The correlation between UBT and EET shifts across timeframes, from -0.19 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

UBT vs. EET - Sectors Allocation Comparison

Sectors	UBT	EET
Financial Services	93.9%	51.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UBT vs. EET — Risk / Return Rank

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

UBT

UBT Risk / Return Rank: 10
UBT Sharpe Ratio Rank: 11
UBT Sortino Ratio Rank: 10
UBT Omega Ratio Rank: 10
UBT Calmar Ratio Rank: 11
UBT Martin Ratio Rank: 10

EET

EET Risk / Return Rank: 61
EET Sharpe Ratio Rank: 63
EET Sortino Ratio Rank: 53
EET Omega Ratio Rank: 61
EET Calmar Ratio Rank: 66
EET Martin Ratio Rank: 64

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.

UBT vs. EET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra MSCI Emerging Markets (EET). 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.

	UBT	EET	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.75	-1.69
Sortino ratio: Return per unit of downside risk	0.23	2.18	-1.95
Omega ratio: Gain probability vs. loss probability	1.03	1.31	-0.29
Calmar ratio: Return relative to maximum drawdown	0.07	2.80	-2.73
Martin ratio: Return relative to average drawdown	0.17	9.91	-9.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBT vs. EET - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is 0.07, which is lower than the EET Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of UBT and EET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UBT	EET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	1.75	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.60	0.03	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.30	0.23	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.10	-0.08

Drawdowns

UBT vs. EET - Drawdown Comparison

The maximum UBT drawdown since its inception was -78.90%, which is greater than EET's maximum drawdown of -71.66%. Use the drawdown chart below to compare losses from any high point for UBT and EET.

Drawdown Indicators

	UBT	EET	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-71.66%	-7.24%
Max Drawdown (1Y) Largest decline over 1 year	-16.86%	-26.38%	+9.52%
Max Drawdown (3Y) Largest decline over 3 years	-36.62%	-34.89%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-72.49%	-64.51%	-7.98%
Max Drawdown (10Y) Largest decline over 10 years	-78.90%	-69.07%	-9.83%
Current Drawdown Current decline from peak	-76.94%	-17.10%	-59.84%
Average Drawdown Average peak-to-trough decline	-32.35%	-37.23%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	7.45%	-0.23%

Volatility

UBT vs. EET - Volatility Comparison

The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.02%, while ProShares Ultra MSCI Emerging Markets (EET) has a volatility of 21.77%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than EET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBT	EET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	21.77%	-16.75%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	37.86%	-25.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.05%	42.20%	-23.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	38.31%	-7.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.31%	40.80%	-11.49%

UBT vs. EET - Expense Ratio Comparison

Both UBT and EET have an expense ratio of 0.95%.

Dividends

UBT vs. EET - Dividend Comparison

UBT's dividend yield for the trailing twelve months is around 4.04%, more than EET's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EET ProShares Ultra MSCI Emerging Markets	1.44%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%	0.00%	0.00%	0.00%
UBT ProShares Ultra 20+ Year Treasury	4.04%	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

Can I hold both UBT and EET in my portfolio?

UBT and EET have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBT or EET?

EET has higher volatility (21.77%) compared to UBT (5.02%). In terms of maximum drawdown, UBT dropped -78.90% vs EET's -71.66%.

Which ETF is better, UBT or EET?

On 10-year performance, EET leads with 9.47% vs -8.66% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBT or EET?

Over the 10-year period, EET has performed better with a 9.47% return vs -8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBT or EET?

UBT and EET have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UBT or EET?

UBT has the higher dividend yield at 4.04%, compared with 1.44% for EET.

What is the main difference between UBT and EET?

UBT is categorized as Leveraged Bonds, while EET is Leveraged Equities. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while EET tracks MSCI Emerging Markets Index (200%).

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (1.75 vs 0.07), 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.