UBT vs. LTPZ
UBT (ProShares Ultra 20+ Year Treasury) and LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y). Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs -0.17%/yr for LTPZ. Their correlation of 0.81 means they have usually moved in the same direction. UBT charges 0.95%/yr vs 0.20%/yr for LTPZ.
Performance
UBT vs. LTPZ - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than LTPZ's -3.35% return. Over the past 10 years, UBT has underperformed LTPZ with an annualized return of -9.58%, while LTPZ has yielded a comparatively higher -0.17% annualized return.
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
LTPZ
- 1D
- 0.42%
- 1M
- -3.33%
- 6M
- -2.92%
- YTD
- -3.35%
- 1Y
- -2.09%
- 3Y*
- -1.08%
- 5Y*
- -7.35%
- 10Y*
- -0.17%
- ALL TIME*
- 2.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.67M | $8.82M | $7.84M | |
| $607.37K | $624.24K | $851.60K |
UBT vs. LTPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | -3.35% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
Correlation
The correlation between UBT and LTPZ is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | 0.81 |
The correlation between UBT and LTPZ has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.
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Return for Risk
UBT vs. LTPZ — Risk / Return Rank
UBT
LTPZ
UBT vs. LTPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ). 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 | LTPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.97 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.26 | -0.25 |
| Martin ratioReturn relative to average drawdown | -1.08 | -0.54 | -0.54 |
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Drawdowns
UBT vs. LTPZ - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than LTPZ's maximum drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for UBT and LTPZ.
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Drawdown Indicators
| UBT | LTPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -40.99% | -37.91% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -8.09% | -10.16% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -12.64% | -18.54% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -40.99% | -31.50% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -40.99% | -37.91% |
Current DrawdownCurrent decline from peak | -78.21% | -35.26% | -42.95% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -12.61% | -20.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 3.89% | +4.69% |
Volatility
UBT vs. LTPZ - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) at 2.08%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than LTPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | LTPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 2.08% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 6.77% | +6.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 9.01% | +9.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 15.86% | +15.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 15.02% | +14.16% |
UBT vs. LTPZ - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than LTPZ's 0.20% expense ratio.
Dividends
UBT vs. LTPZ - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, less than LTPZ's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | 7.00% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 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 0.90, UBT and LTPZ 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 (5.23%) compared to LTPZ (2.08%). In terms of maximum drawdown, UBT dropped -78.90% vs LTPZ's -40.99%.
On 10-year performance, LTPZ leads with -0.17% vs -9.58% for UBT. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LTPZ has performed better with a -0.17% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 0.95% for UBT.
LTPZ has the higher dividend yield at 7.00%, compared with 3.77% for UBT.
UBT is categorized as Leveraged Bonds, while LTPZ is Inflation-Protected Bonds. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y). They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for UBT and 0.20% for LTPZ.
LTPZ currently has the higher Sharpe Ratio (-0.23 vs -0.51), 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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