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UBT vs. LTPZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UBT vs. LTPZ

Last updated Jun 4, 2026

UBT (ProShares Ultra 20+ Year Treasury) and LTPZ (PIMCO 15+ Year US TIPS Index ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), 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 -8.27%/yr vs 0.75%/yr for LTPZ. Their correlation of 0.81 suggests significant overlap in exposure. UBT charges 0.95%/yr vs 0.20%/yr for LTPZ.

Performance

UBT vs. LTPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and PIMCO 15+ Year US TIPS Index ETF (LTPZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UBT achieves a -2.69% return, which is significantly lower than LTPZ's 0.41% return. Over the past 10 years, UBT has underperformed LTPZ with an annualized return of -8.27%, while LTPZ has yielded a comparatively higher 0.75% annualized return.

UBT

1D
-0.74%
1M
1.08%
YTD
-2.69%
6M
-6.59%
1Y
4.39%
3Y*
-10.32%
5Y*
-17.99%
10Y*
-8.27%

LTPZ

1D
-0.49%
1M
1.02%
YTD
0.41%
6M
-1.15%
1Y
4.72%
3Y*
-0.79%
5Y*
-5.24%
10Y*
0.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UBT vs. LTPZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UBT
ProShares Ultra 20+ Year Treasury		-2.69%2.03%-21.81%-3.68%-55.54%-12.14%31.87%24.46%-6.54%16.12%
LTPZ
PIMCO 15+ Year US TIPS Index ETF		0.41%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 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Jan 22, 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.

Compare stocks, funds, or ETFs

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ProShares Ultra 20+ Year Treasury

PIMCO 15+ Year US TIPS Index ETF

Often compared with UBT:
UBT vs. TLTUBT vs. TMFUBT vs. KMLMUBT vs. QLDUBT vs. EDVUBT vs. VTUBT vs. PST
Often compared with LTPZ:
LTPZ vs. SCHPLTPZ vs. TLTLTPZ vs. TIPXLTPZ vs. VTIPLTPZ vs. VGLTLTPZ vs. HYSLTPZ vs. JNK

Return for Risk

UBT vs. LTPZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UBT
UBT Risk / Return Rank: 1111
Overall Rank
UBT Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
UBT Sortino Ratio Rank: 1111
Sortino Ratio Rank
UBT Omega Ratio Rank: 1111
Omega Ratio Rank
UBT Calmar Ratio Rank: 1212
Calmar Ratio Rank
UBT Martin Ratio Rank: 1111
Martin Ratio Rank
LTPZ
LTPZ Risk / Return Rank: 1616
Overall Rank
LTPZ Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
LTPZ Sortino Ratio Rank: 1515
Sortino Ratio Rank
LTPZ Omega Ratio Rank: 1515
Omega Ratio Rank
LTPZ Calmar Ratio Rank: 1717
Calmar Ratio Rank
LTPZ Martin Ratio Rank: 1616
Martin Ratio Rank
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. 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 US 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.

UBTLTPZDifference

Sharpe ratio

Return per unit of total volatility

0.23

0.51

-0.29

Sortino ratio

Return per unit of downside risk

0.46

0.78

-0.32

Omega ratio

Gain probability vs. loss probability

1.05

1.09

-0.04

Calmar ratio

Return relative to maximum drawdown

0.26

0.68

-0.42

Martin ratio

Return relative to average drawdown

0.63

1.48

-0.85

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. LTPZ - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is 0.23, which is lower than the LTPZ Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of UBT and LTPZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UBTLTPZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.23

0.51

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.58

-0.33

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.28

0.05

-0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.21

-0.19

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

UBTLTPZDifference

Max Drawdown

Largest peak-to-trough decline

-78.90%

-40.99%

-37.91%

Max Drawdown (1Y)

Largest decline over 1 year

-16.86%

-7.00%

-9.86%

Max Drawdown (3Y)

Largest decline over 3 years

-36.62%

-16.27%

-20.35%

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 Drawdown

Current decline from peak

-76.66%

-32.74%

-43.92%

Average Drawdown

Average peak-to-trough decline

-32.30%

-12.41%

-19.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.01%

3.20%

+3.81%

Volatility

UBT vs. LTPZ - Volatility Comparison

ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.41% compared to PIMCO 15+ Year US TIPS Index ETF (LTPZ) at 2.32%. 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

UBTLTPZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.41%

2.32%

+3.09%

Volatility (6M)

Calculated over the trailing 6-month period

12.78%

6.41%

+6.37%

Volatility (1Y)

Calculated over the trailing 1-year period

19.41%

9.26%

+10.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.33%

15.89%

+15.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.31%

15.07%

+14.24%

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 3.99%, less than LTPZ's 5.23% yield.

PositionTTM20252024202320222021202020192018201720162015
LTPZ
PIMCO 15+ Year US TIPS Index ETF		5.23%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		3.99%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 0.91, 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 (5.41%) compared to LTPZ (2.32%). In terms of maximum drawdown, UBT dropped -78.90% vs LTPZ's -40.99%.

On 10-year performance, LTPZ leads with 0.75% vs -8.27% for UBT. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.32%. 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 0.75% return vs -8.27%. 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 5.23%, compared with 3.99% for UBT.

UBT is categorized as Leveraged Bonds, while LTPZ is Inflation-Protected Bonds. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), 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 (0.51 vs 0.23), 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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