UBT vs. PDBC
UBT (ProShares Ultra 20+ Year Treasury) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 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 PDBC is a Commodities fund actively managed by Invesco. UBT is passively managed, while PDBC is actively managed. Over the past 10 years, UBT returned -9.80%/yr vs 9.21%/yr for PDBC. Their -0.18 correlation means they have often moved in opposite directions in the past. UBT charges 0.95%/yr vs 0.58%/yr for PDBC.
Performance
UBT vs. PDBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UBT achieves a -9.88% return, which is significantly lower than PDBC's 32.53% return. Over the past 10 years, UBT has underperformed PDBC with an annualized return of -9.80%, while PDBC has yielded a comparatively higher 9.21% annualized return.
UBT
- 1D
- -1.93%
- 1M
- -8.39%
- 6M
- -9.39%
- YTD
- -9.88%
- 1Y
- -9.99%
- 3Y*
- -10.25%
- 5Y*
- -21.36%
- 10Y*
- -9.80%
- ALL TIME*
- 0.25%
PDBC
- 1D
- 0.34%
- 1M
- 10.65%
- 6M
- 20.94%
- YTD
- 32.53%
- 1Y
- 38.61%
- 3Y*
- 10.51%
- 5Y*
- 11.22%
- 10Y*
- 9.21%
- ALL TIME*
- 3.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $92.97M | $139.65M | $120.69M | |
| $559.65K | $668.92K | $852.70K |
UBT vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.88% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 32.53% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Correlation
The correlation between UBT and PDBC is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014 | -0.18 |
The correlation between UBT and PDBC shifts across timeframes, from -0.37 (1 year) to -0.14 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UBT vs. PDBC — Risk / Return Rank
UBT
PDBC
UBT vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.32 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.21 | -2.61 |
| Martin ratioReturn relative to average drawdown | -0.86 | 7.40 | -8.26 |
Loading charts...
Drawdowns
UBT vs. PDBC - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for UBT and PDBC.
Loading charts...
Drawdown Indicators
| UBT | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -49.52% | -29.38% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -16.55% | -1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -16.55% | -14.63% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -27.63% | -44.86% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -40.73% | -38.17% |
Current DrawdownCurrent decline from peak | -78.38% | -7.14% | -71.24% |
Average DrawdownAverage peak-to-trough decline | -32.72% | -23.03% | -9.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.51% | 4.98% | +3.53% |
Volatility
UBT vs. PDBC - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.14%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.00%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UBT | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 7.00% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 17.41% | -3.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.53% | 19.62% | -1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 19.27% | +11.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.17% | 17.83% | +11.34% |
UBT vs. PDBC - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
UBT vs. PDBC - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.80%, more than PDBC's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.90% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.80% | 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
UBT and PDBC have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDBC has higher volatility (7.00%) compared to UBT (5.14%). In terms of maximum drawdown, UBT dropped -78.90% vs PDBC's -49.52%.
On 10-year performance, PDBC leads with 9.21% vs -9.80% for UBT. On fees, PDBC is cheaper at 0.58% per year. On volatility, UBT has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDBC has performed better with a 9.21% return vs -9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.95% for UBT.
UBT has the higher dividend yield at 3.80%, compared with 2.90% for PDBC.
UBT is categorized as Leveraged Bonds, while PDBC is Commodities. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UBT and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (1.87 vs -0.40), 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.
Find the right allocation for UBT and PDBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer