UBT vs. RSBA

Last updated Aug 4, 2026

UBT (ProShares Ultra 20+ Year Treasury) and RSBA (Return Stacked Bonds & Merger Arbitrage ETF) are both Leveraged Bonds funds. UBT is passively managed, while RSBA is actively managed. Over the past year, UBT returned -9.25% vs 1.26% for RSBA. Their correlation of 0.82 means they have usually moved in the same direction. UBT charges 0.95%/yr vs 0.96%/yr for RSBA.

Performance

UBT vs. RSBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than RSBA's -0.81% 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%

RSBA

• 1D: 0.12%
• 1M: -1.80%
• 6M: -0.98%
• YTD: -0.81%
• 1Y: 1.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RSBA Return Stacked Bonds & Merger Arbitrage ETF	$279.44K	$302.14K	$427.45K
UBT ProShares Ultra 20+ Year Treasury	$607.37K	$624.24K	$851.60K

UBT vs. RSBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UBT ProShares Ultra 20+ Year Treasury	-9.14%	2.03%	-6.78%
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.81%	7.73%	-0.11%

Correlation

The correlation between UBT and RSBA is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.82

The correlation between UBT and RSBA has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

UBT vs. RSBA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UBT

UBT Risk / Return Rank: 5
UBT Sharpe Ratio Rank: 5
UBT Sortino Ratio Rank: 5
UBT Omega Ratio Rank: 5
UBT Calmar Ratio Rank: 5
UBT Martin Ratio Rank: 4

RSBA

RSBA Risk / Return Rank: 17
RSBA Sharpe Ratio Rank: 17
RSBA Sortino Ratio Rank: 15
RSBA Omega Ratio Rank: 15
RSBA Calmar Ratio Rank: 18
RSBA Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UBT vs. RSBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). 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	RSBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	0.28	-0.79
Sortino ratio: Return per unit of downside risk	-0.61	0.43	-1.04
Omega ratio: Gain probability vs. loss probability	0.93	1.05	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.51	0.46	-0.97
Martin ratio: Return relative to average drawdown	-1.08	1.16	-2.24

UBT vs. RSBA - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is -0.51, which is lower than the RSBA Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of UBT and RSBA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UBT vs. RSBA - Drawdown Comparison

The maximum UBT drawdown since its inception was -78.90%, which is greater than RSBA's maximum drawdown of -2.83%. Use the drawdown chart below to compare losses from any high point for UBT and RSBA.

Drawdown Indicators

	UBT	RSBA	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-2.83%	-76.07%
Max Drawdown (1Y) Largest decline over 1 year	-18.25%	-2.74%	-15.51%
Max Drawdown (3Y) Largest decline over 3 years	-31.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-72.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.90%	—	—
Current Drawdown Current decline from peak	-78.21%	-2.13%	-76.08%
Average Drawdown Average peak-to-trough decline	-32.73%	-0.84%	-31.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.58%	1.09%	+7.49%

Volatility

UBT vs. RSBA - Volatility Comparison

ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to Return Stacked Bonds & Merger Arbitrage ETF (RSBA) at 1.36%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than RSBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBT	RSBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	1.36%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	13.51%	3.60%	+9.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	4.49%	+13.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.09%	5.05%	+26.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.18%	5.05%	+24.13%

UBT vs. RSBA - Expense Ratio Comparison

UBT has a 0.95% expense ratio, which is lower than RSBA's 0.96% expense ratio.

Dividends

UBT vs. RSBA - Dividend Comparison

UBT's dividend yield for the trailing twelve months is around 3.77%, more than RSBA's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.40%	3.37%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both UBT and RSBA in my portfolio?

UBT and RSBA have a correlation of 0.80, 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 RSBA?

UBT has higher volatility (5.23%) compared to RSBA (1.36%). In terms of maximum drawdown, UBT dropped -78.90% vs RSBA's -2.83%.

Which ETF is better, UBT or RSBA?

On 1-year performance, RSBA leads with 1.26% vs -9.25% for UBT. On fees, UBT is cheaper at 0.95% per year. On volatility, RSBA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBT or RSBA?

Over the 1-year period, RSBA has performed better with a 1.26% return vs -9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBT or RSBA?

UBT is cheaper with a 0.95% expense ratio, compared with 0.96% for RSBA.

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

UBT has the higher dividend yield at 3.77%, compared with 3.40% for RSBA.

What is the main difference between UBT and RSBA?

They also come from different issuers: ProShares and Return Stacked. Their fees differ too: 0.95% for UBT and 0.96% for RSBA.

Which has better risk-adjusted returns?

RSBA currently has the higher Sharpe Ratio (0.28 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.