UBT vs. SGOV
UBT (ProShares Ultra 20+ Year Treasury) and SGOV (iShares 0-3 Month Treasury Bond 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 SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, UBT returned -21.58%/yr vs 3.66%/yr for SGOV. Their 0.01 correlation means their historical movements had little consistent relationship. UBT charges 0.95%/yr vs 0.09%/yr for SGOV.
Performance
UBT vs. SGOV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than SGOV's 2.13% 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%
SGOV
- 1D
- 0.02%
- 1M
- 0.29%
- 6M
- 1.82%
- YTD
- 2.13%
- 1Y
- 3.85%
- 3Y*
- 4.62%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.99B | $1.87B | $2.06B | |
| $607.37K | $624.24K | $851.60K |
UBT vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | -6.26% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.13% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between UBT and SGOV is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.01 |
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. SGOV — Risk / Return Rank
UBT
SGOV
UBT vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -21.29 | ||
| Sortino ratioReturn per unit of downside risk | -380.85 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 380.49 | -379.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 388.26 | -388.77 |
| Martin ratioReturn relative to average drawdown | -1.08 | 6,151.27 | -6,152.35 |
Loading charts...
Drawdowns
UBT vs. SGOV - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for UBT and SGOV.
Loading charts...
Drawdown Indicators
| UBT | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -0.03% | -78.87% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -0.01% | -18.24% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -0.01% | -31.17% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -0.03% | -72.46% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | — | — |
Current DrawdownCurrent decline from peak | -78.21% | 0.00% | -78.21% |
Average DrawdownAverage peak-to-trough decline | -32.73% | 0.00% | -32.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 0.00% | +8.58% |
Volatility
UBT vs. SGOV - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UBT | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 0.04% | +5.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 0.13% | +13.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 0.19% | +18.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 0.24% | +30.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 0.23% | +28.95% |
UBT vs. SGOV - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
UBT vs. SGOV - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, which matches SGOV's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.75% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 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
UBT and SGOV have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.23%) compared to SGOV (0.04%). In terms of maximum drawdown, UBT dropped -78.90% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.66% vs -21.58% for UBT. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOV has performed better with a 3.66% return vs -21.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.95% for UBT.
UBT has the higher dividend yield at 3.77%, compared with 3.75% for SGOV.
UBT is categorized as Leveraged Bonds, while SGOV is Ultrashort Bond. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UBT and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.78 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.
Find the right allocation for UBT and SGOV
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