UBT vs. TBT
UBT (ProShares Ultra 20+ Year Treasury) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, UBT returned -8.42%/yr vs 2.32%/yr for TBT. At a correlation of -0.99, they often move in opposite directions. UBT charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
UBT vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -0.63% return, which is significantly lower than TBT's 1.05% return. Over the past 10 years, UBT has underperformed TBT with an annualized return of -8.42%, while TBT has yielded a comparatively higher 2.32% annualized return.
UBT
- 1D
- 0.37%
- 1M
- 4.60%
- YTD
- -0.63%
- 6M
- -1.74%
- 1Y
- 2.30%
- 3Y*
- -10.34%
- 5Y*
- -18.46%
- 10Y*
- -8.42%
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
UBT vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -0.63% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between UBT and TBT is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.99 |
The correlation between UBT and TBT has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
UBT vs. TBT — Risk / Return Rank
UBT
TBT
UBT vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.01 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.05 | +0.19 |
| Martin ratioReturn relative to average drawdown | 0.31 | -0.10 | +0.40 |
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Drawdowns
UBT vs. TBT - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for UBT and TBT.
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Drawdown Indicators
| UBT | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -94.99% | +16.09% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -14.89% | -1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -36.47% | -33.83% | -2.64% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -33.83% | -38.66% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -65.09% | -13.81% |
Current DrawdownCurrent decline from peak | -76.16% | -85.92% | +9.76% |
Average DrawdownAverage peak-to-trough decline | -32.43% | -77.34% | +44.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.44% | 7.55% | -0.11% |
Volatility
UBT vs. TBT - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) and ProShares UltraShort 20+ Year Treasury (TBT) have volatilities of 4.40% and 4.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 4.53% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 13.04% | 13.49% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 19.19% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.23% | 31.32% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.28% | 28.75% | +0.53% |
UBT vs. TBT - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
UBT vs. TBT - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.91%, more than TBT's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.91% | 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 TBT have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to UBT (4.40%). In terms of maximum drawdown, UBT dropped -78.90% vs TBT's -94.99%.
On 10-year performance, TBT leads with 2.32% vs -8.42% for UBT. On fees, TBT is cheaper at 0.93% per year. On volatility, UBT has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 2.32% return vs -8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for UBT.
UBT has the higher dividend yield at 3.91%, compared with 2.95% for TBT.
UBT is categorized as Leveraged Bonds, while TBT is Inverse Bonds. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for UBT and 0.93% for TBT.
UBT currently has the higher Sharpe Ratio (0.12 vs -0.04), 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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