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UBT vs. TIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UBT vs. TIP

Last updated Jun 11, 2026

UBT (ProShares Ultra 20+ Year Treasury) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, UBT returned -8.66%/yr vs 2.45%/yr for TIP. A 0.73 correlation means they provide meaningful diversification when combined. UBT charges 0.95%/yr vs 0.18%/yr for TIP.

Performance

UBT vs. TIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and iShares TIPS Bond ETF (TIP). 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 -3.85% return, which is significantly lower than TIP's 1.03% return. Over the past 10 years, UBT has underperformed TIP with an annualized return of -8.66%, while TIP has yielded a comparatively higher 2.45% annualized return.

UBT

1D
-0.81%
1M
-1.43%
YTD
-3.85%
6M
-5.86%
1Y
1.24%
3Y*
-10.64%
5Y*
-18.74%
10Y*
-8.66%

TIP

1D
-0.10%
1M
-0.75%
YTD
1.03%
6M
0.84%
1Y
4.70%
3Y*
3.72%
5Y*
0.84%
10Y*
2.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UBT vs. TIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UBT
ProShares Ultra 20+ Year Treasury		-3.85%2.03%-21.81%-3.68%-55.54%-12.14%31.87%24.46%-6.54%16.12%
TIP
iShares TIPS Bond ETF		1.03%6.77%1.65%3.80%-12.26%5.68%10.84%8.35%-1.42%2.92%

Correlation

The correlation between UBT and TIP is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.78

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

0.84

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

0.74

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jan 21, 2010

0.73

The correlation between UBT and TIP shifts across timeframes, from 0.73 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares Ultra 20+ Year Treasury

iShares TIPS Bond ETF

Often compared with UBT:
UBT vs. TLTUBT vs. TMFUBT vs. KMLMUBT vs. QLDUBT vs. EDVUBT vs. PSTUBT vs. VT
Often compared with TIP:
TIP vs. SCHPTIP vs. VTIPTIP vs. SGOVTIP vs. STIPTIP vs. FIPDXTIP vs. BNDTIP vs. IEF

Return for Risk

UBT vs. TIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UBT
UBT Risk / Return Rank: 1010
Overall Rank
UBT Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UBT Sortino Ratio Rank: 1010
Sortino Ratio Rank
UBT Omega Ratio Rank: 1010
Omega Ratio Rank
UBT Calmar Ratio Rank: 1111
Calmar Ratio Rank
UBT Martin Ratio Rank: 1010
Martin Ratio Rank
TIP
TIP Risk / Return Rank: 4949
Overall Rank
TIP Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
TIP Sortino Ratio Rank: 5050
Sortino Ratio Rank
TIP Omega Ratio Rank: 4444
Omega Ratio Rank
TIP Calmar Ratio Rank: 5555
Calmar Ratio Rank
TIP Martin Ratio Rank: 4949
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. TIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and iShares TIPS Bond ETF (TIP). 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.

UBTTIPDifference
Sharpe ratioReturn per unit of total volatility
0.07
1.40

-1.33

Sortino ratioReturn per unit of downside risk
0.23
2.15

-1.92

Omega ratioGain probability vs. loss probability

1.03

1.25

-0.22

Calmar ratioReturn relative to maximum drawdown

0.07

2.39

-2.31

Martin ratioReturn relative to average drawdown

0.17

7.15

-6.98

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. TIP - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is 0.07, which is lower than the TIP Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of UBT and TIP, 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

UBTTIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

1.40

-1.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.60

0.14

-0.74

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.30

0.43

-0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.57

-0.55

Drawdowns

UBT vs. TIP - Drawdown Comparison

The maximum UBT drawdown since its inception was -78.90%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for UBT and TIP.

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Drawdown Indicators

UBTTIPDifference

Max Drawdown

Largest peak-to-trough decline

-78.90%

-14.57%

-64.33%

Max Drawdown (1Y)

Largest decline over 1 year

-16.86%

-1.98%

-14.88%

Max Drawdown (3Y)

Largest decline over 3 years

-36.62%

-4.54%

-32.08%

Max Drawdown (5Y)

Largest decline over 5 years

-72.49%

-14.51%

-57.98%

Max Drawdown (10Y)

Largest decline over 10 years

-78.90%

-14.51%

-64.39%

Current Drawdown

Current decline from peak

-76.94%

-0.83%

-76.11%

Average Drawdown

Average peak-to-trough decline

-32.35%

-3.43%

-28.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.22%

0.66%

+6.56%

Volatility

UBT vs. TIP - Volatility Comparison

ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.02% compared to iShares TIPS Bond ETF (TIP) at 0.96%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UBTTIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.02%

0.96%

+4.06%

Volatility (6M)

Calculated over the trailing 6-month period

12.80%

2.32%

+10.48%

Volatility (1Y)

Calculated over the trailing 1-year period

19.05%

3.38%

+15.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.30%

6.21%

+25.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.31%

5.74%

+23.57%

UBT vs. TIP - Expense Ratio Comparison

UBT has a 0.95% expense ratio, which is higher than TIP's 0.18% expense ratio.

Dividends

UBT vs. TIP - Dividend Comparison

UBT's dividend yield for the trailing twelve months is around 4.04%, more than TIP's 3.78% yield.

PositionTTM20252024202320222021202020192018201720162015
TIP
iShares TIPS Bond ETF		3.78%3.46%2.52%2.73%6.96%4.28%1.17%1.75%2.71%2.07%1.48%0.34%
UBT
ProShares Ultra 20+ Year Treasury		4.04%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 TIP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UBT has higher volatility (5.02%) compared to TIP (0.96%). In terms of maximum drawdown, UBT dropped -78.90% vs TIP's -14.57%.

On 10-year performance, TIP leads with 2.45% vs -8.66% for UBT. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TIP has performed better with a 2.45% return vs -8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TIP is cheaper with a 0.18% expense ratio, compared with 0.95% for UBT.

UBT has the higher dividend yield at 4.04%, compared with 3.78% for TIP.

UBT is categorized as Leveraged Bonds, while TIP is Inflation-Protected Bonds. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UBT and 0.18% for TIP.

TIP currently has the higher Sharpe Ratio (1.40 vs 0.07), 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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