UBT vs. TLT
Compare and contrast key facts about ProShares Ultra 20+ Year Treasury (UBT) and iShares 20+ Year Treasury Bond ETF (TLT).
UBT and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UBT is a passively managed fund by ProShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Index (200%). It was launched on Jan 19, 2010. TLT is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Bond Index. It was launched on Jul 26, 2002. Both UBT and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: UBT or TLT.
Key characteristics
| UBT | TLT | |
|---|---|---|
| YTD Return | -20.89% | -9.89% |
| 1Y Return | -30.45% | -12.66% |
| 3Y Return (Ann) | -27.25% | -11.71% |
| 5Y Return (Ann) | -13.98% | -4.40% |
| 10Y Return (Ann) | -4.10% | 0.17% |
| Sharpe Ratio | -0.95 | -0.79 |
| Daily Std Dev | 33.46% | 17.16% |
| Max Drawdown | -78.90% | -48.35% |
| Current Drawdown | -76.21% | -43.85% |
Correlation
The correlation between UBT and TLT is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
UBT vs. TLT - Performance Comparison
In the year-to-date period, UBT achieves a -20.89% return, which is significantly lower than TLT's -9.89% return. Over the past 10 years, UBT has underperformed TLT with an annualized return of -4.10%, while TLT has yielded a comparatively higher 0.17% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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UBT vs. TLT - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than TLT's 0.15% expense ratio.
Risk-Adjusted Performance
UBT vs. TLT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
Dividends
UBT vs. TLT - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 4.58%, more than TLT's 3.93% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 4.58% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% | 0.79% | 0.17% |
TLT iShares 20+ Year Treasury Bond ETF | 3.93% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% | 2.67% | 3.26% |
Drawdowns
UBT vs. TLT - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for UBT and TLT. For additional features, visit the drawdowns tool.
Volatility
UBT vs. TLT - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 8.35% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 4.12%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.