UBT vs. TLT
UBT (ProShares Ultra 20+ Year Treasury) and TLT (iShares 20+ Year Treasury 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, UBT returned -8.46%/yr vs -1.75%/yr for TLT. With a 0.99 correlation, they move nearly in lockstep. UBT charges 0.95%/yr vs 0.15%/yr for TLT.
Performance
UBT vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UBT achieves a -1.00% return, which is significantly lower than TLT's 0.64% return. Over the past 10 years, UBT has underperformed TLT with an annualized return of -8.46%, while TLT has yielded a comparatively higher -1.75% annualized return.
UBT
- 1D
- -1.27%
- 1M
- 4.22%
- YTD
- -1.00%
- 6M
- -1.75%
- 1Y
- 2.54%
- 3Y*
- -10.45%
- 5Y*
- -18.46%
- 10Y*
- -8.46%
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
UBT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -1.00% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
TLT iShares 20+ Year Treasury Bond ETF | 0.64% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between UBT and TLT is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
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 TLT has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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. TLT — Risk / Return Rank
UBT
TLT
UBT vs. TLT - Risk-Adjusted Trends 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.
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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.08 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 0.54 | -0.39 |
| Martin ratioReturn relative to average drawdown | 0.34 | 1.29 | -0.94 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| UBT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -48.35% | -30.55% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -7.58% | -9.28% |
Max Drawdown (3Y)Largest decline over 3 years | -36.47% | -19.18% | -17.29% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -43.70% | -28.79% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -48.35% | -30.55% |
Current DrawdownCurrent decline from peak | -76.25% | -39.89% | -36.36% |
Average DrawdownAverage peak-to-trough decline | -32.42% | -13.87% | -18.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.41% | 3.17% | +4.24% |
Volatility
UBT vs. TLT - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 4.42% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.21%. 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.
Loading charts...
Volatility by Period
| UBT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 2.21% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 6.63% | +6.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.91% | 9.50% | +9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.23% | 15.82% | +15.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.32% | 14.91% | +14.41% |
UBT vs. TLT - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
UBT vs. TLT - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.93%, less than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.55% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
UBT ProShares Ultra 20+ Year Treasury | 3.93% | 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
With a correlation of 0.98, UBT and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UBT has higher volatility (4.42%) compared to TLT (2.21%). In terms of maximum drawdown, UBT dropped -78.90% vs TLT's -48.35%.
On 10-year performance, TLT leads with -1.75% vs -8.46% for UBT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -1.75% return vs -8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.95% for UBT.
TLT has the higher dividend yield at 4.55%, compared with 3.93% for UBT.
UBT is categorized as Leveraged Bonds, while TLT is Government Bonds. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UBT and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.43 vs 0.14), 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 TLT
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