UBT vs. TQQQ
UBT (ProShares Ultra 20+ Year Treasury) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 39.51%/yr for TQQQ. Their -0.19 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UBT vs. TQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than TQQQ's 29.42% return. Over the past 10 years, UBT has underperformed TQQQ with an annualized return of -9.58%, while TQQQ has yielded a comparatively higher 39.51% annualized 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%
TQQQ
- 1D
- 5.17%
- 1M
- -7.35%
- 6M
- 23.83%
- YTD
- 29.42%
- 1Y
- 64.98%
- 3Y*
- 50.64%
- 5Y*
- 16.02%
- 10Y*
- 39.51%
- ALL TIME*
- 42.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.46B | $4.47B | $5.36B | |
| $607.37K | $624.24K | $851.60K |
UBT vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
TQQQ ProShares UltraPro QQQ | 29.42% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between UBT and TQQQ is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.19 |
The correlation between UBT and TQQQ shifts across timeframes, from -0.19 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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. TQQQ — Risk / Return Rank
UBT
TQQQ
UBT vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.21 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 1.77 | -2.28 |
| Martin ratioReturn relative to average drawdown | -1.08 | 4.90 | -5.98 |
Loading charts...
Drawdowns
UBT vs. TQQQ - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UBT and TQQQ.
Loading charts...
Drawdown Indicators
| UBT | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -81.66% | +2.76% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -36.97% | +18.72% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -58.04% | +26.86% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -81.66% | +9.17% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -81.66% | +2.76% |
Current DrawdownCurrent decline from peak | -78.21% | -21.90% | -56.31% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -18.50% | -14.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 13.31% | -4.73% |
Volatility
UBT vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.23%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.63%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UBT | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 20.63% | -15.40% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 47.88% | -34.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 57.57% | -39.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 68.10% | -37.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 66.61% | -37.43% |
UBT vs. TQQQ - Expense Ratio Comparison
Both UBT and TQQQ have an expense ratio of 0.95%.
Dividends
UBT vs. TQQQ - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than TQQQ's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.56% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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 TQQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.63%) compared to UBT (5.23%). In terms of maximum drawdown, UBT dropped -78.90% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.51% vs -9.58% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 39.51% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and TQQQ have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.77%, compared with 0.56% for TQQQ.
UBT is categorized as Leveraged Bonds, while TQQQ is Leveraged Equities. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.14 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 TQQQ
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