UBT vs. TTT
UBT (ProShares Ultra 20+ Year Treasury) and TTT (UltraPro Short 20+ Year Treasury) are both Leveraged Bonds funds from ProShares - UBT tracks the ICE U.S. Treasury 20+ Year Bond Index (200% Daily) while TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%). Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 1.25%/yr for TTT. Their -0.98 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UBT vs. TTT - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than TTT's 14.61% return. Over the past 10 years, UBT has underperformed TTT with an annualized return of -9.58%, while TTT has yielded a comparatively higher 1.25% 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%
TTT
- 1D
- -1.35%
- 1M
- 12.28%
- 6M
- 12.85%
- YTD
- 14.61%
- 1Y
- 15.04%
- 3Y*
- 8.04%
- 5Y*
- 26.13%
- 10Y*
- 1.25%
- ALL TIME*
- -8.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $391.40K | $306.17K | $378.20K | |
| $607.37K | $624.24K | $851.60K |
UBT vs. TTT - 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% |
TTT UltraPro Short 20+ Year Treasury | 14.61% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
Correlation
The correlation between UBT and TTT is -0.97, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | -0.98 |
The correlation between UBT and TTT 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. TTT — Risk / Return Rank
UBT
TTT
UBT vs. TTT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and UltraPro Short 20+ Year Treasury (TTT). 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 | TTT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.11 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 0.77 | -1.28 |
| Martin ratioReturn relative to average drawdown | -1.08 | 1.54 | -2.62 |
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Drawdowns
UBT vs. TTT - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum TTT drawdown of -94.00%. Use the drawdown chart below to compare losses from any high point for UBT and TTT.
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Drawdown Indicators
| UBT | TTT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -94.00% | +15.10% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -19.51% | +1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -49.69% | +18.51% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -49.69% | -22.80% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -81.76% | +2.86% |
Current DrawdownCurrent decline from peak | -78.21% | -75.96% | -2.25% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -70.43% | +37.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 9.76% | -1.18% |
Volatility
UBT vs. TTT - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.23%, while UltraPro Short 20+ Year Treasury (TTT) has a volatility of 7.37%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than TTT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | TTT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 7.37% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 20.34% | -6.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 27.56% | -9.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 46.79% | -15.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 43.17% | -13.99% |
UBT vs. TTT - Expense Ratio Comparison
Both UBT and TTT have an expense ratio of 0.95%.
Dividends
UBT vs. TTT - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, less than TTT's 8.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 8.46% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
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 TTT 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.
TTT has higher volatility (7.37%) compared to UBT (5.23%). In terms of maximum drawdown, UBT dropped -78.90% vs TTT's -94.00%.
On 10-year performance, TTT leads with 1.25% 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, TTT has performed better with a 1.25% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and TTT have the same expense ratio: 0.95% per year.
TTT has the higher dividend yield at 8.46%, compared with 3.77% for UBT.
UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%).
TTT currently has the higher Sharpe Ratio (0.55 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.
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