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 Barclays Capital U.S. 20+ Year Treasury Index (200%) while TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%). Both are passively managed. Over the past 10 years, UBT returned -9.22%/yr vs 0.66%/yr for TTT. At a correlation of -0.98, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UBT vs. TTT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UBT achieves a -4.99% return, which is significantly lower than TTT's 7.81% return. Over the past 10 years, UBT has underperformed TTT with an annualized return of -9.22%, while TTT has yielded a comparatively higher 0.66% annualized return.
UBT
- 1D
- 0.39%
- 1M
- -3.02%
- 6M
- -6.32%
- YTD
- -4.99%
- 1Y
- 0.10%
- 3Y*
- -10.50%
- 5Y*
- -20.31%
- 10Y*
- -9.22%
TTT
- 1D
- -0.42%
- 1M
- 5.25%
- 6M
- 9.90%
- YTD
- 7.81%
- 1Y
- -0.24%
- 3Y*
- 10.65%
- 5Y*
- 23.04%
- 10Y*
- 0.66%
UBT vs. TTT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -4.99% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
TTT UltraPro Short 20+ Year Treasury | 7.81% | -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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
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 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.
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. 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 | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.02 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.01 | -0.01 | +0.02 |
| Martin ratioReturn relative to average drawdown | 0.01 | -0.02 | +0.03 |
Loading charts...
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.
Loading charts...
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 | -16.86% | -22.18% | +5.32% |
Max Drawdown (3Y)Largest decline over 3 years | -35.81% | -49.69% | +13.88% |
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 | -77.21% | -77.39% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -32.58% | -70.40% | +37.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.78% | 12.12% | -4.34% |
Volatility
UBT vs. TTT - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.20%, while UltraPro Short 20+ Year Treasury (TTT) has a volatility of 7.55%. 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.
Loading charts...
Volatility by Period
| UBT | TTT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 7.55% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 13.37% | 20.26% | -6.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.71% | 27.94% | -9.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.18% | 46.94% | -15.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.17% | 43.17% | -14.00% |
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 3.61%, less than TTT's 9.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.00% | 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 | 3.61% | 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 (7.55%) compared to UBT (5.20%). In terms of maximum drawdown, UBT dropped -78.90% vs TTT's -94.00%.
On 10-year performance, TTT leads with 0.66% vs -9.22% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.20%. 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 0.66% return vs -9.22%. 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 9.00%, compared with 3.61% for UBT.
UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%).
UBT currently has the higher Sharpe Ratio (0.01 vs -0.01), 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 TTT
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