UBT vs. TYD
UBT (ProShares Ultra 20+ Year Treasury) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both Leveraged Bonds funds - UBT tracks the ICE U.S. Treasury 20+ Year Bond Index (200% Daily) while TYD tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs -5.67%/yr for TYD. Their correlation of 0.83 means they have usually moved in the same direction. UBT charges 0.95%/yr vs 1.09%/yr for TYD.
Performance
UBT vs. TYD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with UBT having a -9.14% return and TYD slightly lower at -9.55%. Over the past 10 years, UBT has underperformed TYD with an annualized return of -9.58%, while TYD has yielded a comparatively higher -5.67% 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%
TYD
- 1D
- 0.53%
- 1M
- -4.13%
- 6M
- -7.55%
- YTD
- -9.55%
- 1Y
- -8.36%
- 3Y*
- -3.71%
- 5Y*
- -15.05%
- 10Y*
- -5.67%
- ALL TIME*
- 0.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $422.10K | $413.29K | $510.67K | |
| $607.37K | $624.24K | $851.60K |
UBT vs. TYD - 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% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -9.55% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between UBT and TYD is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | 0.83 |
The correlation between UBT and TYD has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
UBT vs. TYD — Risk / Return Rank
UBT
TYD
UBT vs. TYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and Direxion Daily 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.91 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.58 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.24 | +0.16 |
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Drawdowns
UBT vs. TYD - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for UBT and TYD.
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Drawdown Indicators
| UBT | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -64.28% | -14.62% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -14.41% | -3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -22.32% | -8.86% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -59.35% | -13.14% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -64.28% | -14.62% |
Current DrawdownCurrent decline from peak | -78.21% | -60.69% | -17.52% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -22.30% | -10.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 6.75% | +1.83% |
Volatility
UBT vs. TYD - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 3.51%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 3.51% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 10.39% | +3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 13.25% | +5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 22.92% | +8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 20.17% | +9.01% |
UBT vs. TYD - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
UBT vs. TYD - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than TYD's 3.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.41% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
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 TYD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.23%) compared to TYD (3.51%). In terms of maximum drawdown, UBT dropped -78.90% vs TYD's -64.28%.
On 10-year performance, TYD leads with -5.67% vs -9.58% for UBT. On fees, UBT is cheaper at 0.95% per year. On volatility, TYD has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYD has performed better with a -5.67% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT is cheaper with a 0.95% expense ratio, compared with 1.09% for TYD.
UBT has the higher dividend yield at 3.77%, compared with 3.41% for TYD.
UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while TYD tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UBT and 1.09% for TYD.
UBT currently has the higher Sharpe Ratio (-0.51 vs -0.63), 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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