UBT vs. TYO
UBT (ProShares Ultra 20+ Year Treasury) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both Leveraged Bonds funds - UBT tracks the ICE U.S. Treasury 20+ Year Bond Index (200% Daily) while TYO tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 2.81%/yr for TYO. Their -0.88 correlation means they have often moved in opposite directions in the past. UBT charges 0.95%/yr vs 1.08%/yr for TYO.
Performance
UBT vs. TYO - 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 TYO's 12.39% return. Over the past 10 years, UBT has underperformed TYO with an annualized return of -9.58%, while TYO has yielded a comparatively higher 2.81% 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%
TYO
- 1D
- -0.54%
- 1M
- 4.34%
- 6M
- 9.66%
- YTD
- 12.39%
- 1Y
- 12.78%
- 3Y*
- 6.44%
- 5Y*
- 15.76%
- 10Y*
- 2.81%
- ALL TIME*
- -6.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $169.97K | $188.58K | $268.17K | |
| $607.37K | $624.24K | $851.60K |
UBT vs. TYO - 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 12.39% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between UBT and TYO is -0.86, 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. | -0.87 |
Correlation (3Y) Balances recent behavior with more history. | -0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.88 |
The correlation between UBT and TYO has been stable across timeframes, ranging from -0.91 to -0.86 - a consistent structural relationship.
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Return for Risk
UBT vs. TYO — Risk / Return Rank
UBT
TYO
UBT vs. TYO - 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 Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.16 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 1.86 | -2.37 |
| Martin ratioReturn relative to average drawdown | -1.08 | 3.83 | -4.91 |
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Drawdowns
UBT vs. TYO - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for UBT and TYO.
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Drawdown Indicators
| UBT | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -89.25% | +10.35% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -6.90% | -11.35% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -24.40% | -6.78% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -24.40% | -48.09% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -52.21% | -26.69% |
Current DrawdownCurrent decline from peak | -78.21% | -76.26% | -1.95% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -71.13% | +38.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 3.35% | +5.23% |
Volatility
UBT vs. TYO - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 3.87%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 3.87% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 11.06% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 13.82% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 23.17% | +7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 20.15% | +9.03% |
UBT vs. TYO - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
UBT vs. TYO - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than TYO's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.49% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% | 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 TYO have a correlation of -0.86, 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 TYO (3.87%). In terms of maximum drawdown, UBT dropped -78.90% vs TYO's -89.25%.
On 10-year performance, TYO leads with 2.81% vs -9.58% for UBT. On fees, UBT is cheaper at 0.95% per year. On volatility, TYO has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 2.81% 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 1.08% for TYO.
UBT has the higher dividend yield at 3.77%, compared with 2.49% for TYO.
UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while TYO 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 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.93 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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