UBT vs. UPRO
UBT (ProShares Ultra 20+ Year Treasury) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 28.55%/yr for UPRO. Their -0.24 correlation means they have often moved in opposite directions in the past. UBT charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
UBT vs. UPRO - 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 UPRO's 26.96% return. Over the past 10 years, UBT has underperformed UPRO with an annualized return of -9.58%, while UPRO has yielded a comparatively higher 28.55% 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%
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $607.37K | $624.24K | $851.60K | |
| $303.16M | $293.07M | $361.38M |
UBT vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 26.96% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between UBT and UPRO is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.24 |
The correlation between UBT and UPRO shifts across timeframes, from -0.24 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. UPRO — Risk / Return Rank
UBT
UPRO
UBT vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 2.27 | -2.78 |
| Martin ratioReturn relative to average drawdown | -1.08 | 8.68 | -9.76 |
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Drawdowns
UBT vs. UPRO - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, roughly equal to the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UBT and UPRO.
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Drawdown Indicators
| UBT | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -76.82% | -2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -26.78% | +8.53% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -48.87% | +17.69% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -63.94% | -8.55% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -76.82% | -2.08% |
Current DrawdownCurrent decline from peak | -78.21% | -2.80% | -75.41% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -14.34% | -18.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 6.99% | +1.59% |
Volatility
UBT vs. UPRO - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.23%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 11.49%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 11.49% | -6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 30.61% | -17.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 38.43% | -20.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 50.74% | -19.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 53.81% | -24.63% |
UBT vs. UPRO - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
UBT vs. UPRO - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UBT and UPRO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (11.49%) compared to UBT (5.23%). In terms of maximum drawdown, UBT dropped -78.90% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.55% vs -9.58% for UBT. On fees, UPRO is cheaper at 0.89% per year. 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, UPRO has performed better with a 28.55% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UBT.
UBT has the higher dividend yield at 3.77%, compared with 0.74% for UPRO.
UBT is categorized as Leveraged Bonds, while UPRO is Leveraged Equities. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UBT and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.58 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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