UBT vs. USD
UBT (ProShares Ultra 20+ Year Treasury) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 53.94%/yr for USD. Their -0.20 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UBT vs. USD - 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 USD's 55.27% return. Over the past 10 years, UBT has underperformed USD with an annualized return of -9.58%, while USD has yielded a comparatively higher 53.94% 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%
USD
- 1D
- 3.34%
- 1M
- -7.07%
- 6M
- 41.04%
- YTD
- 55.27%
- 1Y
- 98.72%
- 3Y*
- 95.45%
- 5Y*
- 54.39%
- 10Y*
- 53.94%
- ALL TIME*
- 28.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $607.37K | $624.24K | $851.60K | |
| $71.31M | $70.59M | $96.20M |
UBT vs. USD - 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% |
USD ProShares Ultra Semiconductors | 55.27% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between UBT and USD is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
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 | -0.20 |
The correlation between UBT and USD shifts across timeframes, from -0.20 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. USD — Risk / Return Rank
UBT
USD
UBT vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.24 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 2.52 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.08 | 7.21 | -8.29 |
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Drawdowns
UBT vs. USD - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UBT and USD.
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Drawdown Indicators
| UBT | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -88.63% | +9.73% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -39.33% | +21.08% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -64.46% | +33.28% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -77.85% | +5.36% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -77.85% | -1.05% |
Current DrawdownCurrent decline from peak | -78.21% | -28.27% | -49.94% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -32.23% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 13.74% | -5.16% |
Volatility
UBT vs. USD - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.23%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.45%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 27.45% | -22.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 61.08% | -47.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 73.76% | -55.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 78.77% | -47.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 70.41% | -41.23% |
UBT vs. USD - Expense Ratio Comparison
Both UBT and USD have an expense ratio of 0.95%.
Dividends
UBT vs. USD - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than USD's 0.37% 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% |
USD ProShares Ultra Semiconductors | 0.37% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
UBT and USD have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.45%) compared to UBT (5.23%). In terms of maximum drawdown, UBT dropped -78.90% vs USD's -88.63%.
On 10-year performance, USD leads with 53.94% 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, USD has performed better with a 53.94% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and USD have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.77%, compared with 0.37% for USD.
UBT is categorized as Leveraged Bonds, while USD is Leveraged Equities. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.35 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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