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UBT vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UBT vs. UVXY

Last updated Jun 4, 2026

UBT (ProShares Ultra 20+ Year Treasury) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UBT returned -8.27%/yr vs -72.67%/yr for UVXY. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UBT vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UBT achieves a -2.69% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UBT has outperformed UVXY with an annualized return of -8.27%, while UVXY has yielded a comparatively lower -72.67% annualized return.

UBT

1D
-0.74%
1M
1.08%
YTD
-2.69%
6M
-6.59%
1Y
4.39%
3Y*
-10.32%
5Y*
-17.99%
10Y*
-8.27%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UBT vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UBT
ProShares Ultra 20+ Year Treasury		-2.69%2.03%-21.81%-3.68%-55.54%-12.14%31.87%24.46%-6.54%16.12%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between UBT and UVXY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

-0.10

Correlation (5Y)
Calculated over the trailing 5-year period

-0.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

0.21

The correlation between UBT and UVXY shifts across timeframes, from -0.10 (3 years) to 0.21 (all time), reflecting how their relationship changes across market environments.

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ProShares Ultra 20+ Year Treasury

ProShares Ultra VIX Short-Term Futures ETF

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Often compared with UVXY:
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Return for Risk

UBT vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UBT
UBT Risk / Return Rank: 1111
Overall Rank
UBT Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
UBT Sortino Ratio Rank: 1111
Sortino Ratio Rank
UBT Omega Ratio Rank: 1111
Omega Ratio Rank
UBT Calmar Ratio Rank: 1212
Calmar Ratio Rank
UBT Martin Ratio Rank: 1111
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UBT vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

UBTUVXYDifference

Sharpe ratio

Return per unit of total volatility

0.23

-0.87

+1.09

Sortino ratio

Return per unit of downside risk

0.46

-1.60

+2.07

Omega ratio

Gain probability vs. loss probability

1.05

0.82

+0.24

Calmar ratio

Return relative to maximum drawdown

0.26

-0.97

+1.23

Martin ratio

Return relative to average drawdown

0.63

-1.31

+1.94

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBT vs. UVXY - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is 0.23, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UBT and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UBTUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.23

-0.87

+1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.58

-0.66

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.28

-0.64

+0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

-0.68

+0.70

Drawdowns

UBT vs. UVXY - Drawdown Comparison

The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UBT and UVXY.

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Drawdown Indicators

UBTUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-78.90%

-100.00%

+21.10%

Max Drawdown (1Y)

Largest decline over 1 year

-16.86%

-75.22%

+58.36%

Max Drawdown (3Y)

Largest decline over 3 years

-36.62%

-95.45%

+58.83%

Max Drawdown (5Y)

Largest decline over 5 years

-72.49%

-99.68%

+27.19%

Max Drawdown (10Y)

Largest decline over 10 years

-78.90%

-100.00%

+21.10%

Current Drawdown

Current decline from peak

-76.66%

-100.00%

+23.34%

Average Drawdown

Average peak-to-trough decline

-32.30%

-98.55%

+66.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.01%

55.63%

-48.62%

Volatility

UBT vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.41%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UBTUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.41%

11.77%

-6.36%

Volatility (6M)

Calculated over the trailing 6-month period

12.78%

62.64%

-49.86%

Volatility (1Y)

Calculated over the trailing 1-year period

19.41%

84.42%

-65.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.33%

103.85%

-72.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.31%

113.82%

-84.51%

UBT vs. UVXY - Expense Ratio Comparison

Both UBT and UVXY have an expense ratio of 0.95%.

Dividends

UBT vs. UVXY - Dividend Comparison

UBT's dividend yield for the trailing twelve months is around 3.99%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UBT
ProShares Ultra 20+ Year Treasury		3.99%4.26%4.50%3.54%0.30%0.00%0.26%1.50%1.55%1.37%0.75%1.56%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

UBT and UVXY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to UBT (5.41%). In terms of maximum drawdown, UBT dropped -78.90% vs UVXY's -100.00%.

On 10-year performance, UBT leads with -8.27% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UBT has performed better with a -8.27% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UBT and UVXY have the same expense ratio: 0.95% per year.

UBT has the higher dividend yield at 3.99%, compared with 0.00% for UVXY.

UBT is categorized as Leveraged Bonds, while UVXY is Volatility. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

UBT currently has the higher Sharpe Ratio (0.23 vs -0.87), 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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