UBT vs. UVXY
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 -8.42%/yr vs -73.85%/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
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Returns By Period
In the year-to-date period, UBT achieves a -0.63% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UBT has outperformed UVXY with an annualized return of -8.42%, while UVXY has yielded a comparatively lower -73.85% annualized return.
UBT
- 1D
- 0.37%
- 1M
- 4.60%
- YTD
- -0.63%
- 6M
- -1.74%
- 1Y
- 2.30%
- 3Y*
- -10.34%
- 5Y*
- -18.46%
- 10Y*
- -8.42%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UBT vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -0.63% | 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 | -22.07% | -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 -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.21 |
The correlation between UBT and UVXY shifts across timeframes, from -0.11 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. UVXY — Risk / Return Rank
UBT
UVXY
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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -1.01 | +1.15 |
| Martin ratioReturn relative to average drawdown | 0.31 | -1.45 | +1.76 |
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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
| UBT | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -100.00% | +21.10% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -73.51% | +56.65% |
Max Drawdown (3Y)Largest decline over 3 years | -36.47% | -94.93% | +58.46% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -99.71% | +27.22% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -100.00% | +21.10% |
Current DrawdownCurrent decline from peak | -76.16% | -100.00% | +23.84% |
Average DrawdownAverage peak-to-trough decline | -32.43% | -98.75% | +66.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.44% | 55.34% | -47.90% |
Volatility
UBT vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 4.40%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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
| UBT | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 25.85% | -21.45% |
Volatility (6M)Calculated over the trailing 6-month period | 13.04% | 66.46% | -53.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 85.46% | -66.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.23% | 103.96% | -72.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.28% | 112.39% | -83.11% |
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 3.91%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 3.91% | 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 -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UBT (4.40%). In terms of maximum drawdown, UBT dropped -78.90% vs UVXY's -100.00%.
On 10-year performance, UBT leads with -8.42% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 4.40%. 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 -8.42% return vs -73.85%. 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 3.91%, 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 (0.12 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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