UBT vs. UYG
UBT (ProShares Ultra 20+ Year Treasury) and UYG (ProShares Ultra Financials) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%). Both are passively managed. Over the past 10 years, UBT returned -8.42%/yr vs 18.56%/yr for UYG. At a correlation of -0.30, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UBT vs. UYG - 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 UYG's -5.36% return. Over the past 10 years, UBT has underperformed UYG with an annualized return of -8.42%, while UYG has yielded a comparatively higher 18.56% 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%
UYG
- 1D
- 0.67%
- 1M
- 7.89%
- YTD
- -5.36%
- 6M
- -7.63%
- 1Y
- 7.16%
- 3Y*
- 31.42%
- 5Y*
- 12.07%
- 10Y*
- 18.56%
UBT vs. UYG - 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% |
UYG ProShares Ultra Financials | -5.36% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
Correlation
The correlation between UBT and UYG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.30 |
The correlation between UBT and UYG shifts across timeframes, from -0.30 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. UYG — Risk / Return Rank
UBT
UYG
UBT vs. UYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra Financials (UYG). 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 | UYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.07 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.25 | -0.11 |
| Martin ratioReturn relative to average drawdown | 0.31 | 0.58 | -0.28 |
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Drawdowns
UBT vs. UYG - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum UYG drawdown of -97.90%. Use the drawdown chart below to compare losses from any high point for UBT and UYG.
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Drawdown Indicators
| UBT | UYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -97.90% | +19.00% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -28.91% | +12.05% |
Max Drawdown (3Y)Largest decline over 3 years | -36.47% | -30.35% | -6.12% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -47.77% | -24.72% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -69.98% | -8.92% |
Current DrawdownCurrent decline from peak | -76.16% | -10.62% | -65.54% |
Average DrawdownAverage peak-to-trough decline | -32.43% | -63.22% | +30.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.44% | 12.27% | -4.83% |
Volatility
UBT vs. UYG - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 4.40%, while ProShares Ultra Financials (UYG) has a volatility of 8.17%. This indicates that UBT experiences smaller price fluctuations and is considered to be less risky than UYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | UYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 8.17% | -3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 13.04% | 22.52% | -9.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.87% | 29.20% | -10.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.23% | 36.14% | -4.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.28% | 40.95% | -11.67% |
UBT vs. UYG - Expense Ratio Comparison
Both UBT and UYG have an expense ratio of 0.95%.
Dividends
UBT vs. UYG - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.91%, less than UYG's 12.34% yield.
| 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% |
UYG ProShares Ultra Financials | 12.34% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
UBT and UYG have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UYG has higher volatility (8.17%) compared to UBT (4.40%). In terms of maximum drawdown, UBT dropped -78.90% vs UYG's -97.90%.
On 10-year performance, UYG leads with 18.56% vs -8.42% for UBT. 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, UYG has performed better with a 18.56% return vs -8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and UYG have the same expense ratio: 0.95% per year.
UYG has the higher dividend yield at 12.34%, compared with 3.91% for UBT.
UBT is categorized as Leveraged Bonds, while UYG is Leveraged Equities. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while UYG tracks Dow Jones U.S. Financials Index (200%).
UYG currently has the higher Sharpe Ratio (0.25 vs 0.12), 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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