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 ICE U.S. Treasury 20+ Year Bond Index (200% Daily), 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 -9.58%/yr vs 18.06%/yr for UYG. Their -0.30 correlation means they have often moved in opposite directions in the past. 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 -9.14% return, which is significantly lower than UYG's 6.25% return. Over the past 10 years, UBT has underperformed UYG with an annualized return of -9.58%, while UYG has yielded a comparatively higher 18.06% 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%
UYG
- 1D
- 1.25%
- 1M
- 5.76%
- 6M
- 10.30%
- YTD
- 6.25%
- 1Y
- 18.59%
- 3Y*
- 31.28%
- 5Y*
- 14.27%
- 10Y*
- 18.06%
- ALL TIME*
- 0.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $607.37K | $624.24K | $851.60K | |
| $2.38M | $1.91M | $1.45M |
UBT vs. UYG - 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% |
UYG ProShares Ultra Financials | 6.25% | 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 historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
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 | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.13 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 0.65 | -1.15 |
| Martin ratioReturn relative to average drawdown | -1.08 | 1.51 | -2.59 |
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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 | -18.25% | -28.91% | +10.66% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -30.35% | -0.83% |
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 | -78.21% | -1.01% | -77.20% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -62.89% | +30.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 12.35% | -3.77% |
Volatility
UBT vs. UYG - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.23%, while ProShares Ultra Financials (UYG) has a volatility of 7.77%. 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 | 5.23% | 7.77% | -2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 22.29% | -8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 29.29% | -10.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 36.03% | -4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 40.92% | -11.74% |
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 3.77%, less than UYG's 10.99% 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% |
UYG ProShares Ultra Financials | 10.99% | 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 (7.77%) compared to UBT (5.23%). In terms of maximum drawdown, UBT dropped -78.90% vs UYG's -97.90%.
On 10-year performance, UYG leads with 18.06% 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, UYG has performed better with a 18.06% return vs -9.58%. 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 10.99%, compared with 3.77% for UBT.
UBT is categorized as Leveraged Bonds, while UYG is Leveraged Equities. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while UYG tracks Dow Jones U.S. Financials Index (200%).
UYG currently has the higher Sharpe Ratio (0.64 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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