UBT vs. ZROZ

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra 20+ Year Treasury (UBT) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ).

UBT and ZROZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UBT is a passively managed fund by ProShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Index (200%). It was launched on Jan 19, 2010. ZROZ is a passively managed fund by PIMCO that tracks the performance of the BofA Merrill Lynch Long Treasury Principal STRIPS Index. It was launched on Oct 30, 2009. Both UBT and ZROZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UBT vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). The values are adjusted to include any dividend payments, if applicable.

UBT vs. ZROZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBT ProShares Ultra 20+ Year Treasury	-1.06%	2.03%	-21.81%	-3.68%	-55.54%	-12.14%	31.87%	24.46%	-6.54%	16.12%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-0.37%	-1.84%	-16.18%	1.19%	-41.28%	-5.22%	24.57%	21.22%	-5.43%	14.77%

Returns By Period

In the year-to-date period, UBT achieves a -1.06% return, which is significantly lower than ZROZ's -0.37% return. Over the past 10 years, UBT has underperformed ZROZ with an annualized return of -7.69%, while ZROZ has yielded a comparatively higher -3.82% annualized return.

UBT

• 1D: -0.31%
• 1M: -8.62%
• YTD: -1.06%
• 6M: -4.20%
• 1Y: -6.78%
• 3Y*: -12.29%
• 5Y*: -17.12%
• 10Y*: -7.69%

ZROZ

• 1D: -0.61%
• 1M: -6.35%
• YTD: -0.37%
• 6M: -3.49%
• 1Y: -6.32%
• 3Y*: -8.90%
• 5Y*: -11.00%
• 10Y*: -3.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UBT vs. ZROZ - Expense Ratio Comparison

UBT has a 0.95% expense ratio, which is higher than ZROZ's 0.15% expense ratio.

UBT

ProShares Ultra 20+ Year Treasury

ZROZ

PIMCO 25+ Year Zero Coupon US Treasury Index Fund

Return for Risk

UBT vs. ZROZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UBT

UBT Risk / Return Rank: 7
UBT Sharpe Ratio Rank: 7
UBT Sortino Ratio Rank: 6
UBT Omega Ratio Rank: 7
UBT Calmar Ratio Rank: 8
UBT Martin Ratio Rank: 8

ZROZ

ZROZ Risk / Return Rank: 7
ZROZ Sharpe Ratio Rank: 6
ZROZ Sortino Ratio Rank: 6
ZROZ Omega Ratio Rank: 6
ZROZ Calmar Ratio Rank: 7
ZROZ Martin Ratio Rank: 8

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. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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.

	UBT	ZROZ	Difference
Sharpe ratio Return per unit of total volatility	-0.30	-0.33	+0.03
Sortino ratio Return per unit of downside risk	-0.27	-0.34	+0.07
Omega ratio Gain probability vs. loss probability	0.97	0.96	+0.01
Calmar ratio Return relative to maximum drawdown	-0.28	-0.30	+0.03
Martin ratio Return relative to average drawdown	-0.52	-0.53	+0.01
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. ZROZ - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is -0.30, which is comparable to the ZROZ Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of UBT and ZROZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UBT	ZROZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	-0.33	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	-0.46	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	-0.17	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.09	-0.07

Correlation

The correlation between UBT and ZROZ is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UBT vs. ZROZ - Dividend Comparison

UBT's dividend yield for the trailing twelve months is around 3.93%, less than ZROZ's 4.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UBT ProShares Ultra 20+ Year Treasury	3.93%	4.26%	4.50%	3.54%	0.30%	0.00%	0.26%	1.50%	1.55%	1.37%	0.75%	1.56%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	4.98%	4.96%	4.58%	3.52%	2.76%	1.60%	1.68%	2.22%	2.06%	2.53%	3.00%	2.98%

Drawdowns

UBT vs. ZROZ - Drawdown Comparison

The maximum UBT drawdown since its inception was -78.90%, which is greater than ZROZ's maximum drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for UBT and ZROZ.

Drawdown Indicators

	UBT	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-62.93%	-15.97%
Max Drawdown (1Y) Largest decline over 1 year	-18.64%	-15.63%	-3.01%
Max Drawdown (5Y) Largest decline over 5 years	-72.49%	-57.98%	-14.51%
Max Drawdown (10Y) Largest decline over 10 years	-78.90%	-62.93%	-15.97%
Current Drawdown Current decline from peak	-76.27%	-59.65%	-16.62%
Average Drawdown Average peak-to-trough decline	-31.82%	-23.66%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.11%	8.99%	+1.12%

Volatility

UBT vs. ZROZ - Volatility Comparison

ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 7.28% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 5.79%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBT	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	5.79%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	10.85%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	19.16%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.38%	23.93%	+7.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.38%	22.09%	+7.29%