UBT vs. ZROZ
UBT (ProShares Ultra 20+ Year Treasury) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs -5.34%/yr for ZROZ. Their 0.97 correlation means they have historically moved very closely together. UBT charges 0.95%/yr vs 0.15%/yr for ZROZ.
Performance
UBT vs. ZROZ - 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 ZROZ's -6.72% return. Over the past 10 years, UBT has underperformed ZROZ with an annualized return of -9.58%, while ZROZ has yielded a comparatively higher -5.34% 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%
ZROZ
- 1D
- 0.55%
- 1M
- -6.69%
- 6M
- -5.48%
- YTD
- -6.72%
- 1Y
- -7.03%
- 3Y*
- -6.85%
- 5Y*
- -14.64%
- 10Y*
- -5.34%
- ALL TIME*
- 1.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $607.37K | $624.24K | $851.60K | |
| $39.17M | $45.09M | $39.93M |
UBT vs. ZROZ - 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% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -6.72% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between UBT and ZROZ is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | 0.97 |
The correlation between UBT and ZROZ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
UBT vs. ZROZ — Risk / Return Rank
UBT
ZROZ
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.
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 | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.94 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.47 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.08 | -0.97 | -0.11 |
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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.
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Drawdown Indicators
| UBT | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -62.93% | -15.97% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -14.90% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -26.42% | -4.76% |
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 DrawdownCurrent decline from peak | -78.21% | -62.22% | -15.99% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -24.39% | -8.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 7.23% | +1.35% |
Volatility
UBT vs. ZROZ - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 4.28%. 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.
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Volatility by Period
| UBT | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 4.28% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 11.04% | +2.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 15.38% | +2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 23.76% | +7.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 21.96% | +7.22% |
UBT vs. ZROZ - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
UBT vs. ZROZ - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, less than ZROZ's 5.56% 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% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.56% | 4.96% | 4.58% | 3.52% | 2.76% | 1.60% | 1.68% | 2.22% | 2.06% | 2.53% | 3.00% | 2.98% |
Frequently Asked Questions
With a correlation of 0.96, UBT and ZROZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UBT has higher volatility (5.23%) compared to ZROZ (4.28%). In terms of maximum drawdown, UBT dropped -78.90% vs ZROZ's -62.93%.
On 10-year performance, ZROZ leads with -5.34% vs -9.58% for UBT. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZROZ has performed better with a -5.34% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZROZ is cheaper with a 0.15% expense ratio, compared with 0.95% for UBT.
ZROZ has the higher dividend yield at 5.56%, compared with 3.77% for UBT.
UBT is categorized as Leveraged Bonds, while ZROZ is Government Bonds. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for UBT and 0.15% for ZROZ.
ZROZ currently has the higher Sharpe Ratio (-0.46 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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