UBT vs. ZROZ

Last updated Jun 4, 2026

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 Barclays Capital U.S. 20+ Year Treasury Index (200%), 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 -8.27%/yr vs -4.15%/yr for ZROZ. With a 0.97 correlation, they move nearly in lockstep. UBT charges 0.95%/yr vs 0.15%/yr for ZROZ.

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.

Returns By Period

In the year-to-date period, UBT achieves a -2.69% return, which is significantly lower than ZROZ's -1.07% return. Over the past 10 years, UBT has underperformed ZROZ with an annualized return of -8.27%, while ZROZ has yielded a comparatively higher -4.15% annualized return.

UBT

• 1D: -0.74%
• 1M: 1.08%
• YTD: -2.69%
• 6M: -6.59%
• 1Y: 4.39%
• 3Y*: -10.32%
• 5Y*: -17.99%
• 10Y*: -8.27%

ZROZ

• 1D: -0.48%
• 1M: 1.55%
• YTD: -1.07%
• 6M: -4.36%
• 1Y: 3.89%
• 3Y*: -7.39%
• 5Y*: -11.62%
• 10Y*: -4.15%

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

UBT vs. ZROZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBT ProShares Ultra 20+ Year Treasury	-2.69%	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	-1.07%	-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 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 22, 2010	0.97

The correlation between UBT and ZROZ has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

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: 11
UBT Sharpe Ratio Rank: 12
UBT Sortino Ratio Rank: 11
UBT Omega Ratio Rank: 11
UBT Calmar Ratio Rank: 12
UBT Martin Ratio Rank: 11

ZROZ

ZROZ Risk / Return Rank: 12
ZROZ Sharpe Ratio Rank: 12
ZROZ Sortino Ratio Rank: 12
ZROZ Omega Ratio Rank: 11
ZROZ Calmar Ratio Rank: 12
ZROZ Martin Ratio Rank: 12

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	0.23	0.24	-0.01
Sortino ratio Return per unit of downside risk	0.46	0.47	0.00
Omega ratio Gain probability vs. loss probability	1.05	1.05	0.00
Calmar ratio Return relative to maximum drawdown	0.26	0.28	-0.02
Martin ratio Return relative to average drawdown	0.63	0.64	-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 0.23, which is comparable to the ZROZ Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of UBT and ZROZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UBT	ZROZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.24	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.58	-0.49	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.28	-0.19	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.09	-0.07

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	-16.86%	-14.02%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-36.62%	-28.62%	-8.00%
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	-76.66%	-59.93%	-16.73%
Average Drawdown Average peak-to-trough decline	-32.30%	-24.04%	-8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.01%	6.12%	+0.89%

Volatility

UBT vs. ZROZ - Volatility Comparison

ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.41% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 4.46%. 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	5.41%	4.46%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	10.54%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	16.25%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.33%	23.90%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.31%	22.06%	+7.25%

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 3.99%, less than ZROZ's 5.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UBT ProShares Ultra 20+ Year Treasury	3.99%	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	5.15%	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

Can I hold both UBT and ZROZ in my portfolio?

With a correlation of 0.97, 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.

Which is riskier, UBT or ZROZ?

UBT has higher volatility (5.41%) compared to ZROZ (4.46%). In terms of maximum drawdown, UBT dropped -78.90% vs ZROZ's -62.93%.

Which ETF is better, UBT or ZROZ?

On 10-year performance, ZROZ leads with -4.15% vs -8.27% for UBT. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBT or ZROZ?

Over the 10-year period, ZROZ has performed better with a -4.15% return vs -8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBT or ZROZ?

ZROZ is cheaper with a 0.15% expense ratio, compared with 0.95% for UBT.

Which ETF pays a higher dividend yield, UBT or ZROZ?

ZROZ has the higher dividend yield at 5.15%, compared with 3.99% for UBT.

What is the main difference between UBT and ZROZ?

UBT is categorized as Leveraged Bonds, while ZROZ is Government Bonds. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), 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.

Which has better risk-adjusted returns?

ZROZ currently has the higher Sharpe Ratio (0.24 vs 0.23), 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.