UPRO vs. TYD
UPRO (ProShares UltraPro S&P 500) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, UPRO returned 28.31%/yr vs -5.55%/yr for TYD. At a correlation of -0.20, they often move in opposite directions. UPRO charges 0.89%/yr vs 1.09%/yr for TYD.
Performance
UPRO vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, UPRO achieves a 23.12% return, which is significantly higher than TYD's -8.67% return. Over the past 10 years, UPRO has outperformed TYD with an annualized return of 28.31%, while TYD has yielded a comparatively lower -5.55% annualized return.
UPRO
- 1D
- 2.47%
- 1M
- -0.42%
- 6M
- 26.37%
- YTD
- 23.12%
- 1Y
- 49.68%
- 3Y*
- 42.98%
- 5Y*
- 19.90%
- 10Y*
- 28.31%
- ALL TIME*
- 33.26%
TYD
- 1D
- -0.78%
- 1M
- -3.38%
- 6M
- -6.39%
- YTD
- -8.67%
- 1Y
- -3.97%
- 3Y*
- -4.77%
- 5Y*
- -14.54%
- 10Y*
- -5.55%
- ALL TIME*
- 0.96%
UPRO vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 23.12% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.67% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between UPRO and TYD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.20 |
The correlation between UPRO and TYD shifts across timeframes, from -0.20 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UPRO vs. TYD — Risk / Return Rank
UPRO
TYD
UPRO vs. TYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Direxion Daily 7-10 Year Treasury Bull 3X (TYD). 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.
| UPRO | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.96 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | -0.29 | +2.16 |
| Martin ratioReturn relative to average drawdown | 7.30 | -0.64 | +7.94 |
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Drawdowns
UPRO vs. TYD - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for UPRO and TYD.
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Drawdown Indicators
| UPRO | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -64.28% | -12.54% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -13.54% | -13.24% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -22.32% | -26.55% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -59.84% | -4.10% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -64.28% | -12.54% |
Current DrawdownCurrent decline from peak | -5.74% | -60.31% | +54.57% |
Average DrawdownAverage peak-to-trough decline | -14.36% | -22.22% | +7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.82% | 6.24% | +0.58% |
Volatility
UPRO vs. TYD - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 10.14% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 3.93%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPRO | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.14% | 3.93% | +6.21% |
Volatility (6M)Calculated over the trailing 6-month period | 30.24% | 10.30% | +19.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.77% | 13.80% | +23.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.62% | 22.92% | +27.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.74% | 20.20% | +33.54% |
UPRO vs. TYD - Expense Ratio Comparison
UPRO has a 0.89% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
UPRO vs. TYD - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.76%, less than TYD's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.38% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
UPRO ProShares UltraPro S&P 500 | 0.76% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UPRO and TYD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (10.14%) compared to TYD (3.93%). In terms of maximum drawdown, UPRO dropped -76.82% vs TYD's -64.28%.
On 10-year performance, UPRO leads with 28.31% vs -5.55% for TYD. On fees, UPRO is cheaper at 0.89% per year. On volatility, TYD has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.31% return vs -5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.38%, compared with 0.76% for UPRO.
UPRO is categorized as Leveraged Equities, while TYD is Leveraged Bonds. UPRO tracks S&P 500, while TYD tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for UPRO and 1.09% for TYD.
UPRO currently has the higher Sharpe Ratio (1.32 vs -0.29), 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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