UST vs. FBND

Last updated Jun 13, 2026

UST (ProShares Ultra 7-10 Year Treasury) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%), while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. UST is passively managed, while FBND is actively managed. Over the past 10 years, UST returned -2.25%/yr vs 2.54%/yr for FBND. A 0.80 correlation means they provide meaningful diversification when combined. UST charges 0.95%/yr vs 0.36%/yr for FBND.

Performance

UST vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UST achieves a -2.66% return, which is significantly lower than FBND's 0.70% return. Over the past 10 years, UST has underperformed FBND with an annualized return of -2.25%, while FBND has yielded a comparatively higher 2.54% annualized return.

UST

• 1D: -0.42%
• 1M: -0.04%
• YTD: -2.66%
• 6M: -2.37%
• 1Y: 2.47%
• 3Y*: 0.27%
• 5Y*: -6.96%
• 10Y*: -2.25%

FBND

• 1D: -0.13%
• 1M: 0.43%
• YTD: 0.70%
• 6M: 1.04%
• 1Y: 4.85%
• 3Y*: 4.89%
• 5Y*: 0.76%
• 10Y*: 2.54%

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

UST vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UST ProShares Ultra 7-10 Year Treasury	-2.66%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between UST and FBND 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.80

The correlation between UST and FBND shifts across timeframes, from 0.80 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

UST vs. FBND - Sectors Allocation Comparison

Sectors	UST	FBND
Financial Services	96.7%	0.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	1.1%
Healthcare	-	-
Industrials	-	71.4%
Real Estate	-	-
Technology	-	-
Utilities	-	27.5%

Return for Risk

UST vs. FBND — Risk / Return Rank

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

UST

UST Risk / Return Rank: 13
UST Sharpe Ratio Rank: 14
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 12
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 13

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 41
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 38
FBND Calmar Ratio Rank: 41
FBND Martin Ratio Rank: 38

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.

UST vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and Fidelity Total Bond ETF (FBND). 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.

	UST	FBND	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.27	-1.01
Sortino ratio: Return per unit of downside risk	0.45	1.90	-1.45
Omega ratio: Gain probability vs. loss probability	1.05	1.22	-0.17
Calmar ratio: Return relative to maximum drawdown	0.28	1.83	-1.54
Martin ratio: Return relative to average drawdown	0.77	5.32	-4.56

UST vs. FBND - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.27, which is lower than the FBND Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of UST and FBND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UST vs. FBND - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for UST and FBND.

Drawdown Indicators

	UST	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-17.25%	-30.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-2.66%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-5.94%	-10.80%
Max Drawdown (5Y) Largest decline over 5 years	-43.97%	-17.25%	-26.72%
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	-17.25%	-30.74%
Current Drawdown Current decline from peak	-38.19%	-1.23%	-36.96%
Average Drawdown Average peak-to-trough decline	-15.16%	-3.34%	-11.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	0.91%	+2.31%

Volatility

UST vs. FBND - Volatility Comparison

ProShares Ultra 7-10 Year Treasury (UST) has a higher volatility of 3.25% compared to Fidelity Total Bond ETF (FBND) at 1.35%. This indicates that UST's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UST	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	1.35%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	2.81%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	9.35%	3.83%	+5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	5.92%	+9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.18%	6.10%	+7.08%

UST vs. FBND - Expense Ratio Comparison

UST has a 0.95% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

UST vs. FBND - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.48%, less than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
UST ProShares Ultra 7-10 Year Treasury	3.48%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both UST and FBND in my portfolio?

With a correlation of 0.97, UST and FBND 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, UST or FBND?

UST has higher volatility (3.25%) compared to FBND (1.35%). In terms of maximum drawdown, UST dropped -47.99% vs FBND's -17.25%.

Which ETF is better, UST or FBND?

On 10-year performance, FBND leads with 2.54% vs -2.25% for UST. On fees, FBND is cheaper at 0.36% per year. On volatility, FBND has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UST or FBND?

Over the 10-year period, FBND has performed better with a 2.54% return vs -2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UST or FBND?

FBND is cheaper with a 0.36% expense ratio, compared with 0.95% for UST.

Which ETF pays a higher dividend yield, UST or FBND?

FBND has the higher dividend yield at 4.69%, compared with 3.48% for UST.

What is the main difference between UST and FBND?

UST is categorized as Leveraged Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for UST and 0.36% for FBND.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (1.27 vs 0.27), 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.