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UST vs. IEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UST vs. IEF

Last updated Jun 4, 2026

UST (ProShares Ultra 7-10 Year Treasury) and IEF (iShares 7-10 Year Treasury 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 IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, UST returned -2.13%/yr vs 0.63%/yr for IEF. With a 0.97 correlation, they move nearly in lockstep. UST charges 0.95%/yr vs 0.15%/yr for IEF.

Performance

UST vs. IEF - Performance Comparison

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

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Returns By Period

In the year-to-date period, UST achieves a -2.88% return, which is significantly lower than IEF's -0.66% return. Over the past 10 years, UST has underperformed IEF with an annualized return of -2.13%, while IEF has yielded a comparatively higher 0.63% annualized return.

UST

1D
-0.56%
1M
-0.51%
YTD
-2.88%
6M
-4.24%
1Y
3.81%
3Y*
-0.51%
5Y*
-6.75%
10Y*
-2.13%

IEF

1D
-0.25%
1M
-0.08%
YTD
-0.66%
6M
-1.17%
1Y
4.06%
3Y*
2.47%
5Y*
-1.14%
10Y*
0.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UST vs. IEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UST
ProShares Ultra 7-10 Year Treasury		-2.88%10.26%-6.19%0.16%-30.19%-7.81%18.83%13.34%-1.09%3.21%
IEF
iShares 7-10 Year Treasury Bond ETF		-0.66%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%

Correlation

The correlation between UST and IEF is 0.99 - 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

0.99

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 Feb 3, 2010

0.97

The correlation between UST and IEF has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra 7-10 Year Treasury

iShares 7-10 Year Treasury Bond ETF

Often compared with UST:
UST vs. TLTUST vs. ANXG.LUST vs. tmfUST vs. USDUST vs. edvUST vs. SCHDUST vs. VOO
Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. BNDIEF vs. SHYIEF vs. IEIIEF vs. TIP

Return for Risk

UST vs. IEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UST
UST Risk / Return Rank: 1414
Overall Rank
UST Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
UST Sortino Ratio Rank: 1313
Sortino Ratio Rank
UST Omega Ratio Rank: 1313
Omega Ratio Rank
UST Calmar Ratio Rank: 1414
Calmar Ratio Rank
UST Martin Ratio Rank: 1515
Martin Ratio Rank
IEF
IEF Risk / Return Rank: 2323
Overall Rank
IEF Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 2323
Sortino Ratio Rank
IEF Omega Ratio Rank: 2121
Omega Ratio Rank
IEF Calmar Ratio Rank: 2222
Calmar Ratio Rank
IEF Martin Ratio Rank: 2323
Martin Ratio Rank
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. IEF - Risk-Adjusted Trends Comparison

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

USTIEFDifference
Sharpe ratioReturn per unit of total volatility
0.40
0.85

-0.45

Sortino ratioReturn per unit of downside risk
0.64
1.29

-0.64

Omega ratioGain probability vs. loss probability

1.07

1.15

-0.07

Calmar ratioReturn relative to maximum drawdown

0.44

1.00

-0.57

Martin ratioReturn relative to average drawdown

1.26

2.98

-1.72

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UST vs. IEF - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.40, which is lower than the IEF Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of UST and IEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

USTIEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.40

0.85

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.44

-0.15

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.10

-0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.50

-0.31

Drawdowns

UST vs. IEF - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for UST and IEF.

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Drawdown Indicators

USTIEFDifference

Max Drawdown

Largest peak-to-trough decline

-47.99%

-23.93%

-24.06%

Max Drawdown (1Y)

Largest decline over 1 year

-8.75%

-4.07%

-4.68%

Max Drawdown (3Y)

Largest decline over 3 years

-16.87%

-7.74%

-9.13%

Max Drawdown (5Y)

Largest decline over 5 years

-43.97%

-21.40%

-22.57%

Max Drawdown (10Y)

Largest decline over 10 years

-47.99%

-23.93%

-24.06%

Current Drawdown

Current decline from peak

-38.33%

-11.35%

-26.98%

Average Drawdown

Average peak-to-trough decline

-15.13%

-5.34%

-9.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

1.37%

+1.66%

Volatility

UST vs. IEF - Volatility Comparison

ProShares Ultra 7-10 Year Treasury (UST) has a higher volatility of 3.10% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.54%. This indicates that UST's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USTIEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.10%

1.54%

+1.56%

Volatility (6M)

Calculated over the trailing 6-month period

6.58%

3.34%

+3.24%

Volatility (1Y)

Calculated over the trailing 1-year period

9.50%

4.78%

+4.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.47%

7.71%

+7.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.18%

6.62%

+6.56%

UST vs. IEF - Expense Ratio Comparison

UST has a 0.95% expense ratio, which is higher than IEF's 0.15% expense ratio.

Dividends

UST vs. IEF - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.49%, less than IEF's 3.90% yield.

PositionTTM20252024202320222021202020192018201720162015
IEF
iShares 7-10 Year Treasury Bond ETF		3.90%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%
UST
ProShares Ultra 7-10 Year Treasury		3.49%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

With a correlation of 0.99, UST and IEF 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.

UST has higher volatility (3.10%) compared to IEF (1.54%). In terms of maximum drawdown, UST dropped -47.99% vs IEF's -23.93%.

On 10-year performance, IEF leads with 0.63% vs -2.13% for UST. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEF has performed better with a 0.63% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEF is cheaper with a 0.15% expense ratio, compared with 0.95% for UST.

IEF has the higher dividend yield at 3.90%, compared with 3.49% for UST.

UST is categorized as Leveraged Bonds, while IEF is Government Bonds. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UST and 0.15% for IEF.

IEF currently has the higher Sharpe Ratio (0.85 vs 0.40), 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.

Portfolio Optimizer

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