UST vs. IQQQ

Last updated Aug 4, 2026

UST (ProShares Ultra 7-10 Year Treasury) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UST returned -2.66% vs 23.94% for IQQQ. Their 0.05 correlation means their historical movements had little consistent relationship. UST charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UST vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UST achieves a -4.75% return, which is significantly lower than IQQQ's 11.89% return.

UST

• 1D: 0.56%
• 1M: -2.55%
• 6M: -3.81%
• YTD: -4.75%
• 1Y: -2.66%
• 3Y*: 0.46%
• 5Y*: -8.21%
• 10Y*: -2.53%
• ALL TIME*: 2.37%

IQQQ

• 1D: 1.65%
• 1M: -1.59%
• 6M: 9.64%
• YTD: 11.89%
• 1Y: 23.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IQQQ ProShares Nasdaq-100 High Income ETF	$2.03M	$2.38M	$2.95M
UST ProShares Ultra 7-10 Year Treasury	$493.89K	$437.03K	$327.72K

UST vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UST ProShares Ultra 7-10 Year Treasury	-4.75%	10.26%	-0.50%
IQQQ ProShares Nasdaq-100 High Income ETF	11.89%	17.11%	14.82%

Correlation

The correlation between UST and IQQQ is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.05

The correlation between UST and IQQQ shifts across timeframes, from 0.05 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UST vs. IQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UST

UST Risk / Return Rank: 7
UST Sharpe Ratio Rank: 7
UST Sortino Ratio Rank: 7
UST Omega Ratio Rank: 7
UST Calmar Ratio Rank: 7
UST Martin Ratio Rank: 7

IQQQ

IQQQ Risk / Return Rank: 52
IQQQ Sharpe Ratio Rank: 53
IQQQ Sortino Ratio Rank: 49
IQQQ Omega Ratio Rank: 48
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UST vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	1.30	-1.60
Sortino ratio: Return per unit of downside risk	-0.35	1.80	-2.16
Omega ratio: Gain probability vs. loss probability	0.96	1.22	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.30	2.14	-2.44
Martin ratio: Return relative to average drawdown	-0.66	6.34	-7.00

UST vs. IQQQ - Sharpe Ratio Comparison

The current UST Sharpe Ratio is -0.30, which is lower than the IQQQ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of UST and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UST and IQQQ.

Drawdown Indicators

	UST	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-20.41%	-27.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-11.25%	+2.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	—	—
Current Drawdown Current decline from peak	-39.52%	-6.04%	-33.48%
Average Drawdown Average peak-to-trough decline	-15.35%	-3.71%	-11.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	3.78%	+0.29%

Volatility

UST vs. IQQQ - Volatility Comparison

The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 6.91%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UST	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	6.91%	-4.26%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	15.14%	-7.90%
Volatility (1Y) Calculated over the trailing 1-year period	9.01%	18.47%	-9.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	19.31%	-3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.15%	19.31%	-6.16%

UST vs. IQQQ - Expense Ratio Comparison

UST has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

UST vs. IQQQ - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.63%, less than IQQQ's 5.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	5.81%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UST ProShares Ultra 7-10 Year Treasury	3.63%	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 IQQQ in my portfolio?

UST and IQQQ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UST or IQQQ?

IQQQ has higher volatility (6.91%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs IQQQ's -20.41%.

Which ETF is better, UST or IQQQ?

On 1-year performance, IQQQ leads with 23.94% vs -2.66% for UST. On fees, IQQQ is cheaper at 0.55% per year. On volatility, UST has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UST or IQQQ?

Over the 1-year period, IQQQ has performed better with a 23.94% return vs -2.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UST or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for UST.

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

IQQQ has the higher dividend yield at 5.81%, compared with 3.63% for UST.

What is the main difference between UST and IQQQ?

UST is categorized as Leveraged Bonds, while IQQQ is Nasdaq-100. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UST and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.30 vs -0.30), 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.