UST vs. METD

Last updated Aug 4, 2026

UST (ProShares Ultra 7-10 Year Treasury) and METD (Direxion Daily META Bear 1X ETF) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while METD is a Inverse Equities fund actively managed by Direxion. UST is passively managed, while METD is actively managed. Over the past year, UST returned -2.66% vs 16.85% for METD. Their 0.02 correlation means their historical movements had little consistent relationship. UST charges 0.95%/yr vs 1.00%/yr for METD.

Performance

UST vs. METD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) and Direxion Daily META Bear 1X ETF (METD). 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 METD's 3.33% 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%

METD

• 1D: -6.08%
• 1M: -3.22%
• 6M: 12.10%
• YTD: 3.33%
• 1Y: 16.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -14.17%

*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)
METD Direxion Daily META Bear 1X ETF	$12.22M	$12.74M	$8.17M
UST ProShares Ultra 7-10 Year Treasury	$493.89K	$437.03K	$327.72K

UST vs. METD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UST ProShares Ultra 7-10 Year Treasury	-4.75%	10.26%	-0.52%
METD Direxion Daily META Bear 1X ETF	3.33%	-17.33%	-15.84%

Correlation

The correlation between UST and METD is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	0.02

The correlation between UST and METD shifts across timeframes, from -0.12 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UST vs. METD — 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

METD

METD Risk / Return Rank: 22
METD Sharpe Ratio Rank: 20
METD Sortino Ratio Rank: 23
METD Omega Ratio Rank: 24
METD Calmar Ratio Rank: 22
METD Martin Ratio Rank: 21

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. METD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and Direxion Daily META Bear 1X ETF (METD). 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	METD	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	0.44	-0.73
Sortino ratio: Return per unit of downside risk	-0.35	0.87	-1.22
Omega ratio: Gain probability vs. loss probability	0.96	1.12	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.30	0.65	-0.95
Martin ratio: Return relative to average drawdown	-0.66	1.48	-2.13

UST vs. METD - Sharpe Ratio Comparison

The current UST Sharpe Ratio is -0.30, which is lower than the METD Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of UST and METD, 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. METD - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, roughly equal to the maximum METD drawdown of -46.03%. Use the drawdown chart below to compare losses from any high point for UST and METD.

Drawdown Indicators

	UST	METD	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-46.03%	-1.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-26.03%	+17.17%
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%	-33.59%	-5.93%
Average Drawdown Average peak-to-trough decline	-15.35%	-28.88%	+13.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	11.44%	-7.37%

Volatility

UST vs. METD - Volatility Comparison

The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while Direxion Daily META Bear 1X ETF (METD) has a volatility of 15.85%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than METD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UST	METD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	15.85%	-13.20%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	30.99%	-23.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.01%	38.92%	-29.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	37.94%	-22.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.15%	37.94%	-24.79%

UST vs. METD - Expense Ratio Comparison

UST has a 0.95% expense ratio, which is lower than METD's 1.00% expense ratio.

Dividends

UST vs. METD - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.63%, more than METD's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
METD Direxion Daily META Bear 1X ETF	2.67%	3.35%	2.30%	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 METD in my portfolio?

UST and METD have a correlation of -0.12, 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 METD?

METD has higher volatility (15.85%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs METD's -46.03%.

Which ETF is better, UST or METD?

On 1-year performance, METD leads with 16.85% vs -2.66% for UST. On fees, UST is cheaper at 0.95% 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 METD?

Over the 1-year period, METD has performed better with a 16.85% 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 METD?

UST is cheaper with a 0.95% expense ratio, compared with 1.00% for METD.

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

UST has the higher dividend yield at 3.63%, compared with 2.67% for METD.

What is the main difference between UST and METD?

UST is categorized as Leveraged Bonds, while METD is Inverse Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UST and 1.00% for METD.

Which has better risk-adjusted returns?

METD currently has the higher Sharpe Ratio (0.44 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.