UST vs. NFLT
UST (ProShares Ultra 7-10 Year Treasury) and NFLT (Virtus Newfleet Multi-Sector 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 NFLT is a Multisector Bonds fund actively managed by Virtus. UST is passively managed, while NFLT is actively managed. Over the past 10 years, UST returned -2.25%/yr vs 4.09%/yr for NFLT. At a 0.35 correlation, their price movements are largely independent. UST charges 0.95%/yr vs 0.50%/yr for NFLT.
Performance
UST vs. NFLT - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -2.66% return, which is significantly lower than NFLT's 1.75% return. Over the past 10 years, UST has underperformed NFLT with an annualized return of -2.25%, while NFLT has yielded a comparatively higher 4.09% annualized return.
UST
- 1D
- -0.42%
- 1M
- 1.78%
- YTD
- -2.66%
- 6M
- -2.37%
- 1Y
- 3.24%
- 3Y*
- 0.27%
- 5Y*
- -6.96%
- 10Y*
- -2.25%
NFLT
- 1D
- -0.65%
- 1M
- 0.82%
- YTD
- 1.75%
- 6M
- 2.23%
- 1Y
- 7.42%
- 3Y*
- 7.50%
- 5Y*
- 3.13%
- 10Y*
- 4.09%
UST vs. NFLT - 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% |
NFLT Virtus Newfleet Multi-Sector Bond ETF | 1.75% | 8.77% | 6.05% | 9.16% | -9.49% | 1.18% | 8.02% | 10.13% | -2.68% | 6.30% |
Correlation
The correlation between UST and NFLT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2015 | 0.35 |
The correlation between UST and NFLT shifts across timeframes, from 0.35 (all time) to 0.55 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. NFLT — Risk / Return Rank
UST
NFLT
UST vs. NFLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and Virtus Newfleet Multi-Sector Bond ETF (NFLT). 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 | NFLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.35 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 3.26 | -2.98 |
| Martin ratioReturn relative to average drawdown | 0.77 | 14.29 | -13.53 |
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Drawdowns
UST vs. NFLT - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, which is greater than NFLT's maximum drawdown of -15.17%. Use the drawdown chart below to compare losses from any high point for UST and NFLT.
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Drawdown Indicators
| UST | NFLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -15.17% | -32.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -2.42% | -6.33% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -3.24% | -13.42% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -13.42% | -30.55% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -15.17% | -32.82% |
Current DrawdownCurrent decline from peak | -38.19% | -0.65% | -37.54% |
Average DrawdownAverage peak-to-trough decline | -15.16% | -2.10% | -13.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 0.55% | +2.67% |
Volatility
UST vs. NFLT - Volatility Comparison
ProShares Ultra 7-10 Year Treasury (UST) has a higher volatility of 3.25% compared to Virtus Newfleet Multi-Sector Bond ETF (NFLT) at 1.64%. This indicates that UST's price experiences larger fluctuations and is considered to be riskier than NFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UST | NFLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 1.64% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 6.75% | 3.12% | +3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 4.20% | +5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 4.47% | +11.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.18% | 4.95% | +8.23% |
UST vs. NFLT - Expense Ratio Comparison
UST has a 0.95% expense ratio, which is higher than NFLT's 0.50% expense ratio.
Dividends
UST vs. NFLT - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.48%, less than NFLT's 5.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NFLT Virtus Newfleet Multi-Sector Bond ETF | 5.48% | 5.74% | 5.76% | 6.02% | 4.16% | 3.41% | 3.63% | 4.33% | 4.81% | 6.23% | 5.30% | 0.67% |
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
UST and NFLT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UST has higher volatility (3.25%) compared to NFLT (1.64%). In terms of maximum drawdown, UST dropped -47.99% vs NFLT's -15.17%.
On 10-year performance, NFLT leads with 4.09% vs -2.25% for UST. On fees, NFLT is cheaper at 0.50% per year. On volatility, NFLT has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NFLT has performed better with a 4.09% return vs -2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NFLT is cheaper with a 0.50% expense ratio, compared with 0.95% for UST.
NFLT has the higher dividend yield at 5.48%, compared with 3.48% for UST.
UST is categorized as Leveraged Bonds, while NFLT is Multisector Bonds. They also come from different issuers: ProShares and Virtus. Their fees differ too: 0.95% for UST and 0.50% for NFLT.
NFLT currently has the higher Sharpe Ratio (1.88 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.
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