UST vs. PFFL
UST (ProShares Ultra 7-10 Year Treasury) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%), while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, UST returned -6.75%/yr vs -5.89%/yr for PFFL. At a 0.24 correlation, their price movements are largely independent. UST charges 0.95%/yr vs 0.85%/yr for PFFL.
Performance
UST vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -2.88% return, which is significantly lower than PFFL's 0.10% 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%
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
UST vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -2.88% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | 7.13% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 0.10% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -11.05% |
Correlation
The correlation between UST and PFFL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.24 |
The correlation between UST and PFFL shifts across timeframes, from 0.24 (all time) to 0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. PFFL — Risk / Return Rank
UST
PFFL
UST vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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.
| UST | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.11 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 0.71 | -0.28 |
| Martin ratioReturn relative to average drawdown | 1.26 | 1.76 | -0.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UST | PFFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | 0.50 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | -0.25 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.07 | +0.26 |
Drawdowns
UST vs. PFFL - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for UST and PFFL.
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Drawdown Indicators
| UST | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -80.68% | +32.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -11.92% | +3.17% |
Max Drawdown (3Y)Largest decline over 3 years | -16.87% | -23.75% | +6.88% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -48.51% | +4.54% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | — | — |
Current DrawdownCurrent decline from peak | -38.33% | -38.34% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -15.13% | -28.54% | +13.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 4.84% | -1.81% |
Volatility
UST vs. PFFL - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 3.83%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UST | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 3.83% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 6.58% | 10.33% | -3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.50% | 16.91% | -7.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 23.62% | -8.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.18% | 55.35% | -42.17% |
UST vs. PFFL - Expense Ratio Comparison
UST has a 0.95% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
UST vs. PFFL - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.49%, less than PFFL's 12.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.44% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
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
UST and PFFL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (3.83%) compared to UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs PFFL's -80.68%.
On 5-year performance, PFFL leads with -5.89% vs -6.75% for UST. On fees, PFFL is cheaper at 0.85% per year. On volatility, UST has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFFL has performed better with a -5.89% return vs -6.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for UST.
PFFL has the higher dividend yield at 12.44%, compared with 3.49% for UST.
UST is categorized as Leveraged Bonds, while PFFL is Preferred Stock/Convertible Bonds. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for UST and 0.85% for PFFL.
PFFL currently has the higher Sharpe Ratio (0.50 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.
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