UST vs. SOXL
UST (ProShares Ultra 7-10 Year Treasury) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while SOXL is a Leveraged Equities fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, UST returned -2.53%/yr vs 47.85%/yr for SOXL. Their -0.20 correlation means they have often moved in opposite directions in the past. UST charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
UST vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -4.75% return, which is significantly lower than SOXL's 177.68% return. Over the past 10 years, UST has underperformed SOXL with an annualized return of -2.53%, while SOXL has yielded a comparatively higher 47.85% annualized 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%
SOXL
- 1D
- 1.73%
- 1M
- -35.69%
- 6M
- 79.00%
- YTD
- 177.68%
- 1Y
- 384.82%
- 3Y*
- 68.44%
- 5Y*
- 20.37%
- 10Y*
- 47.85%
- ALL TIME*
- 38.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.83B | $10.43B | $11.85B | |
| $493.89K | $437.03K | $327.72K |
UST vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 177.68% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between UST and SOXL is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.20 |
The correlation between UST and SOXL shifts across timeframes, from -0.20 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. SOXL — Risk / Return Rank
UST
SOXL
UST vs. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 5.59 | -5.89 |
| Martin ratioReturn relative to average drawdown | -0.66 | 18.97 | -19.63 |
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Drawdowns
UST vs. SOXL - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for UST and SOXL.
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Drawdown Indicators
| UST | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -90.46% | +42.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -69.42% | +60.56% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -87.88% | +73.03% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -90.46% | +46.93% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -90.46% | +42.47% |
Current DrawdownCurrent decline from peak | -39.52% | -61.20% | +21.68% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -35.01% | +19.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 20.40% | -16.33% |
Volatility
UST vs. SOXL - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 50.40%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UST | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 50.40% | -47.75% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 114.71% | -107.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 130.75% | -121.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 113.25% | -97.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 102.14% | -88.99% |
UST vs. SOXL - Expense Ratio Comparison
UST has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
UST vs. SOXL - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.63%, more than SOXL's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% | 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
UST and SOXL have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (50.40%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 47.85% vs -2.53% for UST. On fees, SOXL is cheaper at 0.75% 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.
Over the 10-year period, SOXL has performed better with a 47.85% return vs -2.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for UST.
UST has the higher dividend yield at 3.63%, compared with 0.01% for SOXL.
UST is categorized as Leveraged Bonds, while SOXL is Leveraged Equities. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while SOXL tracks NYSE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UST and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (2.97 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.
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