UST vs. SPY5.DE

Last updated Jun 14, 2026

UST (ProShares Ultra 7-10 Year Treasury) and SPY5.DE (SPDR S&P 500 UCITS 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 SPY5.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UST returned -2.25%/yr vs 15.14%/yr for SPY5.DE. At a correlation of -0.10, they often move in opposite directions. UST charges 0.95%/yr vs 0.03%/yr for SPY5.DE.

Performance

UST vs. SPY5.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) and SPDR S&P 500 UCITS ETF (SPY5.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UST is traded in USD, while SPY5.DE is traded in EUR. To make them comparable, the SPY5.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UST achieves a -2.66% return, which is significantly lower than SPY5.DE's 8.25% return. Over the past 10 years, UST has underperformed SPY5.DE with an annualized return of -2.25%, while SPY5.DE has yielded a comparatively higher 15.14% annualized return.

UST

• 1D: -0.42%
• 1M: 0.09%
• YTD: -2.66%
• 6M: -2.37%
• 1Y: 3.24%
• 3Y*: 0.27%
• 5Y*: -6.96%
• 10Y*: -2.25%

SPY5.DE

• 1D: 1.45%
• 1M: -0.80%
• YTD: 8.25%
• 6M: 9.14%
• 1Y: 25.05%
• 3Y*: 20.72%
• 5Y*: 13.19%
• 10Y*: 15.14%

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

UST vs. SPY5.DE - 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%
SPY5.DE SPDR S&P 500 UCITS ETF	8.25%	18.26%	24.79%	26.29%	-18.97%	29.51%	17.16%	31.60%	-6.25%	21.77%

Correlation

The correlation between UST and SPY5.DE is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Mar 19, 2012	-0.10

The correlation between UST and SPY5.DE shifts across timeframes, from -0.10 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UST vs. SPY5.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UST

UST Risk / Return Rank: 13
UST Sharpe Ratio Rank: 14
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 12
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 13

SPY5.DE

SPY5.DE Risk / Return Rank: 75
SPY5.DE Sharpe Ratio Rank: 75
SPY5.DE Sortino Ratio Rank: 74
SPY5.DE Omega Ratio Rank: 76
SPY5.DE Calmar Ratio Rank: 76
SPY5.DE Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UST vs. SPY5.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and SPDR S&P 500 UCITS ETF (SPY5.DE). 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	SPY5.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.27	2.07	-1.80
Sortino ratio: Return per unit of downside risk	0.45	2.97	-2.52
Omega ratio: Gain probability vs. loss probability	1.05	1.36	-0.31
Calmar ratio: Return relative to maximum drawdown	0.28	2.82	-2.54
Martin ratio: Return relative to average drawdown	0.77	11.73	-10.96

UST vs. SPY5.DE - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.27, which is lower than the SPY5.DE Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of UST and SPY5.DE, 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. SPY5.DE - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, which is greater than SPY5.DE's maximum drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for UST and SPY5.DE.

Drawdown Indicators

	UST	SPY5.DE	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-34.33%	-13.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-8.59%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-19.50%	+2.76%
Max Drawdown (5Y) Largest decline over 5 years	-43.97%	-24.33%	-19.64%
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	-34.33%	-13.66%
Current Drawdown Current decline from peak	-38.19%	-2.28%	-35.91%
Average Drawdown Average peak-to-trough decline	-15.16%	-3.73%	-11.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.07%	+1.15%

Volatility

UST vs. SPY5.DE - Volatility Comparison

ProShares Ultra 7-10 Year Treasury (UST) and SPDR S&P 500 UCITS ETF (SPY5.DE) have volatilities of 3.25% and 3.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UST	SPY5.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	3.33%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	8.44%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	9.35%	11.76%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	15.93%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.18%	16.33%	-3.15%

UST vs. SPY5.DE - Expense Ratio Comparison

UST has a 0.95% expense ratio, which is higher than SPY5.DE's 0.03% expense ratio.

Dividends

UST vs. SPY5.DE - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.48%, more than SPY5.DE's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.DE SPDR S&P 500 UCITS ETF	0.90%	0.99%	1.03%	1.22%	1.42%	0.95%	1.37%	1.43%	1.28%	1.59%	1.57%	1.69%
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

Can I hold both UST and SPY5.DE in my portfolio?

UST and SPY5.DE have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UST or SPY5.DE?

On fees, SPY5.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UST or SPY5.DE?

SPY5.DE is cheaper with a 0.03% expense ratio, compared with 0.95% for UST.

What is the main difference between UST and SPY5.DE?

UST is categorized as Leveraged Bonds, while SPY5.DE is S&P 500. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while SPY5.DE tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UST and 0.03% for SPY5.DE.