UST vs. TBT
UST (ProShares Ultra 7-10 Year Treasury) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, UST returned -2.53%/yr vs 3.75%/yr for TBT. Their -0.90 correlation means they have often moved in opposite directions in the past. UST charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
UST vs. TBT - 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 TBT's 10.43% return. Over the past 10 years, UST has underperformed TBT with an annualized return of -2.53%, while TBT has yielded a comparatively higher 3.75% 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%
TBT
- 1D
- -0.73%
- 1M
- 7.95%
- 6M
- 9.33%
- YTD
- 10.43%
- 1Y
- 11.89%
- 3Y*
- 8.97%
- 5Y*
- 21.15%
- 10Y*
- 3.75%
- ALL TIME*
- -9.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.02M | $11.55M | $17.34M | |
| $493.89K | $437.03K | $327.72K |
UST vs. TBT - 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% |
TBT ProShares UltraShort 20+ Year Treasury | 10.43% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between UST and TBT is -0.88, 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. | -0.88 |
Correlation (3Y) Balances recent behavior with more history. | -0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | -0.90 |
The correlation between UST and TBT has been stable across timeframes, ranging from -0.90 to -0.88 - a consistent structural relationship.
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Return for Risk
UST vs. TBT — Risk / Return Rank
UST
TBT
UST vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.12 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.90 | -1.20 |
| Martin ratioReturn relative to average drawdown | -0.66 | 1.89 | -2.54 |
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Drawdowns
UST vs. TBT - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for UST and TBT.
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Drawdown Indicators
| UST | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -94.99% | +47.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -13.23% | +4.37% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -33.83% | +18.98% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -33.83% | -9.70% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -65.09% | +17.10% |
Current DrawdownCurrent decline from peak | -39.52% | -84.61% | +45.09% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -77.38% | +62.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 6.32% | -2.25% |
Volatility
UST vs. TBT - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.39%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UST | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 5.39% | -2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 13.98% | -6.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 18.74% | -9.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 31.19% | -15.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 28.66% | -15.51% |
UST vs. TBT - Expense Ratio Comparison
UST has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
UST vs. TBT - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.63%, more than TBT's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.54% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 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
UST and TBT have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.39%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.75% vs -2.53% for UST. On fees, TBT is cheaper at 0.93% 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, TBT has performed better with a 3.75% return vs -2.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for UST.
UST has the higher dividend yield at 3.63%, compared with 2.54% for TBT.
UST is categorized as Leveraged Bonds, while TBT is Inverse Bonds. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for UST and 0.93% for TBT.
TBT currently has the higher Sharpe Ratio (0.64 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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