UST vs. TTT
UST (ProShares Ultra 7-10 Year Treasury) and TTT (UltraPro Short 20+ Year Treasury) are both Leveraged Bonds funds from ProShares - UST tracks the Barclays Capital U.S. 7-10 Year Treasury Index (200%) while TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%). Both are passively managed. Over the past 10 years, UST returned -2.37%/yr vs 0.59%/yr for TTT. At a correlation of -0.91, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UST vs. TTT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UST achieves a -3.41% return, which is significantly lower than TTT's 7.59% return. Over the past 10 years, UST has underperformed TTT with an annualized return of -2.37%, while TTT has yielded a comparatively higher 0.59% annualized return.
UST
- 1D
- -0.31%
- 1M
- -1.53%
- 6M
- -3.67%
- YTD
- -3.41%
- 1Y
- 2.40%
- 3Y*
- -0.19%
- 5Y*
- -7.58%
- 10Y*
- -2.37%
TTT
- 1D
- 0.27%
- 1M
- 7.04%
- 6M
- 11.68%
- YTD
- 7.59%
- 1Y
- -2.74%
- 3Y*
- 10.58%
- 5Y*
- 22.85%
- 10Y*
- 0.59%
UST vs. TTT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -3.41% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
TTT UltraPro Short 20+ Year Treasury | 7.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
Correlation
The correlation between UST and TTT is -0.88, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | -0.91 |
The correlation between UST and TTT has been stable across timeframes, ranging from -0.91 to -0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UST vs. TTT — Risk / Return Rank
UST
TTT
UST vs. TTT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and UltraPro Short 20+ Year Treasury (TTT). 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 | TTT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.01 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | -0.13 | +0.40 |
| Martin ratioReturn relative to average drawdown | 0.65 | -0.23 | +0.89 |
Loading charts...
Drawdowns
UST vs. TTT - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum TTT drawdown of -94.00%. Use the drawdown chart below to compare losses from any high point for UST and TTT.
Loading charts...
Drawdown Indicators
| UST | TTT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -94.00% | +46.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -21.80% | +13.05% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -49.69% | +33.34% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -49.69% | +5.72% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -81.76% | +33.77% |
Current DrawdownCurrent decline from peak | -38.66% | -77.44% | +38.78% |
Average DrawdownAverage peak-to-trough decline | -15.29% | -70.41% | +55.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 12.09% | -8.41% |
Volatility
UST vs. TTT - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.91%, while UltraPro Short 20+ Year Treasury (TTT) has a volatility of 7.56%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than TTT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UST | TTT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 7.56% | -4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 7.10% | 20.24% | -13.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.31% | 27.84% | -18.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 46.91% | -31.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.14% | 43.16% | -30.02% |
UST vs. TTT - Expense Ratio Comparison
Both UST and TTT have an expense ratio of 0.95%.
Dividends
UST vs. TTT - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.58%, less than TTT's 9.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.01% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
UST ProShares Ultra 7-10 Year Treasury | 3.58% | 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 TTT 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.
TTT has higher volatility (7.56%) compared to UST (2.91%). In terms of maximum drawdown, UST dropped -47.99% vs TTT's -94.00%.
On 10-year performance, TTT leads with 0.59% vs -2.37% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TTT has performed better with a 0.59% return vs -2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST and TTT have the same expense ratio: 0.95% per year.
TTT has the higher dividend yield at 9.01%, compared with 3.58% for UST.
UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%).
UST currently has the higher Sharpe Ratio (0.26 vs -0.10), 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.
Find the right allocation for UST and TTT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer