UST vs. TYD

Last updated Jun 4, 2026

UST (ProShares Ultra 7-10 Year Treasury) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both Leveraged Bonds funds - UST tracks the Barclays Capital U.S. 7-10 Year Treasury Index (200%) while TYD tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, UST returned -2.13%/yr vs -4.71%/yr for TYD. Their correlation of 0.88 suggests significant overlap in exposure. UST charges 0.95%/yr vs 1.09%/yr for TYD.

Performance

UST vs. TYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) and Direxion Daily 7-10 Year Treasury Bull 3X (TYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UST achieves a -2.88% return, which is significantly higher than TYD's -6.21% return. Over the past 10 years, UST has outperformed TYD with an annualized return of -2.13%, while TYD has yielded a comparatively lower -4.71% annualized 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%

TYD

• 1D: -0.86%
• 1M: -1.19%
• YTD: -6.21%
• 6M: -8.43%
• 1Y: 0.66%
• 3Y*: -5.07%
• 5Y*: -12.90%
• 10Y*: -4.71%

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

UST vs. TYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UST ProShares Ultra 7-10 Year Treasury	-2.88%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%
TYD Direxion Daily 7-10 Year Treasury Bull 3X	-6.21%	11.68%	-13.89%	-2.87%	-43.32%	-11.36%	27.62%	17.88%	0.76%	5.64%

Correlation

The correlation between UST and TYD is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010	0.88

The correlation between UST and TYD shifts across timeframes, from 0.88 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

UST vs. TYD - Sectors Allocation Comparison

Sectors	UST	TYD
Financial Services	97.4%	21.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UST vs. TYD — Risk / Return Rank

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

UST

UST Risk / Return Rank: 14
UST Sharpe Ratio Rank: 15
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 13
UST Calmar Ratio Rank: 14
UST Martin Ratio Rank: 15

TYD

TYD Risk / Return Rank: 9
TYD Sharpe Ratio Rank: 9
TYD Sortino Ratio Rank: 9
TYD Omega Ratio Rank: 8
TYD Calmar Ratio Rank: 9
TYD Martin Ratio Rank: 9

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. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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	TYD	Difference
Sharpe ratio: Return per unit of total volatility	0.40	0.05	+0.36
Sortino ratio: Return per unit of downside risk	0.64	0.17	+0.48
Omega ratio: Gain probability vs. loss probability	1.07	1.02	+0.05
Calmar ratio: Return relative to maximum drawdown	0.44	0.05	+0.39
Martin ratio: Return relative to average drawdown	1.26	0.13	+1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UST vs. TYD - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.40, which is higher than the TYD Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of UST and TYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UST	TYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	0.05	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	-0.56	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	-0.23	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.05	+0.14

Drawdowns

UST vs. TYD - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, smaller than the maximum TYD drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for UST and TYD.

Drawdown Indicators

	UST	TYD	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-64.28%	+16.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-13.54%	+4.79%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-25.04%	+8.17%
Max Drawdown (5Y) Largest decline over 5 years	-43.97%	-59.84%	+15.87%
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	-64.28%	+16.29%
Current Drawdown Current decline from peak	-38.33%	-59.24%	+20.91%
Average Drawdown Average peak-to-trough decline	-15.13%	-21.95%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	4.97%	-1.94%

Volatility

UST vs. TYD - Volatility Comparison

The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while Direxion Daily 7-10 Year Treasury Bull 3X (TYD) has a volatility of 4.20%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UST	TYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	4.20%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	9.58%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	14.13%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	22.98%	-7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.18%	20.36%	-7.18%

UST vs. TYD - Expense Ratio Comparison

UST has a 0.95% expense ratio, which is lower than TYD's 1.09% expense ratio.

Dividends

UST vs. TYD - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.49%, more than TYD's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TYD Direxion Daily 7-10 Year Treasury Bull 3X	3.23%	2.97%	3.10%	2.71%	0.55%	0.00%	9.80%	0.92%	1.10%	0.01%	6.84%	1.65%
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

Can I hold both UST and TYD in my portfolio?

With a correlation of 0.99, UST and TYD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UST or TYD?

TYD has higher volatility (4.20%) compared to UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs TYD's -64.28%.

Which ETF is better, UST or TYD?

On 10-year performance, UST leads with -2.13% vs -4.71% for TYD. On fees, UST is cheaper at 0.95% 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.

Which ETF has performed better, UST or TYD?

Over the 10-year period, UST has performed better with a -2.13% return vs -4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UST or TYD?

UST is cheaper with a 0.95% expense ratio, compared with 1.09% for TYD.

Which ETF pays a higher dividend yield, UST or TYD?

UST has the higher dividend yield at 3.49%, compared with 3.23% for TYD.

What is the main difference between UST and TYD?

UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while TYD tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UST and 1.09% for TYD.

Which has better risk-adjusted returns?

UST currently has the higher Sharpe Ratio (0.40 vs 0.05), 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.