UST vs. UVXY
UST (ProShares Ultra 7-10 Year Treasury) and UVXY (ProShares Ultra VIX Short-Term Futures 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 UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UST returned -2.45%/yr vs -72.05%/yr for UVXY. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UST vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -4.15% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, UST has outperformed UVXY with an annualized return of -2.45%, while UVXY has yielded a comparatively lower -72.05% annualized return.
UST
- 1D
- -0.76%
- 1M
- -1.53%
- 6M
- -4.17%
- YTD
- -4.15%
- 1Y
- 1.32%
- 3Y*
- -0.33%
- 5Y*
- -7.56%
- 10Y*
- -2.45%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
UST vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.15% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UST and UVXY is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.20 |
The correlation between UST and UVXY shifts across timeframes, from -0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. UVXY — Risk / Return Rank
UST
UVXY
UST vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.83 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.98 | +1.13 |
| Martin ratioReturn relative to average drawdown | 0.37 | -1.46 | +1.83 |
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Drawdowns
UST vs. UVXY - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UST and UVXY.
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Drawdown Indicators
| UST | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -100.00% | +52.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -73.42% | +64.67% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -95.32% | +78.97% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -99.74% | +55.77% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -100.00% | +52.01% |
Current DrawdownCurrent decline from peak | -39.13% | -100.00% | +60.87% |
Average DrawdownAverage peak-to-trough decline | -15.27% | -98.75% | +83.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 48.91% | -45.31% |
Volatility
UST vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.14%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UST | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 21.23% | -18.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.06% | 66.69% | -59.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.34% | 85.49% | -76.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.48% | 103.84% | -88.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 112.03% | -98.88% |
UST vs. UVXY - Expense Ratio Comparison
Both UST and UVXY have an expense ratio of 0.95%.
Dividends
UST vs. UVXY - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.60%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | 3.60% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UST and UVXY have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to UST (3.14%). In terms of maximum drawdown, UST dropped -47.99% vs UVXY's -100.00%.
On 10-year performance, UST leads with -2.45% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UST has performed better with a -2.45% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST and UVXY have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.60%, compared with 0.00% for UVXY.
UST is categorized as Leveraged Bonds, while UVXY is Volatility. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UST currently has the higher Sharpe Ratio (0.14 vs -0.84), 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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