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UST vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UST vs. UVXY

Last updated Jun 4, 2026

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 -2.13%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UST achieves a -2.88% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UST has outperformed UVXY with an annualized return of -2.13%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UST vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-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 -0.06, 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

-0.06

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

0.20

The correlation between UST and UVXY shifts across timeframes, from -0.06 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares Ultra 7-10 Year Treasury

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UST:
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Often compared with UVXY:
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Return for Risk

UST vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UST
UST Risk / Return Rank: 1414
Overall Rank
UST Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
UST Sortino Ratio Rank: 1313
Sortino Ratio Rank
UST Omega Ratio Rank: 1313
Omega Ratio Rank
UST Calmar Ratio Rank: 1414
Calmar Ratio Rank
UST Martin Ratio Rank: 1515
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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. 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.

USTUVXYDifference
Sharpe ratioReturn per unit of total volatility
0.40
-0.87

+1.27

Sortino ratioReturn per unit of downside risk
0.64
-1.60

+2.25

Omega ratioGain probability vs. loss probability

1.07

0.82

+0.26

Calmar ratioReturn relative to maximum drawdown

0.44

-0.97

+1.41

Martin ratioReturn relative to average drawdown

1.26

-1.31

+2.57

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. UVXY - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.40, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UST and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

USTUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.40

-0.87

+1.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.44

-0.66

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

-0.64

+0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

-0.68

+0.87

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

USTUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-47.99%

-100.00%

+52.01%

Max Drawdown (1Y)

Largest decline over 1 year

-8.75%

-75.22%

+66.47%

Max Drawdown (3Y)

Largest decline over 3 years

-16.87%

-95.45%

+78.58%

Max Drawdown (5Y)

Largest decline over 5 years

-43.97%

-99.68%

+55.71%

Max Drawdown (10Y)

Largest decline over 10 years

-47.99%

-100.00%

+52.01%

Current Drawdown

Current decline from peak

-38.33%

-100.00%

+61.67%

Average Drawdown

Average peak-to-trough decline

-15.13%

-98.55%

+83.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

55.63%

-52.60%

Volatility

UST vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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

USTUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.10%

11.77%

-8.67%

Volatility (6M)

Calculated over the trailing 6-month period

6.58%

62.64%

-56.06%

Volatility (1Y)

Calculated over the trailing 1-year period

9.50%

84.42%

-74.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.47%

103.85%

-88.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.18%

113.82%

-100.64%

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 3.49%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
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 -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs UVXY's -100.00%.

On 10-year performance, UST leads with -2.13% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. 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.

Over the 10-year period, UST has performed better with a -2.13% return vs -72.67%. 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 3.49%, 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 (0.40 vs -0.87), 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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