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 -2.35%/yr vs -73.85%/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 -2.82% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UST has outperformed UVXY with an annualized return of -2.35%, while UVXY has yielded a comparatively lower -73.85% annualized return.
UST
- 1D
- 0.23%
- 1M
- 0.95%
- YTD
- -2.82%
- 6M
- -2.86%
- 1Y
- 1.76%
- 3Y*
- -0.19%
- 5Y*
- -6.85%
- 10Y*
- -2.35%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UST vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -2.82% | 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 | -22.07% | -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 -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
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 -0.10 (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 | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | -1.01 | +1.21 |
| Martin ratioReturn relative to average drawdown | 0.52 | -1.45 | +1.98 |
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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% | -73.51% | +64.76% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -94.93% | +78.27% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -99.71% | +55.74% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -100.00% | +52.01% |
Current DrawdownCurrent decline from peak | -38.29% | -100.00% | +61.71% |
Average DrawdownAverage peak-to-trough decline | -15.20% | -98.75% | +83.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 55.34% | -51.97% |
Volatility
UST vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.71%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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 | 2.71% | 25.85% | -23.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.85% | 66.46% | -59.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.34% | 85.46% | -76.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 103.96% | -88.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.16% | 112.39% | -99.23% |
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UST (2.71%). In terms of maximum drawdown, UST dropped -47.99% vs UVXY's -100.00%.
On 10-year performance, UST leads with -2.35% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.71%. 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 -2.35% return vs -73.85%. 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 (0.19 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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