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 ICE U.S. Treasury 7-10 Year Bond Index, 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 -2.53%/yr vs -71.03%/yr for UVXY. Their 0.20 correlation means their historical movements had little consistent relationship. 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 -4.75% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, UST has outperformed UVXY with an annualized return of -2.53%, while UVXY has yielded a comparatively lower -71.03% annualized return.
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $493.89K | $437.03K | $327.72K | |
| $186.30M | $190.88M | $236.21M |
UST vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 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 | -36.18% | -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 -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 -0.13 (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 | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.82 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -1.03 | +0.73 |
| Martin ratioReturn relative to average drawdown | -0.66 | -1.54 | +0.89 |
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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 | -8.86% | -71.36% | +62.50% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -95.42% | +80.57% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -99.68% | +56.15% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -100.00% | +52.01% |
Current DrawdownCurrent decline from peak | -39.52% | -100.00% | +60.48% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -98.76% | +83.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 51.81% | -47.74% |
Volatility
UST vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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 | 2.65% | 22.30% | -19.65% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 65.53% | -58.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 86.48% | -77.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 103.34% | -87.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 112.09% | -98.94% |
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 3.63%, 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 | 3.63% | 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 -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs UVXY's -100.00%.
On 10-year performance, UST leads with -2.53% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.65%. 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 -2.53% return vs -71.03%. 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 3.63%, compared with 0.00% for UVXY.
UST is categorized as Leveraged Bonds, while UVXY is Volatility. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UST currently has the higher Sharpe Ratio (-0.30 vs -0.85), 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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