UVXY vs. UST

Last updated Jun 4, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, UVXY returned -72.67%/yr vs -2.13%/yr for UST. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UVXY vs. UST - Performance Comparison

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

Returns By Period

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

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%

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%

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

UVXY vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

UVXY vs. UST — Risk / Return Rank

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

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

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

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.

UVXY vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares Ultra 7-10 Year Treasury (UST). 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.

	UVXY	UST	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	0.40	-1.27
Sortino ratio: Return per unit of downside risk	-1.60	0.64	-2.25
Omega ratio: Gain probability vs. loss probability	0.82	1.07	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.97	0.44	-1.41
Martin ratio: Return relative to average drawdown	-1.31	1.26	-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.

UVXY vs. UST - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is lower than the UST Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of UVXY and UST, 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

	UVXY	UST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	0.40	-1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	-0.44	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.16	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	0.19	-0.87

Drawdowns

UVXY vs. UST - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for UVXY and UST.

Drawdown Indicators

	UVXY	UST	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-47.99%	-52.01%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	-8.75%	-66.47%
Max Drawdown (3Y) Largest decline over 3 years	-95.45%	-16.87%	-78.58%
Max Drawdown (5Y) Largest decline over 5 years	-99.68%	-43.97%	-55.71%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-47.99%	-52.01%
Current Drawdown Current decline from peak	-100.00%	-38.33%	-61.67%
Average Drawdown Average peak-to-trough decline	-98.55%	-15.13%	-83.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.63%	3.03%	+52.60%

Volatility

UVXY vs. UST - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.10%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVXY	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	3.10%	+8.67%
Volatility (6M) Calculated over the trailing 6-month period	62.64%	6.58%	+56.06%
Volatility (1Y) Calculated over the trailing 1-year period	84.42%	9.50%	+74.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.85%	15.47%	+88.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.82%	13.18%	+100.64%

UVXY vs. UST - Expense Ratio Comparison

Both UVXY and UST have an expense ratio of 0.95%.

Dividends

UVXY vs. UST - Dividend Comparison

UVXY has not paid dividends to shareholders, while UST's dividend yield for the trailing twelve months is around 3.49%.

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

Can I hold both UVXY and UST in my portfolio?

UVXY and UST 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.

Which is riskier, UVXY or UST?

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

Which ETF is better, UVXY or UST?

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.

Which ETF has performed better, UVXY or UST?

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.

Which ETF is cheaper, UVXY or UST?

UVXY and UST have the same expense ratio: 0.95% per year.

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

UST has the higher dividend yield at 3.49%, compared with 0.00% for UVXY.

What is the main difference between UVXY and UST?

UVXY is categorized as Volatility, while UST is Leveraged Bonds. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%).

Which has better risk-adjusted returns?

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.