UYG vs. UBT
UYG (ProShares Ultra Financials) and UBT (ProShares Ultra 20+ Year Treasury) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%). Both are passively managed. Over the past 10 years, UYG returned 18.50%/yr vs -8.70%/yr for UBT. At a correlation of -0.30, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UYG vs. UBT - Performance Comparison
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Returns By Period
In the year-to-date period, UYG achieves a -6.60% return, which is significantly lower than UBT's 1.80% return. Over the past 10 years, UYG has outperformed UBT with an annualized return of 18.50%, while UBT has yielded a comparatively lower -8.70% annualized return.
UYG
- 1D
- 0.38%
- 1M
- 9.36%
- YTD
- -6.60%
- 6M
- -9.22%
- 1Y
- 1.43%
- 3Y*
- 30.40%
- 5Y*
- 11.29%
- 10Y*
- 18.50%
UBT
- 1D
- 0.18%
- 1M
- 4.56%
- YTD
- 1.80%
- 6M
- 0.36%
- 1Y
- 3.64%
- 3Y*
- -9.52%
- 5Y*
- -17.73%
- 10Y*
- -8.70%
UYG vs. UBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UYG ProShares Ultra Financials | -6.60% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
UBT ProShares Ultra 20+ Year Treasury | 1.80% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
Correlation
The correlation between UYG and UBT is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.30 |
The correlation between UYG and UBT shifts across timeframes, from -0.30 (all time) to 0.13 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UYG vs. UBT — Risk / Return Rank
UYG
UBT
UYG vs. UBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and ProShares Ultra 20+ Year Treasury (UBT). 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.
| UYG | UBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.03 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 0.13 | -0.07 |
| Martin ratioReturn relative to average drawdown | 0.15 | 0.30 | -0.15 |
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Drawdowns
UYG vs. UBT - Drawdown Comparison
The maximum UYG drawdown since its inception was -97.90%, which is greater than UBT's maximum drawdown of -78.90%. Use the drawdown chart below to compare losses from any high point for UYG and UBT.
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Drawdown Indicators
| UYG | UBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.90% | -78.90% | -19.00% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -16.86% | -12.05% |
Max Drawdown (3Y)Largest decline over 3 years | -30.35% | -35.81% | +5.46% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -72.49% | +24.72% |
Max Drawdown (10Y)Largest decline over 10 years | -69.98% | -78.90% | +8.92% |
Current DrawdownCurrent decline from peak | -11.79% | -75.58% | +63.79% |
Average DrawdownAverage peak-to-trough decline | -63.19% | -32.47% | -30.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.34% | 7.48% | +4.86% |
Volatility
UYG vs. UBT - Volatility Comparison
ProShares Ultra Financials (UYG) has a higher volatility of 7.98% compared to ProShares Ultra 20+ Year Treasury (UBT) at 4.87%. This indicates that UYG's price experiences larger fluctuations and is considered to be riskier than UBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UYG | UBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.98% | 4.87% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 22.38% | 13.24% | +9.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.93% | 18.96% | +9.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.12% | 31.23% | +4.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.90% | 29.23% | +11.67% |
UYG vs. UBT - Expense Ratio Comparison
Both UYG and UBT have an expense ratio of 0.95%.
Dividends
UYG vs. UBT - Dividend Comparison
UYG's dividend yield for the trailing twelve months is around 12.50%, more than UBT's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 3.36% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
UYG ProShares Ultra Financials | 12.50% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
UYG and UBT have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UYG has higher volatility (7.98%) compared to UBT (4.87%). In terms of maximum drawdown, UYG dropped -97.90% vs UBT's -78.90%.
On 10-year performance, UYG leads with 18.50% vs -8.70% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UYG has performed better with a 18.50% return vs -8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UYG and UBT have the same expense ratio: 0.95% per year.
UYG has the higher dividend yield at 12.50%, compared with 3.36% for UBT.
UYG is categorized as Leveraged Equities, while UBT is Leveraged Bonds. UYG tracks Dow Jones U.S. Financials Index (200%), while UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%).
UBT currently has the higher Sharpe Ratio (0.12 vs 0.06), 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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