XAUUSD=X vs. UST

Last updated Jun 9, 2026

XAUUSD=X (Gold Spot Price US Dollar) is a currency, while UST (ProShares Ultra 7-10 Year Treasury) is Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Over the past 10 years, XAUUSD=X returned 13.00%/yr vs -2.33%/yr for UST. At a 0.27 correlation, their price movements are largely independent.

Performance

XAUUSD=X vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Spot Price US Dollar (XAUUSD=X) 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, XAUUSD=X achieves a -0.01% return, which is significantly higher than UST's -3.85% return. Over the past 10 years, XAUUSD=X has outperformed UST with an annualized return of 13.00%, while UST has yielded a comparatively lower -2.33% annualized return.

XAUUSD=X

• 1D: 0.23%
• 1M: -8.35%
• YTD: -0.01%
• 6M: 3.14%
• 1Y: 30.53%
• 3Y*: 30.15%
• 5Y*: 18.02%
• 10Y*: 13.00%

UST

• 1D: -0.17%
• 1M: -2.60%
• YTD: -3.85%
• 6M: -3.76%
• 1Y: 3.53%
• 3Y*: -0.56%
• 5Y*: -7.13%
• 10Y*: -2.33%

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

XAUUSD=X vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAUUSD=X Gold Spot Price US Dollar	-0.01%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%
UST ProShares Ultra 7-10 Year Treasury	-3.85%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%

Correlation

The correlation between XAUUSD=X and UST is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 3, 2010	0.27

The correlation between XAUUSD=X and UST shifts across timeframes, from 0.20 (1 year) to 0.35 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

XAUUSD=X vs. UST — Risk / Return Rank

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

XAUUSD=X

XAUUSD=X Risk / Return Rank: 81
XAUUSD=X Sharpe Ratio Rank: 84
XAUUSD=X Sortino Ratio Rank: 83
XAUUSD=X Omega Ratio Rank: 86
XAUUSD=X Calmar Ratio Rank: 77
XAUUSD=X Martin Ratio Rank: 75

UST

UST Risk / Return Rank: 15
UST Sharpe Ratio Rank: 16
UST Sortino Ratio Rank: 15
UST Omega Ratio Rank: 14
UST Calmar Ratio Rank: 15
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.

XAUUSD=X vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Spot Price US Dollar (XAUUSD=X) 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.

	XAUUSD=X	UST	Difference
Sharpe ratio: Return per unit of total volatility	1.05	0.38	+0.67
Sortino ratio: Return per unit of downside risk	1.43	0.62	+0.81
Omega ratio: Gain probability vs. loss probability	1.21	1.07	+0.15
Calmar ratio: Return relative to maximum drawdown	1.18	0.41	+0.77
Martin ratio: Return relative to average drawdown	2.95	1.14	+1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAUUSD=X vs. UST - Sharpe Ratio Comparison

The current XAUUSD=X Sharpe Ratio is 1.05, which is higher than the UST Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of XAUUSD=X 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

	XAUUSD=X	UST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	0.38	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	-0.46	+1.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	-0.18	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.19	+0.39

Drawdowns

XAUUSD=X vs. UST - Drawdown Comparison

The maximum XAUUSD=X drawdown since its inception was -44.69%, smaller than the maximum UST drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for XAUUSD=X and UST.

Drawdown Indicators

	XAUUSD=X	UST	Difference
Max Drawdown Largest peak-to-trough decline	-44.69%	-47.99%	+3.30%
Max Drawdown (1Y) Largest decline over 1 year	-20.42%	-8.75%	-11.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.42%	-16.74%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.81%	-43.97%	+23.16%
Max Drawdown (10Y) Largest decline over 10 years	-21.35%	-47.99%	+26.64%
Current Drawdown Current decline from peak	-20.24%	-38.94%	+18.70%
Average Drawdown Average peak-to-trough decline	-16.43%	-15.14%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.95%	3.11%	+5.84%

Volatility

XAUUSD=X vs. UST - Volatility Comparison

Gold Spot Price US Dollar (XAUUSD=X) has a higher volatility of 5.62% compared to ProShares Ultra 7-10 Year Treasury (UST) at 3.02%. This indicates that XAUUSD=X'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

	XAUUSD=X	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	3.02%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	21.62%	6.64%	+14.98%
Volatility (1Y) Calculated over the trailing 1-year period	22.86%	9.29%	+13.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	15.47%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.10%	13.18%	+1.92%

Frequently Asked Questions

Can I hold both XAUUSD=X and UST in my portfolio?

XAUUSD=X and UST have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAUUSD=X or UST?

XAUUSD=X has higher volatility (5.62%) compared to UST (3.02%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs UST's -47.99%.

Which has better risk-adjusted returns?

XAUUSD=X currently has the higher Sharpe Ratio (1.05 vs 0.38), 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.