Data as of .
TYD vs UST: which held to its multiple?
Over three months against its own daily promise, TYD finished 2.5 points short and UST 0.8 points short.
ETFIQ Decay Resistance Score: UST scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| TYD | UST | TYD | UST | TYD | UST | |
| 1 month | −6.1% | −3.8% | −5.2% | −3.5% | −0.8 pts | −0.3 pts |
| 3 months | −9.6% | −5.5% | −7.1% | −4.7% | −2.5 pts | −0.8 pts |
| 6 months | −13.1% | −7.4% | −8.5% | −5.7% | −4.6 pts | −1.7 pts |
| 1 year | −17.5% | −9.1% | −8.2% | −5.4% | −9.4 pts | −3.7 pts |
| 3 years | −10.9% | +1.4% | +26.3% | +17.5% | −37.2 pts | −16.1 pts |
| Since launch | +39.3% | +42.0% | +149.8% | +94.1% | −110.5 pts | −52.1 pts |
| TYD Direxion Daily 7-10 Year Treasury Bull 3X ETF Aims to return three times the daily move of 10-year Treasuries (IEF) | UST ProShares Ultra 7-10 Year Treasury Aims to return twice the daily move of 10-year Treasuries (IEF) | |
|---|---|---|
| Issuer | Direxion | ProShares |
| Sets out to return | +3x | +2x |
| On | IEF | IEF |
| Segment | bond | bond |
| Fund returned, 3 months | −9.6% | −5.5% |
| Underlying returned, 3 months | −2.4% | −2.4% |
| What the stated multiple implies, 3 months | −7.1% | −4.7% |
| Difference from stated, 3 months | −2.5 pts | −0.8 pts |
| Fund returned, 1 year or since launch | −17.5% | −9.1% |
| Difference from stated, over that window | −9.4 pts | −3.7 pts |
| Underlying volatility | 5% | 5% |
| Expense ratio | 1.07% | 0.95% |
| Launched | Jan 4, 2010 | Feb 2, 2010 |
TYD in plain words
Three months to Sep 11, 2026: TYD returned −9.6% where its own daily promise gave −7.1%, 2.5 points short. Read the multiple against the whole window instead and +3 times IEF's −2.4% implies −7.1%, which makes TYD look 2.5 points short. 0.0 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. TYD aims to return +3 times IEF's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IEF moved at 5% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
UST in plain words
Three months to Sep 11, 2026: UST returned −5.5% where its own daily promise gave −4.7%, 0.8 points short. Read the multiple against the whole window instead and +2 times IEF's −2.4% implies −4.7%, which makes UST look 0.8 points short. 0.0 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. UST aims to return +2 times IEF's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, TYD or UST?
- Over the window to Sep 11, 2026, TYD finished 2.5 points from what its multiple implies and UST finished 0.8 points from its own, so UST came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TYD and UST levered on the same thing?
- Yes. Both are levered on 10-year Treasuries, TYD at +3 times and UST at +2 times the daily move.
- Which one decays faster, TYD or UST?
- Decay follows how much the underlying moves about. Over this window TYD’s moved at 5% annualized and UST’s at 5%, so TYD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TYD or UST for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, TYD or UST?
- TYD charges 1.07% a year and UST charges 0.95%, so UST is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, TYD against UST, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/TYD-UST Free to use with attribution; the underlying files are at Open data.