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DDM vs UBT

ProShares Ultra Dow30

DDMBNYSE Arca

ProShares Ultra 20+ Year Treasury

UBTBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

DDM0.95%UBT0.95%

Avg volume · 30D

DDM 2.3×the volume

DDM185KUBT81.9K

10Y return · a year

DDM +27.9pt

DDM+19.2%UBT−8.7%

DDM vs UBT Performance

Oct 29, 2021 – Oct 30, 2026

+68.8%DDM−69.1%UBT

Oct 29, 2021 to Oct 30, 2026. DDM +68.8%. UBT −69.1%. Use the arrow keys to read each point.−50%−25%0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
DDM 0.95%
UBT 0.95%
Fund size
DDM $507M
UBT $68M
1Y total return
DDM +13.4%, better
UBT −14.5%
Yield (12M)
DDM 0.98%
UBT 3.27%, better
Holdings
DDM 34
UBT 3
Avg volume (30D)
DDM 185K sh, better
UBT 81.9K sh
NAV per share
DDM $62.99
UBT $14.69
52W range

ETF.net Grade

DDM: Cost 51, Risk 79, Mission 92, Tradability 93, Holdings 53, Durability 79. UBT: Cost 51, Risk 55, Mission not scored, Tradability 71, Holdings 38, Durability 73.
Pillar letters and Scores for DDM, UBT, with each pillar’s weight
PillarDDMUBT
Cost30% weightC51C51
Mission25% weightA92Not scored
Risk15% weightA79HigherB55
Tradability15% weightA93HigherA71
Holdings10% weightC53HigherD38
Durability5% weightA79HigherA73

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DDM and UBT are both graded against the same 95 Leveraged Long (2x & Other) funds, so their Grades compare head to head.

Leveraged Long (2x & Other)⁠

Category · 95 funds
See all 95 ›

DDM ranks 4th and UBT 13th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 3AROMProShares Ultra TechnologyScore 71
  4. Rank 4BDDMProShares Ultra Dow30Score 69
  5. Rank 5BUSDProShares Ultra SemiconductorsScore 68
  6. Rank 12BUGEProShares Ultra Consumer StaplesScore 60
  7. Rank 13BUBTProShares Ultra 20+ Year TreasuryScore 58
  8. Rank 13BUSTProShares Ultra 7-10 Year TreasuryScore 58

Our read on each fund

ETF.net Research

DDMBProShares Ultra Dow30

UBTBProShares Ultra 20+ Year Treasury

In short

DDM The Dow dates to 1896. DDM is the only ETF built to double its daily move: 2x the Dow Jones Industrial Average, reset every single day, for 0.95% a year, running since 2006.

UBT The leveraged bull aisle is wall-to-wall stock funds. UBT is the duration trade: 2x the daily move of the ICE U.S. Treasury 20+ Year Bond Index, and ProShares calls it the only ETF targeting that exact 2x.

Stated mandate

DDM The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the Dow Jones Industrial Average.

UBT The Fund seeks daily investment results, before fees and expenses, that correspond to two times the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.

Why people hold it

  • DDM The only ETF that targets 2x the daily return of the Dow Jones Industrial Average. Leveraged blue-chip exposure through one ticker, no margin account needed.proshares.com
  • Trading since 2006, and its day-to-day results have stayed close to the 2x daily target across nearly two decades of market cycles.proshares.com
  • Easy to get in and out of for a fund its size, and one of the strongest implementations in its peer group of leveraged bull funds.
  • The 0.95% fee sits near the typical charge for leveraged funds, and it is the standing rate, not a number propped up by a temporary waiver.
  • UBT A one-off by its issuer's account: ProShares states UBT is the only ETF targeting 2x the daily return of the ICE U.S. Treasury 20+ Year Bond Index.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (0.98% gross), near the category median and level with stablemate DDM at 0.95%.
  • Trading since January 2010, through zero-rate years and the rate spike that followed. Among the more solid builds in a crowded leveraged-long field.
  • 2x is the gentler dial on long-Treasury leverage; the same index is also tracked at 3x daily by a competing fund, where compounding bites harder.direxion.com

Worth knowing

  • DDM The 2x target resets daily. Hold for weeks and compounding takes over, so results can land well away from twice the Dow's move, especially in choppy markets.proshares.com
  • The Dow is price-weighted across 30 blue chips, so a high-priced stock swings it more than a far larger company does.spglobal.com
  • Sibling leveraged funds cost a little less: QLD charges 0.89% net of a waiver through September 30, 2027, against a 0.96% gross rate.
  • UBT The 2x target resets every day, so results over weeks or months depend on the path the index took, not just where it ended. Choppy stretches work against you.proshares.com
  • Bonds maturing in 20+ years are the most rate-sensitive corner of the Treasury curve. Doubling that daily move magnifies both directions.
  • Moderately traded next to the leveraged equity heavyweights, so spreads and order type matter more here than in the category's busiest names.

Full DDM profile⁠

Full UBT profile⁠

DDM vs UBT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DDM vs UBT Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DDM 0.95%

    $17,869

  • UBT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DDM 0.95%
  • UBT 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DDM $17,869UBT $17,869

Year by year

YearDDMUBT
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%DDM
  • 0.95%UBT
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

DDM 32nd cheapest of 95 funds

UBT 32nd cheapest of 95 funds

DDM vs UBT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DDM 0.98%
UBT 3.27%, better
Payout (12M)
DDM $0.62
UBT $0.48
Last payment
DDM $0.15
UBT $0.11
Ex-dividend
DDM Sep 23, 2026
UBT Sep 23, 2026
Paid on
DDM Sep 29, 2026
UBT Sep 29, 2026
Frequency
DDM Quarterly
UBT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DDMQuarterly · 33 paymentsAll DDM payments⁠
One bar per payment. 33 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.04; Jun 21, 2017 $0.03; Sep 27, 2017 $0.04; Dec 26, 2017 $0.04; Mar 21, 2018 $0.03; Jun 20, 2018 $0.03; Sep 26, 2018 $0.06; Dec 26, 2018 $0.04; Mar 20, 2019 $0.04; Jun 25, 2019 $0.05; Dec 24, 2019 $0.07; Mar 25, 2020 $0.06; Jun 24, 2020 $0.0055; Dec 23, 2020 $0.02; Mar 23, 2021 $0.01; Sep 22, 2021 $0.0052; Dec 23, 2021 $0.05; Mar 23, 2022 $0.07; Jun 22, 2022 $0.04; Sep 21, 2022 $0.04; Dec 22, 2022 $0.12; Dec 20, 2023 $0.11; Mar 20, 2024 $0.12; Jun 26, 2024 $0.13; Sep 25, 2024 $0.14; Dec 23, 2024 $0.09; Mar 26, 2025 $0.13; Jun 25, 2025 $0.13; Sep 24, 2025 $0.15; Dec 24, 2025 $0.14; Mar 25, 2026 $0.16; Jun 24, 2026 $0.17; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$0.252017202020232026YTD
UBTQuarterly · 29 paymentsAll UBT payments⁠
One bar per payment. 29 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.17; Jun 21, 2017 $0.12; Sep 27, 2017 $0.13; Dec 26, 2017 $0.15; Mar 21, 2018 $0.11; Jun 20, 2018 $0.18; Sep 26, 2018 $0.14; Dec 26, 2018 $0.17; Mar 20, 2019 $0.13; Jun 25, 2019 $0.24; Sep 25, 2019 $0.12; Dec 24, 2019 $0.23; Mar 25, 2020 $0.16; Dec 22, 2022 $0.07; Mar 22, 2023 $0.14; Jun 21, 2023 $0.24; Sep 20, 2023 $0.20; Dec 20, 2023 $0.22; Mar 20, 2024 $0.15; Jun 26, 2024 $0.21; Sep 25, 2024 $0.19; Dec 23, 2024 $0.21; Mar 26, 2025 $0.14; Jun 25, 2025 $0.20; Sep 24, 2025 $0.19; Dec 24, 2025 $0.17; Mar 25, 2026 $0.07; Jun 24, 2026 $0.12; Sep 23, 2026 $0.11. Use the arrow keys to read each point.$0$0.252017202020232026YTD

DDM vs UBT Risk

Fall from peak · 5 years

  • DDM
  • UBT
Oct 29, 2021 to Oct 30, 2026. Worst fall: UBT −74.8% · Oct 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DDM 24.6%, betterUBT 26.7%
Return per unit of riskSharpe ratio, 3 years
DDM 0.96, betterUBT −0.02
Worst fallMax drawdown, 5 years
DDM −40.2%, betterUBT −74.8%
Market sensitivityBeta, 5 years
DDM 1.74UBT 4.79

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