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Treasury Yield 10 Years (^TNX)

Index · Currency in USD · Last updated Jun 6, 2026

The Treasury Yield 10 Years index measures the average yield on U.S. government bonds with a maturity of 10 years. The index is based on the yield of the 10-year Treasury note, a debt security issued by the U.S. Department of the Treasury. The yield on the 10-year Treasury note is used as a benchmark for other financial instruments such as mortgages, corporate bonds, and other debt securities. The Treasury Yield 10 Years index is considered a key indicator of the overall health of the U.S. economy and is closely watched by investors, economists, and policymakers.

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Treasury Yield 10 Years

Often compared with ^TNX:
^TNX vs. TMF^TNX vs. ^TYX^TNX vs. SPY^TNX vs. ^FVX^TNX vs. TMV^TNX vs. KMB^TNX vs. TQQQ^TNX vs. RYLD^TNX vs. FRI^TNX vs. XAU.TO

Performance

^TNX Performance Chart

Treasury Yield 10 Years (^TNX) is up 9.0% since the beginning of the year. ^TNX is currently trading at $5 per share. Investors who bought $1,000 worth of ^TNX shares 5 years ago would now be looking at an investment worth $2,908.

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S&P 500 Index

Returns By Period

Treasury Yield 10 Years (^TNX) has returned 8.96% so far this year and 0.58% over the past 12 months. Over the last ten years, ^TNX has returned 10.23% per year, falling short of the S&P 500 Index benchmark, which averaged 13.33% annually.

Treasury Yield 10 Years

1D
1.32%
1M
3.28%
YTD
8.96%
6M
9.59%
1Y
0.58%
3Y*
7.04%
5Y*
23.80%
10Y*
10.23%

Benchmark (S&P 500 Index)

1D
-2.64%
1M
0.64%
YTD
7.86%
6M
7.47%
1Y
23.05%
3Y*
19.90%
5Y*
11.79%
10Y*
13.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

^TNX Monthly Returns History

Based on dividend-adjusted daily data since Jan 2, 1970, ^TNX's average daily return is +0.01%, while the average monthly return is +0.18%. At this rate, an investment would double in approximately 32.1 years.

Historically, 50% of months were positive and 50% were negative. The best month was Feb 2021 with a return of +33.6%, while the worst month was Mar 2020 at -38.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 8 months.

On a daily basis, ^TNX closed higher 47% of trading days. The best single day was Mar 10, 2020 with a return of +49.9%, while the worst single day was Mar 9, 2020 at -29.3%.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20261.87%-6.58%8.81%1.83%1.44%1.86%8.96%
2025-0.09%-7.40%0.35%-1.63%5.72%-4.21%3.07%-3.05%-1.87%-1.13%-2.05%3.63%-8.97%
20242.61%7.18%-1.08%11.41%-3.67%-3.79%-5.39%-4.82%-2.79%12.68%-2.47%9.45%18.29%
2023-9.02%10.97%-10.78%-1.20%5.36%5.00%3.67%3.38%11.73%6.60%-10.73%-11.17%-0.34%
202217.86%3.20%26.54%24.07%-1.49%4.50%-11.10%18.58%21.42%7.18%-9.17%4.75%156.55%
202119.19%33.58%19.59%-6.59%-3.07%-8.73%-14.14%5.25%17.25%1.83%-7.32%4.78%64.89%

Benchmark Metrics

Treasury Yield 10 Years has an annualized alpha of 0.65%, beta of 0.25, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since January 05, 1970.

  • This index participated in 0.23% of S&P 500 Index downside but only -3.21% of its upside - more exposed to losses than it benefited from rallies.
  • Beta of 0.25 may look defensive, but with R2 of 0.02 this index is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this index's risk.
  • R2 of 0.02 means this index moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
Alpha
0.65%
Beta
0.25
R²
0.02
Upside Capture
-3.21%
Downside Capture
0.23%

Return for Risk

Risk / Return Rank

^TNX ranks 19 for risk / return — in the bottom 19% of indices on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

^TNX Risk / Return Rank: 1919
Overall Rank
^TNX Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
^TNX Sortino Ratio Rank: 1818
Sortino Ratio Rank
^TNX Omega Ratio Rank: 1818
Omega Ratio Rank
^TNX Calmar Ratio Rank: 2020
Calmar Ratio Rank
^TNX Martin Ratio Rank: 1818
Martin Ratio Rank
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.

Return / Risk — by metrics

The table below present risk-adjusted performance metrics for Treasury Yield 10 Years (^TNX) and compare them to S&P 500 Index.

^TNXBenchmarkDifference
Sharpe ratioReturn per unit of total volatility
0.21
2.01

-1.79

Sortino ratioReturn per unit of downside risk
0.41
2.71

-2.31

Omega ratioGain probability vs. loss probability

1.05

1.36

-0.32

Calmar ratioReturn relative to maximum drawdown

0.26

2.69

-2.42

Martin ratioReturn relative to average drawdown

0.46

12.34

-11.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Treasury Yield 10 Years. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Treasury Yield 10 Years was 96.85%, occurring on Mar 9, 2020. The portfolio has not yet recovered.

The current Treasury Yield 10 Years drawdown is 71.36%.

Related event

Drawdown

Fall

Recovery

Underwater

COVID crash2020
-96.85%Mar 2020
38y 5mo—
44y 8moOct 1981 - now
1971 bear market1971
-34.55%Mar 1971
10mo4y 16d
4y 10moMay 1970 - Apr 1975
1980 bear market1980
-30.62%Jun 1980
3mo 20d8mo 2d
11mo 22dFeb 1980 - Feb 1981
1976 bear market1976
-20.84%Dec 1976
1y 3mo1y 5mo
2y 9moSep 1975 - Jun 1978
1970 correction1970
-13.64%Feb 1970
1mo 20d2mo 27d
4mo 17dJan 1970 - May 1970

Drawdown Indicators

^TNXBenchmarkDifference

Max Drawdown

Largest peak-to-trough decline

-96.85%

-56.78%

-40.07%

Max Drawdown (1Y)

Largest decline over 1 year

-12.35%

-9.10%

-3.25%

Max Drawdown (3Y)

Largest decline over 3 years

-27.41%

-18.90%

-8.51%

Max Drawdown (5Y)

Largest decline over 5 years

-27.41%

-25.43%

-1.98%

Max Drawdown (10Y)

Largest decline over 10 years

-84.57%

-33.92%

-50.65%

Current Drawdown

Current decline from peak

-71.36%

-2.97%

-68.39%

Average Drawdown

Average peak-to-trough decline

-55.00%

-10.72%

-44.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.97%

1.97%

+5.00%

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Portfolio Analyzer

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