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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in ProShares Short 20+ Year Treasury, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
ProShares Short 20+ Year Treasury (TBF) has returned 0.84% so far this year and 5.68% over the past 12 months. Over the last ten years, TBF has returned 2.34% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
ProShares Short 20+ Year Treasury
- 1D
- 0.00%
- 1M
- 4.48%
- YTD
- 0.84%
- 6M
- 3.47%
- 1Y
- 5.68%
- 3Y*
- 8.96%
- 5Y*
- 9.16%
- 10Y*
- 2.34%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Aug 20, 2009, TBF's average daily return is -0.01%, while the average monthly return is -0.20%.
Historically, 50% of months were positive and 51% were negative. The best month was Apr 2022 with a return of +10.3%, while the worst month was Sep 2011 at -12.3%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.
On a daily basis, TBF closed higher 47% of trading days. The best single day was Mar 17, 2020 with a return of +6.3%, while the worst single day was Mar 20, 2020 at -7.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.37% | -3.84% | 4.48% | 0.84% | |||||||||
| 2025 | -0.08% | -4.79% | 1.57% | 1.74% | 3.67% | -2.21% | 1.78% | 0.41% | -3.10% | -0.80% | 0.34% | 3.09% | 1.27% |
| 2024 | 3.26% | 2.50% | -0.17% | 7.55% | -2.25% | -1.30% | -2.86% | -1.73% | -1.22% | 6.37% | -1.66% | 7.58% | 16.33% |
| 2023 | -6.88% | 5.68% | -4.42% | -0.00% | 3.55% | 0.44% | 3.18% | 3.84% | 9.19% | 6.16% | -8.80% | -7.56% | 2.43% |
| 2022 | 3.94% | 1.32% | 5.05% | 10.29% | 1.79% | 0.96% | -2.54% | 4.76% | 8.94% | 6.46% | -6.61% | 2.69% | 42.37% |
| 2021 | 3.17% | 5.71% | 5.29% | -2.37% | -0.06% | -4.52% | -3.97% | 0.06% | 2.84% | -2.76% | -2.90% | 1.52% | 1.33% |
Benchmark Metrics
ProShares Short 20+ Year Treasury has an annualized alpha of -5.29%, beta of 0.25, and R² of 0.09 versus S&P 500 Index. Calculated based on daily prices since August 21, 2009.
- This ETF participated in 19.72% of S&P 500 Index downside but only -2.80% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.25 may look defensive, but with R² of 0.09 this ETF 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 ETF's risk.
- R² of 0.09 means this ETF 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
- -5.29%
- Beta
- 0.25
- R²
- 0.09
- Upside Capture
- -2.80%
- Downside Capture
- 19.72%
Expense Ratio
TBF has a high expense ratio of 0.94%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TBF ranks 24 for risk / return — below 24% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and compare them to a chosen benchmark (S&P 500 Index).
| TBF | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.52 | 0.90 | -0.38 |
Sortino ratioReturn per unit of downside risk | 0.84 | 1.39 | -0.54 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.21 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.59 | 1.40 | -0.81 |
Martin ratioReturn relative to average drawdown | 1.18 | 6.61 | -5.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore TBF risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
ProShares Short 20+ Year Treasury provided a 2.88% dividend yield over the last twelve months, with an annual payout of $0.70 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.70 | $0.82 | $1.00 | $1.10 | $0.08 | $0.00 | $0.04 | $0.33 | $0.20 |
Dividend yield | 2.88% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares Short 20+ Year Treasury. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.09 | $0.09 | |||||||||
| 2025 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.22 | $0.82 |
| 2024 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.26 | $1.00 |
| 2023 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.40 | $1.10 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.08 | $0.08 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
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 ProShares Short 20+ Year Treasury. 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 ProShares Short 20+ Year Treasury was 70.40%, occurring on Aug 4, 2020. The portfolio has not yet recovered.
The current ProShares Short 20+ Year Treasury drawdown is 44.25%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -70.4% | Jan 12, 2010 | 2659 | Aug 4, 2020 | — | — | — |
| -6.94% | Aug 24, 2009 | 28 | Oct 1, 2009 | 57 | Dec 22, 2009 | 85 |
| -1.59% | Dec 29, 2009 | 5 | Jan 5, 2010 | 4 | Jan 11, 2010 | 9 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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