^TNX vs. ^TYX
^TNX (Treasury Yield 10 Years) and ^TYX (Treasury Yield 30 Years) are both indexes. Over the past 10 years, ^TNX returned 10.02%/yr vs 6.94%/yr for ^TYX. Their correlation of 0.94 suggests significant overlap in exposure.
Performance
^TNX vs. ^TYX - Performance Comparison
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Returns By Period
In the year-to-date period, ^TNX achieves a 7.54% return, which is significantly higher than ^TYX's 2.85% return. Over the past 10 years, ^TNX has outperformed ^TYX with an annualized return of 10.02%, while ^TYX has yielded a comparatively lower 6.94% annualized return.
^TNX
- 1D
- -0.31%
- 1M
- 2.78%
- YTD
- 7.54%
- 6M
- 8.17%
- 1Y
- 1.89%
- 3Y*
- 6.63%
- 5Y*
- 23.47%
- 10Y*
- 10.02%
^TYX
- 1D
- -0.24%
- 1M
- 0.71%
- YTD
- 2.85%
- 6M
- 3.88%
- 1Y
- 1.92%
- 3Y*
- 8.57%
- 5Y*
- 17.33%
- 10Y*
- 6.94%
^TNX vs. ^TYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Treasury Yield 10 Years | 7.54% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
^TYX Treasury Yield 30 Years | 2.85% | 1.13% | 19.08% | 1.11% | 108.66% | 15.74% | -31.10% | -20.89% | 10.26% | -10.58% |
Correlation
The correlation between ^TNX and ^TYX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 1993 | 0.94 |
The correlation between ^TNX and ^TYX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
^TNX vs. ^TYX — Risk / Return Rank
^TNX
^TYX
^TNX vs. ^TYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 10 Years (^TNX) and Treasury Yield 30 Years (^TYX). 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.
| ^TNX | ^TYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.03 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 0.19 | +0.02 |
| Martin ratioReturn relative to average drawdown | 0.37 | 0.41 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ^TNX | ^TYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.15 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.67 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.20 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | -0.02 | 0.00 |
Drawdowns
^TNX vs. ^TYX - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -93.78%, which is greater than ^TYX's maximum drawdown of -88.52%. Use the drawdown chart below to compare losses from any high point for ^TNX and ^TYX.
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Drawdown Indicators
| ^TNX | ^TYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.78% | -88.52% | -5.26% |
Max Drawdown (1Y)Largest decline over 1 year | -12.35% | -9.55% | -2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -22.85% | -4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -25.46% | -1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -72.86% | -11.71% |
Current DrawdownCurrent decline from peak | -44.20% | -38.99% | -5.21% |
Average DrawdownAverage peak-to-trough decline | -51.34% | -45.96% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.97% | 4.45% | +2.52% |
Volatility
^TNX vs. ^TYX - Volatility Comparison
Treasury Yield 10 Years (^TNX) has a higher volatility of 5.04% compared to Treasury Yield 30 Years (^TYX) at 3.58%. This indicates that ^TNX's price experiences larger fluctuations and is considered to be riskier than ^TYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^TNX | ^TYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 3.58% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.62% | 7.99% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.51% | 12.15% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.43% | 25.06% | +7.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.98% | 33.11% | +14.87% |
Frequently Asked Questions
With a correlation of 0.92, ^TNX and ^TYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
^TNX has higher volatility (5.04%) compared to ^TYX (3.58%). In terms of maximum drawdown, ^TNX dropped -93.78% vs ^TYX's -88.52%.
^TNX currently has the higher Sharpe Ratio (0.17 vs 0.15), 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.
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