^TNX vs. ^TYX
^TNX (Cboe 10-Year Treasury Note Yield Index) and ^TYX (Treasury Yield 30 Years) are both indexes. Over the past 10 years, ^TNX returned 11.33%/yr vs 8.43%/yr for ^TYX. Their correlation of 0.93 means they have usually moved in the same direction.
Performance
^TNX vs. ^TYX - Performance Comparison
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Returns By Period
In the year-to-date period, ^TNX achieves a 11.15% return, which is significantly higher than ^TYX's 7.23% return. Over the past 10 years, ^TNX has outperformed ^TYX with an annualized return of 11.33%, while ^TYX has yielded a comparatively lower 8.43% annualized return.
^TNX
- 1D
- -1.26%
- 1M
- 3.17%
- 6M
- 8.26%
- YTD
- 11.15%
- 1Y
- 10.17%
- 3Y*
- 4.45%
- 5Y*
- 30.62%
- 10Y*
- 11.33%
- ALL TIME*
- -0.93%
^TYX
- 1D
- -0.78%
- 1M
- 4.11%
- 6M
- 5.79%
- YTD
- 7.23%
- 1Y
- 8.19%
- 3Y*
- 7.19%
- 5Y*
- 22.74%
- 10Y*
- 8.43%
- ALL TIME*
- -0.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
^TNX vs. ^TYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Cboe 10-Year Treasury Note Yield Index | 11.15% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
^TYX Treasury Yield 30 Years | 7.23% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 1977 | 0.93 |
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 Cboe 10-Year Treasury Note Yield Index (^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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^TNX | ^TYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.95 | +0.20 |
| Martin ratioReturn relative to average drawdown | 2.35 | 2.11 | +0.23 |
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Drawdowns
^TNX vs. ^TYX - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -96.85%, roughly equal to the maximum ^TYX drawdown of -93.84%. 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 | -96.85% | -93.84% | -3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.94% | -8.69% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -22.85% | -4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -22.85% | -4.56% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -72.86% | -11.71% |
Current DrawdownCurrent decline from peak | -70.79% | -65.88% | -4.91% |
Average DrawdownAverage peak-to-trough decline | -55.04% | -56.74% | +1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.34% | 3.89% | +0.45% |
Volatility
^TNX vs. ^TYX - Volatility Comparison
Cboe 10-Year Treasury Note Yield Index (^TNX) has a higher volatility of 4.21% compared to Treasury Yield 30 Years (^TYX) at 3.12%. 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 | 4.21% | 3.12% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 8.27% | +2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.63% | 11.63% | +3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.16% | 24.58% | +6.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.60% | 33.33% | +14.27% |
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 (4.21%) compared to ^TYX (3.12%). In terms of maximum drawdown, ^TNX dropped -96.85% vs ^TYX's -93.84%.
^TYX currently has the higher Sharpe Ratio (0.71 vs 0.70), 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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