^TYX vs. ^TNX

Last updated Jun 3, 2026

^TYX (Treasury Yield 30 Years) and ^TNX (Treasury Yield 10 Years) are both indexes. Over the past 10 years, ^TYX returned 7.03%/yr vs 10.14%/yr for ^TNX. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

^TYX vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 30 Years (^TYX) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^TYX achieves a 2.62% return, which is significantly lower than ^TNX's 7.49% return. Over the past 10 years, ^TYX has underperformed ^TNX with an annualized return of 7.03%, while ^TNX has yielded a comparatively higher 10.14% annualized return.

^TYX

• 1D: -0.48%
• 1M: 0.02%
• YTD: 2.62%
• 6M: 4.77%
• 1Y: -0.56%
• 3Y*: 8.56%
• 5Y*: 16.70%
• 10Y*: 7.03%

^TNX

• 1D: 0.49%
• 1M: 2.22%
• YTD: 7.49%
• 6M: 9.52%
• 1Y: 0.29%
• 3Y*: 6.63%
• 5Y*: 22.98%
• 10Y*: 10.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^TYX vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^TYX Treasury Yield 30 Years	2.62%	1.13%	19.08%	1.11%	108.66%	15.74%	-31.10%	-20.89%	10.26%	-10.58%
^TNX Treasury Yield 10 Years	7.49%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%

Correlation

The correlation between ^TYX and ^TNX 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 ^TYX and ^TNX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

^TYX vs. ^TNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^TYX

^TYX Risk / Return Rank: 11
^TYX Sharpe Ratio Rank: 9
^TYX Sortino Ratio Rank: 8
^TYX Omega Ratio Rank: 8
^TYX Calmar Ratio Rank: 14
^TYX Martin Ratio Rank: 14

^TNX

^TNX Risk / Return Rank: 12
^TNX Sharpe Ratio Rank: 12
^TNX Sortino Ratio Rank: 12
^TNX Omega Ratio Rank: 12
^TNX Calmar Ratio Rank: 13
^TNX Martin Ratio Rank: 12

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.

^TYX vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 30 Years (^TYX) and Treasury Yield 10 Years (^TNX). 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.

	^TYX	^TNX	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.09	-0.13
Sortino ratio Return per unit of downside risk	0.02	0.23	-0.21
Omega ratio Gain probability vs. loss probability	1.00	1.03	-0.02
Calmar ratio Return relative to maximum drawdown	0.11	0.09	+0.02
Martin ratio Return relative to average drawdown	0.24	0.17	+0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^TYX vs. ^TNX - Sharpe Ratio Comparison

The current ^TYX Sharpe Ratio is -0.04, which is lower than the ^TNX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of ^TYX and ^TNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^TYX	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.09	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.71	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.21	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.02	0.00

Drawdowns

^TYX vs. ^TNX - Drawdown Comparison

The maximum ^TYX drawdown since its inception was -88.52%, smaller than the maximum ^TNX drawdown of -93.78%. Use the drawdown chart below to compare losses from any high point for ^TYX and ^TNX.

Drawdown Indicators

	^TYX	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-88.52%	-93.78%	+5.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-12.35%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-27.41%	+4.56%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-27.41%	+1.95%
Max Drawdown (10Y) Largest decline over 10 years	-72.86%	-84.57%	+11.71%
Current Drawdown Current decline from peak	-39.12%	-44.22%	+5.10%
Average Drawdown Average peak-to-trough decline	-45.96%	-51.35%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	6.96%	-2.50%

Volatility

^TYX vs. ^TNX - Volatility Comparison

The current volatility for Treasury Yield 30 Years (^TYX) is 3.73%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.23%. This indicates that ^TYX experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^TYX	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	5.23%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	10.75%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	15.54%	-3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.08%	32.50%	-7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.12%	48.04%	-14.92%

Frequently Asked Questions

Can I hold both ^TYX and ^TNX in my portfolio?

With a correlation of 0.92, ^TYX and ^TNX 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.

Which is riskier, ^TYX or ^TNX?

^TNX has higher volatility (5.23%) compared to ^TYX (3.73%). In terms of maximum drawdown, ^TYX dropped -88.52% vs ^TNX's -93.78%.

Which has better risk-adjusted returns?

^TNX currently has the higher Sharpe Ratio (0.09 vs -0.04), 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.