^TYX vs. ^TNX
^TYX (Treasury Yield 30 Years) and ^TNX (Treasury Yield 10 Years) are both indexes. Over the past 10 years, ^TYX returned 7.08%/yr vs 10.18%/yr for ^TNX. Their correlation of 0.94 suggests significant overlap in exposure.
Performance
^TYX vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, ^TYX achieves a 3.10% return, which is significantly lower than ^TNX's 7.88% return. Over the past 10 years, ^TYX has underperformed ^TNX with an annualized return of 7.08%, while ^TNX has yielded a comparatively higher 10.18% annualized return.
^TYX
- 1D
- 0.46%
- 1M
- -0.70%
- YTD
- 3.10%
- 6M
- 5.61%
- 1Y
- 0.14%
- 3Y*
- 8.73%
- 5Y*
- 17.38%
- 10Y*
- 7.08%
^TNX
- 1D
- 0.81%
- 1M
- 1.01%
- YTD
- 7.88%
- 6M
- 10.70%
- 1Y
- 0.70%
- 3Y*
- 6.76%
- 5Y*
- 23.55%
- 10Y*
- 10.18%
^TYX vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TYX Treasury Yield 30 Years | 3.10% | 1.13% | 19.08% | 1.11% | 108.66% | 15.74% | -31.10% | -20.89% | 10.26% | -10.58% |
^TNX Treasury Yield 10 Years | 7.88% | -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 0.93, 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 | 0.93 |
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 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
^TYX vs. ^TNX — Risk / Return Rank
^TYX
^TNX
^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 ratioReturn per unit of total volatility | 0.01 | 0.05 | -0.03 |
Sortino ratioReturn per unit of downside risk | 0.10 | 0.17 | -0.07 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.02 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.01 | 0.06 | -0.04 |
Martin ratioReturn relative to average drawdown | 0.03 | 0.10 | -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. | |||
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Sharpe Ratios by Period
| ^TYX | ^TNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | 0.05 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.73 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.21 | 0.00 |
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.
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Drawdown Indicators
| ^TYX | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -38.84% | -44.02% | +5.18% |
Average DrawdownAverage peak-to-trough decline | -45.96% | -51.34% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.44% | 6.97% | -2.53% |
Volatility
^TYX vs. ^TNX - Volatility Comparison
The current volatility for Treasury Yield 30 Years (^TYX) is 3.67%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.08%. 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.
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Volatility by Period
| ^TYX | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 5.08% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 7.99% | 10.62% | -2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.15% | 15.50% | -3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.08% | 32.48% | -7.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.11% | 47.99% | -14.88% |
Frequently Asked Questions
With a correlation of 0.93, ^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.
^TNX has higher volatility (5.08%) compared to ^TYX (3.67%). In terms of maximum drawdown, ^TYX dropped -88.52% vs ^TNX's -93.78%.
^TNX currently has the higher Sharpe Ratio (0.04 vs 0.01), 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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