PST vs. TBT
PST (ProShares UltraShort 7-10 Year Treasury) and TBT (ProShares UltraShort 20+ Year Treasury) are both Inverse Bonds funds from ProShares - PST tracks the ICE U.S. Treasury 7-10 Year Bond Index while TBT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, PST returned 2.73%/yr vs 2.32%/yr for TBT. Their correlation of 0.91 suggests significant overlap in exposure. PST charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
PST vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, PST achieves a 4.69% return, which is significantly higher than TBT's 1.05% return. Over the past 10 years, PST has outperformed TBT with an annualized return of 2.73%, while TBT has yielded a comparatively lower 2.32% annualized return.
PST
- 1D
- -0.27%
- 1M
- -0.60%
- YTD
- 4.69%
- 6M
- 5.06%
- 1Y
- 3.06%
- 3Y*
- 5.23%
- 5Y*
- 9.44%
- 10Y*
- 2.73%
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
PST vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 4.69% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between PST and TBT is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | 0.91 |
The correlation between PST and TBT has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
PST vs. TBT — Risk / Return Rank
PST
TBT
PST vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 7-10 Year Treasury (PST) and ProShares UltraShort 20+ Year Treasury (TBT). 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.
| PST | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.01 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | -0.05 | +0.49 |
| Martin ratioReturn relative to average drawdown | 0.80 | -0.10 | +0.90 |
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Drawdowns
PST vs. TBT - Drawdown Comparison
The maximum PST drawdown since its inception was -79.25%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for PST and TBT.
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Drawdown Indicators
| PST | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.25% | -94.99% | +15.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -14.89% | +7.99% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -33.83% | +17.64% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -33.83% | +17.64% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | -65.09% | +29.02% |
Current DrawdownCurrent decline from peak | -64.08% | -85.92% | +21.84% |
Average DrawdownAverage peak-to-trough decline | -61.48% | -77.34% | +15.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 7.55% | -3.72% |
Volatility
PST vs. TBT - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.73%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 4.53%. This indicates that PST experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PST | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 4.53% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 7.03% | 13.49% | -6.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.49% | 19.19% | -9.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 31.32% | -15.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.30% | 28.75% | -15.45% |
PST vs. TBT - Expense Ratio Comparison
PST has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
PST vs. TBT - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 3.08%, more than TBT's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 3.08% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
PST and TBT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to PST (2.73%). In terms of maximum drawdown, PST dropped -79.25% vs TBT's -94.99%.
On 10-year performance, PST leads with 2.73% vs 2.32% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, PST has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PST has performed better with a 2.73% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for PST.
PST has the higher dividend yield at 3.08%, compared with 2.95% for TBT.
PST tracks ICE U.S. Treasury 7-10 Year Bond Index, while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for PST and 0.93% for TBT.
PST currently has the higher Sharpe Ratio (0.32 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.
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