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 2.84%/yr vs 3.34%/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
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with PST having a 5.91% return and TBT slightly higher at 6.03%. Over the past 10 years, PST has underperformed TBT with an annualized return of 2.84%, while TBT has yielded a comparatively higher 3.34% annualized return.
PST
- 1D
- -0.64%
- 1M
- 1.21%
- 6M
- 6.18%
- YTD
- 5.91%
- 1Y
- 2.93%
- 3Y*
- 5.16%
- 5Y*
- 10.42%
- 10Y*
- 2.84%
TBT
- 1D
- -0.41%
- 1M
- 3.75%
- 6M
- 7.48%
- YTD
- 6.03%
- 1Y
- 1.50%
- 3Y*
- 10.90%
- 5Y*
- 19.16%
- 10Y*
- 3.34%
PST vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 5.91% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
TBT ProShares UltraShort 20+ Year Treasury | 6.03% | -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 | 0.90 |
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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.03 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 0.10 | +0.33 |
| Martin ratioReturn relative to average drawdown | 0.76 | 0.20 | +0.56 |
Loading charts...
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.
Loading charts...
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 | -63.67% | -85.23% | +21.56% |
Average DrawdownAverage peak-to-trough decline | -61.49% | -77.36% | +15.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.87% | 7.71% | -3.84% |
Volatility
PST vs. TBT - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.81%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.08%. 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.
Loading charts...
Volatility by Period
| PST | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 5.08% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 7.18% | 13.81% | -6.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.44% | 18.96% | -9.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 31.28% | -15.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.28% | 28.66% | -15.38% |
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 2.83%, more than TBT's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 2.83% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
TBT ProShares UltraShort 20+ Year Treasury | 2.64% | 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 (5.08%) compared to PST (2.81%). In terms of maximum drawdown, PST dropped -79.25% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.34% vs 2.84% for PST. On fees, TBT is cheaper at 0.93% per year. On volatility, PST has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 3.34% return vs 2.84%. 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 2.83%, compared with 2.64% 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 (0.31 vs 0.08), 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.
Find the right allocation for PST and TBT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer