TBF vs. BITO
Compare and contrast key facts about ProShares Short 20+ Year Treasury (TBF) and ProShares Bitcoin Strategy ETF (BITO).
TBF and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.
Performance
TBF vs. BITO - Performance Comparison
Loading graphics...
TBF vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 1.01% | 1.27% | 16.33% | 2.43% | 42.37% | -4.25% |
BITO ProShares Bitcoin Strategy ETF | -22.79% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Returns By Period
In the year-to-date period, TBF achieves a 1.01% return, which is significantly higher than BITO's -22.79% return.
TBF
- 1D
- 0.17%
- 1M
- 3.85%
- YTD
- 1.01%
- 6M
- 3.77%
- 1Y
- 6.81%
- 3Y*
- 9.02%
- 5Y*
- 9.20%
- 10Y*
- 2.36%
BITO
- 1D
- 0.60%
- 1M
- -1.72%
- YTD
- -22.79%
- 6M
- -43.10%
- 1Y
- -23.27%
- 3Y*
- 24.87%
- 5Y*
- —
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
TBF vs. BITO - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is lower than BITO's 0.95% expense ratio.
Return for Risk
TBF vs. BITO — Risk / Return Rank
TBF
BITO
TBF vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares Bitcoin Strategy ETF (BITO). 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.
| TBF | BITO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.62 | -0.52 | +1.14 |
Sortino ratioReturn per unit of downside risk | 1.00 | -0.50 | +1.49 |
Omega ratioGain probability vs. loss probability | 1.11 | 0.94 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 0.72 | -0.42 | +1.14 |
Martin ratioReturn relative to average drawdown | 1.45 | -0.89 | +2.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| TBF | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | -0.52 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | -0.08 | -0.14 |
Correlation
The correlation between TBF and BITO is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TBF vs. BITO - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.88%, less than BITO's 80.47% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.88% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
BITO ProShares Bitcoin Strategy ETF | 80.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TBF vs. BITO - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for TBF and BITO.
Loading graphics...
Drawdown Indicators
| TBF | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -77.86% | +7.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -50.05% | +41.94% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | — | — |
Current DrawdownCurrent decline from peak | -44.16% | -46.75% | +2.59% |
Average DrawdownAverage peak-to-trough decline | -47.47% | -36.57% | -10.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 23.73% | -19.69% |
Volatility
TBF vs. BITO - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 3.61%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.84%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| TBF | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 12.84% | -9.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.47% | 36.71% | -30.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 45.32% | -34.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.74% | 55.77% | -40.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.54% | 55.77% | -41.23% |