TBF vs. DEED
TBF (ProShares Short 20+ Year Treasury) and DEED (First Trust TCW Securitized Plus ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while DEED is a Mortgage Backed Securities fund actively managed by First Trust. TBF is passively managed, while DEED is actively managed. Over the past 5 years, TBF returned 11.38%/yr vs 0.35%/yr for DEED. At a correlation of -0.67, they often move in opposite directions. TBF charges 0.94%/yr vs 0.65%/yr for DEED.
Performance
TBF vs. DEED - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 3.52% return, which is significantly higher than DEED's 1.22% return.
TBF
- 1D
- 0.00%
- 1M
- 1.49%
- 6M
- 4.26%
- YTD
- 3.52%
- 1Y
- 2.40%
- 3Y*
- 7.32%
- 5Y*
- 11.38%
- 10Y*
- 3.46%
DEED
- 1D
- 0.10%
- 1M
- 0.61%
- 6M
- 0.81%
- YTD
- 1.22%
- 1Y
- 6.10%
- 3Y*
- 5.80%
- 5Y*
- 0.35%
- 10Y*
- —
TBF vs. DEED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 3.52% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | 3.95% |
DEED First Trust TCW Securitized Plus ETF | 1.22% | 8.91% | 3.19% | 6.43% | -16.03% | 1.62% | 4.61% |
Correlation
The correlation between TBF and DEED is -0.80, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020 | -0.67 |
The correlation between TBF and DEED shifts across timeframes, from -0.81 (3 years) to -0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBF vs. DEED — Risk / Return Rank
TBF
DEED
TBF vs. DEED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and First Trust TCW Securitized Plus ETF (DEED). 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.
| TBF | DEED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.27 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 1.86 | -1.33 |
| Martin ratioReturn relative to average drawdown | 1.13 | 4.91 | -3.79 |
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Drawdowns
TBF vs. DEED - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than DEED's maximum drawdown of -19.96%. Use the drawdown chart below to compare losses from any high point for TBF and DEED.
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Drawdown Indicators
| TBF | DEED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -19.96% | -50.44% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -3.18% | -4.05% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -7.45% | -10.34% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -19.96% | +2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | — | — |
Current DrawdownCurrent decline from peak | -42.76% | -1.17% | -41.59% |
Average DrawdownAverage peak-to-trough decline | -47.40% | -6.53% | -40.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 1.21% | +2.19% |
Volatility
TBF vs. DEED - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.84% compared to First Trust TCW Securitized Plus ETF (DEED) at 1.33%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than DEED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | DEED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 1.33% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 3.01% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.28% | 3.90% | +5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.66% | 6.57% | +9.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 5.95% | +8.52% |
TBF vs. DEED - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than DEED's 0.65% expense ratio.
Dividends
TBF vs. DEED - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.74%, less than DEED's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DEED First Trust TCW Securitized Plus ETF | 4.33% | 4.10% | 5.73% | 5.59% | 2.43% | 1.93% | 1.60% | 0.00% | 0.00% |
TBF ProShares Short 20+ Year Treasury | 2.74% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Frequently Asked Questions
TBF and DEED have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.84%) compared to DEED (1.33%). In terms of maximum drawdown, TBF dropped -70.40% vs DEED's -19.96%.
On 5-year performance, TBF leads with 11.38% vs 0.35% for DEED. On fees, DEED is cheaper at 0.65% per year. On volatility, DEED has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBF has performed better with a 11.38% return vs 0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DEED is cheaper with a 0.65% expense ratio, compared with 0.94% for TBF.
DEED has the higher dividend yield at 4.33%, compared with 2.74% for TBF.
TBF is categorized as Inverse Bonds, while DEED is Mortgage Backed Securities. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.94% for TBF and 0.65% for DEED.
DEED currently has the higher Sharpe Ratio (1.52 vs 0.41), 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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