TBF vs. GTO
TBF (ProShares Short 20+ Year Treasury) and GTO (Invesco Total Return Bond ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. TBF is passively managed, while GTO is actively managed. Over the past 10 years, TBF returned 3.36%/yr vs 2.73%/yr for GTO. At a correlation of -0.78, they often move in opposite directions. TBF charges 0.94%/yr vs 0.35%/yr for GTO.
Performance
TBF vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 3.86% return, which is significantly higher than GTO's 0.55% return. Over the past 10 years, TBF has outperformed GTO with an annualized return of 3.36%, while GTO has yielded a comparatively lower 2.73% annualized return.
TBF
- 1D
- 0.02%
- 1M
- 2.44%
- 6M
- 5.12%
- YTD
- 3.86%
- 1Y
- 1.87%
- 3Y*
- 8.01%
- 5Y*
- 11.74%
- 10Y*
- 3.36%
GTO
- 1D
- -0.05%
- 1M
- -0.58%
- 6M
- 0.04%
- YTD
- 0.55%
- 1Y
- 5.10%
- 3Y*
- 4.63%
- 5Y*
- -0.19%
- 10Y*
- 2.73%
TBF vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 3.86% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
GTO Invesco Total Return Bond ETF | 0.55% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
Correlation
The correlation between TBF and GTO is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | -0.78 |
The correlation between TBF and GTO shifts across timeframes, from -0.91 (3 years) to -0.78 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBF vs. GTO — Risk / Return Rank
TBF
GTO
TBF vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and Invesco Total Return Bond ETF (GTO). 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 | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.28 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 1.88 | -1.61 |
| Martin ratioReturn relative to average drawdown | 0.56 | 5.52 | -4.96 |
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Drawdowns
TBF vs. GTO - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than GTO's maximum drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for TBF and GTO.
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Drawdown Indicators
| TBF | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -20.61% | -49.79% |
Max Drawdown (1Y)Largest decline over 1 year | -7.11% | -2.73% | -4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -5.98% | -11.81% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -20.61% | +2.82% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -20.61% | -17.78% |
Current DrawdownCurrent decline from peak | -42.58% | -1.76% | -40.82% |
Average DrawdownAverage peak-to-trough decline | -47.39% | -4.76% | -42.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.35% | 0.93% | +2.42% |
Volatility
TBF vs. GTO - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.57% compared to Invesco Total Return Bond ETF (GTO) at 1.01%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 1.01% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 6.69% | 2.67% | +4.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.17% | 3.38% | +5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.65% | 5.67% | +9.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 5.52% | +8.92% |
TBF vs. GTO - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
TBF vs. GTO - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.73%, less than GTO's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.83% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
TBF ProShares Short 20+ Year Treasury | 2.73% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% | 0.00% |
Frequently Asked Questions
TBF and GTO have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.57%) compared to GTO (1.01%). In terms of maximum drawdown, TBF dropped -70.40% vs GTO's -20.61%.
On 10-year performance, TBF leads with 3.36% vs 2.73% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 3.36% return vs 2.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.94% for TBF.
GTO has the higher dividend yield at 4.83%, compared with 2.73% for TBF.
TBF is categorized as Inverse Bonds, while GTO is Intermediate Core-Plus Bond. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.94% for TBF and 0.35% for GTO.
GTO currently has the higher Sharpe Ratio (1.52 vs 0.20), 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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