PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TBF vs. SPTS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBF vs. SPTS

Last updated Jun 5, 2026

TBF (ProShares Short 20+ Year Treasury) and SPTS (SPDR Portfolio Short Term Treasury ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while SPTS is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, TBF returned 2.68%/yr vs 1.66%/yr for SPTS. At a correlation of -0.49, they often move in opposite directions. TBF charges 0.94%/yr vs 0.03%/yr for SPTS.

Performance

TBF vs. SPTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) and SPDR Portfolio Short Term Treasury ETF (SPTS). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TBF achieves a 2.13% return, which is significantly higher than SPTS's 0.52% return. Over the past 10 years, TBF has outperformed SPTS with an annualized return of 2.68%, while SPTS has yielded a comparatively lower 1.66% annualized return.

TBF

1D
-0.24%
1M
-0.08%
YTD
2.13%
6M
3.96%
1Y
1.98%
3Y*
7.78%
5Y*
9.95%
10Y*
2.68%

SPTS

1D
0.07%
1M
0.08%
YTD
0.52%
6M
0.91%
1Y
3.31%
3Y*
4.20%
5Y*
1.83%
10Y*
1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBF vs. SPTS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TBF
ProShares Short 20+ Year Treasury		2.13%1.27%16.33%2.43%42.37%1.33%-19.35%-10.96%3.26%-8.46%
SPTS
SPDR Portfolio Short Term Treasury ETF		0.52%5.05%4.20%4.27%-3.86%-0.72%3.23%3.56%1.08%0.59%

Correlation

The correlation between TBF and SPTS is -0.62, 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

-0.62

Correlation (3Y)
Calculated over the trailing 3-year period

-0.60

Correlation (5Y)
Calculated over the trailing 5-year period

-0.59

Correlation (10Y)
Calculated over the trailing 10-year period

-0.57

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2011

-0.49

The correlation between TBF and SPTS shifts across timeframes, from -0.62 (1 year) to -0.49 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short 20+ Year Treasury

SPDR Portfolio Short Term Treasury ETF

Often compared with TBF:
TBF vs. TLTTBF vs. TTTTBF vs. TMVTBF vs. TLTWTBF vs. QQQTBF vs. UUPTBF vs. EDV
Often compared with SPTS:
SPTS vs. SGOVSPTS vs. BILSPTS vs. VGSHSPTS vs. SCHOSPTS vs. SHYSPTS vs. SPTISPTS vs. BSV

Return for Risk

TBF vs. SPTS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TBF
TBF Risk / Return Rank: 1212
Overall Rank
TBF Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
TBF Sortino Ratio Rank: 1111
Sortino Ratio Rank
TBF Omega Ratio Rank: 1111
Omega Ratio Rank
TBF Calmar Ratio Rank: 1212
Calmar Ratio Rank
TBF Martin Ratio Rank: 1212
Martin Ratio Rank
SPTS
SPTS Risk / Return Rank: 8383
Overall Rank
SPTS Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SPTS Sortino Ratio Rank: 9191
Sortino Ratio Rank
SPTS Omega Ratio Rank: 8787
Omega Ratio Rank
SPTS Calmar Ratio Rank: 7979
Calmar Ratio Rank
SPTS Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TBF vs. SPTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and SPDR Portfolio Short Term Treasury ETF (SPTS). 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.

TBFSPTSDifference
Sharpe ratioReturn per unit of total volatility
0.21
2.55

-2.34

Sortino ratioReturn per unit of downside risk
0.36
4.29

-3.92

Omega ratioGain probability vs. loss probability

1.04

1.53

-0.49

Calmar ratioReturn relative to maximum drawdown

0.28

3.96

-3.68

Martin ratioReturn relative to average drawdown

0.61

15.95

-15.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBF vs. SPTS - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.21, which is lower than the SPTS Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TBF and SPTS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

TBFSPTSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.21

2.55

-2.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.93

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.97

-0.79

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.21

0.49

-0.71

Drawdowns

TBF vs. SPTS - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, which is greater than SPTS's maximum drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for TBF and SPTS.

Loading charts...

Drawdown Indicators

TBFSPTSDifference

Max Drawdown

Largest peak-to-trough decline

-70.40%

-5.83%

-64.57%

Max Drawdown (1Y)

Largest decline over 1 year

-7.23%

-0.84%

-6.39%

Max Drawdown (3Y)

Largest decline over 3 years

-17.79%

-0.96%

-16.83%

Max Drawdown (5Y)

Largest decline over 5 years

-17.79%

-5.71%

-12.08%

Max Drawdown (10Y)

Largest decline over 10 years

-38.39%

-5.71%

-32.68%

Current Drawdown

Current decline from peak

-43.53%

-0.21%

-43.32%

Average Drawdown

Average peak-to-trough decline

-47.43%

-1.72%

-45.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

0.21%

+3.06%

Volatility

TBF vs. SPTS - Volatility Comparison

ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.77% compared to SPDR Portfolio Short Term Treasury ETF (SPTS) at 0.34%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than SPTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TBFSPTSDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.77%

0.34%

+2.43%

Volatility (6M)

Calculated over the trailing 6-month period

6.43%

0.86%

+5.57%

Volatility (1Y)

Calculated over the trailing 1-year period

9.63%

1.32%

+8.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.71%

1.98%

+13.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

1.72%

+12.79%

TBF vs. SPTS - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is higher than SPTS's 0.03% expense ratio.

Dividends

TBF vs. SPTS - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.85%, less than SPTS's 3.91% yield.

PositionTTM20252024202320222021202020192018201720162015
SPTS
SPDR Portfolio Short Term Treasury ETF		3.91%3.99%4.25%3.61%1.27%0.19%0.70%2.21%2.04%1.20%0.95%0.83%
TBF
ProShares Short 20+ Year Treasury		2.85%3.39%4.06%4.99%0.36%0.00%0.22%1.68%0.88%0.00%0.00%0.00%

Frequently Asked Questions

TBF and SPTS have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TBF has higher volatility (2.77%) compared to SPTS (0.34%). In terms of maximum drawdown, TBF dropped -70.40% vs SPTS's -5.83%.

On 10-year performance, TBF leads with 2.68% vs 1.66% for SPTS. On fees, SPTS is cheaper at 0.03% per year. On volatility, SPTS has been the lower-risk option at 0.34%. 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 2.68% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPTS is cheaper with a 0.03% expense ratio, compared with 0.94% for TBF.

SPTS has the higher dividend yield at 3.91%, compared with 2.85% for TBF.

TBF is categorized as Inverse Bonds, while SPTS is Government Bonds. TBF tracks U.S. Treasury 20+ Year Index (-100%), while SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.94% for TBF and 0.03% for SPTS.

SPTS currently has the higher Sharpe Ratio (2.55 vs 0.21), 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.

Portfolio Optimizer

Find the right allocation for TBF and SPTS

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