TBF vs. SQQQ
TBF (ProShares Short 20+ Year Treasury) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, TBF returned 3.52%/yr vs -54.86%/yr for SQQQ. Their -0.18 correlation means they have often moved in opposite directions in the past. TBF charges 0.94%/yr vs 0.95%/yr for SQQQ.
Performance
TBF vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 5.32% return, which is significantly higher than SQQQ's -42.75% return. Over the past 10 years, TBF has outperformed SQQQ with an annualized return of 3.52%, while SQQQ has yielded a comparatively lower -54.86% annualized return.
TBF
- 1D
- -0.16%
- 1M
- 2.99%
- 6M
- 4.48%
- YTD
- 5.32%
- 1Y
- 7.38%
- 3Y*
- 6.77%
- 5Y*
- 12.07%
- 10Y*
- 3.52%
- ALL TIME*
- -2.94%
SQQQ
- 1D
- 2.76%
- 1M
- 0.03%
- 6M
- -45.14%
- YTD
- -42.75%
- 1Y
- -56.74%
- 3Y*
- -53.34%
- 5Y*
- -45.60%
- 10Y*
- -54.86%
- ALL TIME*
- -53.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.94B | $2.46B | $2.70B | |
| $5.03M | $3.82M | $5.32M |
TBF vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 5.32% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
SQQQ ProShares UltraPro Short QQQ | -42.75% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between TBF and SQQQ is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.18 |
The correlation between TBF and SQQQ shifts across timeframes, from -0.18 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBF vs. SQQQ — Risk / Return Rank
TBF
SQQQ
TBF vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.83 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.96 | +2.09 |
| Martin ratioReturn relative to average drawdown | 2.57 | -1.71 | +4.28 |
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Drawdowns
TBF vs. SQQQ - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TBF and SQQQ.
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Drawdown Indicators
| TBF | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -100.00% | +29.60% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -59.39% | +52.87% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -92.51% | +74.72% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -97.27% | +79.48% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -99.97% | +61.58% |
Current DrawdownCurrent decline from peak | -41.77% | -100.00% | +58.23% |
Average DrawdownAverage peak-to-trough decline | -47.37% | -92.78% | +45.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 33.73% | -30.85% |
Volatility
TBF vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.56%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.81%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 22.81% | -20.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 49.10% | -42.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 58.50% | -49.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 68.39% | -52.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 66.84% | -52.40% |
TBF vs. SQQQ - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
TBF vs. SQQQ - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.70%, less than SQQQ's 10.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.43% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
TBF ProShares Short 20+ Year Treasury | 2.70% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% |
Frequently Asked Questions
TBF and SQQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.81%) compared to TBF (2.56%). In terms of maximum drawdown, TBF dropped -70.40% vs SQQQ's -100.00%.
On 10-year performance, TBF leads with 3.52% vs -54.86% for SQQQ. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.56%. 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 3.52% return vs -54.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBF is cheaper with a 0.94% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 10.43%, compared with 2.70% for TBF.
TBF is categorized as Inverse Bonds, while SQQQ is Leveraged Equities. TBF tracks U.S. Treasury 20+ Year Index (-100%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.94% for TBF and 0.95% for SQQQ.
TBF currently has the higher Sharpe Ratio (0.81 vs -0.97), 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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