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 3.04%/yr vs -56.54%/yr for SQQQ. At a correlation of -0.18, they often move in opposite directions. TBF charges 0.94%/yr vs 0.95%/yr for SQQQ.
Performance
TBF vs. SQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBF achieves a 0.30% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, TBF has outperformed SQQQ with an annualized return of 3.04%, while SQQQ has yielded a comparatively lower -56.54% annualized return.
TBF
- 1D
- 0.08%
- 1M
- -2.59%
- YTD
- 0.30%
- 6M
- 1.41%
- 1Y
- 1.08%
- 3Y*
- 7.54%
- 5Y*
- 9.96%
- 10Y*
- 3.04%
SQQQ
- 1D
- -2.42%
- 1M
- 2.09%
- YTD
- -40.98%
- 6M
- -38.01%
- 1Y
- -59.41%
- 3Y*
- -54.63%
- 5Y*
- -47.03%
- 10Y*
- -56.54%
TBF vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 0.30% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
SQQQ ProShares UltraPro Short QQQ | -40.98% | -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 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
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 0.16 (1 year), 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.
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 | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.79 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.96 | +1.11 |
| Martin ratioReturn relative to average drawdown | 0.32 | -1.84 | +2.17 |
Loading charts...
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.
Loading charts...
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 | -7.23% | -62.23% | +55.00% |
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% | -99.98% | +61.59% |
Current DrawdownCurrent decline from peak | -44.55% | -100.00% | +55.45% |
Average DrawdownAverage peak-to-trough decline | -47.41% | -92.73% | +45.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 33.76% | -30.42% |
Volatility
TBF vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.46%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. 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.
Loading charts...
Volatility by Period
| TBF | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 26.22% | -23.76% |
Volatility (6M)Calculated over the trailing 6-month period | 6.63% | 43.25% | -36.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 53.47% | -44.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 67.54% | -51.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 66.45% | -51.95% |
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 2.83%, less than SQQQ's 10.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.12% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
TBF ProShares Short 20+ Year Treasury | 2.83% | 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 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.22%) compared to TBF (2.46%). In terms of maximum drawdown, TBF dropped -70.40% vs SQQQ's -100.00%.
On 10-year performance, TBF leads with 3.04% vs -56.54% for SQQQ. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.46%. 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 3.04% return vs -56.54%. 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 10.12%, compared with 2.83% 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 (0.12 vs -1.11), 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.
Find the right allocation for TBF and SQQQ
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