TBF vs. TBT
TBF (ProShares Short 20+ Year Treasury) and TBT (ProShares UltraShort 20+ Year Treasury) are both Inverse Bonds funds from ProShares - TBF tracks the U.S. Treasury 20+ Year Index (-100%) while TBT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TBF returned 2.89%/yr vs 2.32%/yr for TBT. With a 0.99 correlation, they move nearly in lockstep. TBF charges 0.94%/yr vs 0.93%/yr for TBT.
Performance
TBF vs. TBT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBF achieves a 1.51% return, which is significantly higher than TBT's 1.05% return. Over the past 10 years, TBF has outperformed TBT with an annualized return of 2.89%, while TBT has yielded a comparatively lower 2.32% annualized return.
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
TBF vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 1.51% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between TBF and TBT is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2009 | 0.99 |
The correlation between TBF and TBT has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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. TBT — Risk / Return Rank
TBF
TBT
TBF vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.01 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | -0.05 | +0.28 |
| Martin ratioReturn relative to average drawdown | 0.50 | -0.10 | +0.59 |
Loading charts...
Drawdowns
TBF vs. TBT - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TBF and TBT.
Loading charts...
Drawdown Indicators
| TBF | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -94.99% | +24.59% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -14.89% | +7.66% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -33.83% | +16.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -33.83% | +16.04% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -65.09% | +26.70% |
Current DrawdownCurrent decline from peak | -43.88% | -85.92% | +42.04% |
Average DrawdownAverage peak-to-trough decline | -47.41% | -77.34% | +29.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 7.55% | -4.24% |
Volatility
TBF vs. TBT - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.20%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 4.53%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBF | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 4.53% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 13.49% | -6.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.29% | 19.19% | -9.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 31.32% | -15.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 28.75% | -14.25% |
TBF vs. TBT - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
TBF vs. TBT - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.86%, less than TBT's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
With a correlation of 0.98, TBF and TBT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TBT has higher volatility (4.53%) compared to TBF (2.20%). In terms of maximum drawdown, TBF dropped -70.40% vs TBT's -94.99%.
On 10-year performance, TBF leads with 2.89% vs 2.32% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, TBF has been the lower-risk option at 2.20%. 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 2.89% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.94% for TBF.
TBT has the higher dividend yield at 2.95%, compared with 2.86% for TBF.
TBF tracks U.S. Treasury 20+ Year Index (-100%), while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.94% for TBF and 0.93% for TBT.
TBF currently has the higher Sharpe Ratio (0.18 vs -0.04), 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 TBT
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