TBF vs. TQQQ
TBF (ProShares Short 20+ Year Treasury) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while TQQQ 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 40.49%/yr for TQQQ. Their 0.18 correlation means their historical movements had little consistent relationship. TBF charges 0.94%/yr vs 0.95%/yr for TQQQ.
Performance
TBF vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 5.32% return, which is significantly lower than TQQQ's 38.71% return. Over the past 10 years, TBF has underperformed TQQQ with an annualized return of 3.52%, while TQQQ has yielded a comparatively higher 40.49% 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%
TQQQ
- 1D
- -2.65%
- 1M
- -4.68%
- 6M
- 46.96%
- YTD
- 38.71%
- 1Y
- 71.21%
- 3Y*
- 54.16%
- 5Y*
- 17.51%
- 10Y*
- 40.49%
- ALL TIME*
- 43.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.03M | $3.82M | $5.32M | |
| $5.00B | $4.56B | $5.34B |
TBF vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 38.71% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between TBF and TQQQ is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 TQQQ shifts across timeframes, from -0.18 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBF vs. TQQQ — Risk / Return Rank
TBF
TQQQ
TBF vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.94 | -0.80 |
| Martin ratioReturn relative to average drawdown | 2.57 | 5.34 | -2.77 |
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Drawdowns
TBF vs. TQQQ - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TBF and TQQQ.
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Drawdown Indicators
| TBF | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -81.66% | +11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -36.97% | +30.45% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -58.04% | +40.25% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -81.66% | +63.87% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -81.66% | +43.27% |
Current DrawdownCurrent decline from peak | -41.77% | -16.29% | -25.48% |
Average DrawdownAverage peak-to-trough decline | -47.37% | -18.49% | -28.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 13.38% | -10.50% |
Volatility
TBF vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.56%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 21.96%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 21.96% | -19.40% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 48.60% | -41.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 58.14% | -49.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 68.26% | -52.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 66.67% | -52.23% |
TBF vs. TQQQ - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is lower than TQQQ's 0.95% expense ratio.
Dividends
TBF vs. TQQQ - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.70%, more than TQQQ's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.52% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
TBF and TQQQ 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.
TQQQ has higher volatility (21.96%) compared to TBF (2.56%). In terms of maximum drawdown, TBF dropped -70.40% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 40.49% vs 3.52% for TBF. 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, TQQQ has performed better with a 40.49% return vs 3.52%. 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 TQQQ.
TBF has the higher dividend yield at 2.70%, compared with 0.52% for TQQQ.
TBF is categorized as Inverse Bonds, while TQQQ is Leveraged Equities. TBF tracks U.S. Treasury 20+ Year Index (-100%), while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.94% for TBF and 0.95% for TQQQ.
TQQQ currently has the higher Sharpe Ratio (1.23 vs 0.81), 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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