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TBF vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBF vs. UVXY

Last updated Jun 5, 2026

TBF (ProShares Short 20+ Year Treasury) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, TBF returned 2.68%/yr vs -72.73%/yr for UVXY. At a correlation of -0.21, they often move in opposite directions. TBF charges 0.94%/yr vs 0.95%/yr for UVXY.

Performance

TBF vs. UVXY - Performance Comparison

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

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Returns By Period

In the year-to-date period, TBF achieves a 2.13% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, TBF has outperformed UVXY with an annualized return of 2.68%, while UVXY has yielded a comparatively lower -72.73% 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%

UVXY

1D
-4.95%
1M
-26.21%
YTD
-23.07%
6M
-39.47%
1Y
-74.10%
3Y*
-64.78%
5Y*
-68.23%
10Y*
-72.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBF vs. UVXY - 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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-23.07%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between TBF and UVXY is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.10

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

0.10

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

0.01

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

-0.10

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.21

The correlation between TBF and UVXY shifts across timeframes, from -0.21 (all time) to 0.10 (3 years), reflecting how their relationship changes across market environments.

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ProShares Short 20+ Year Treasury

ProShares Ultra VIX Short-Term Futures ETF

Often compared with TBF:
TBF vs. TLTTBF vs. TTTTBF vs. TMVTBF vs. TLTWTBF vs. QQQTBF vs. UUPTBF vs. EDV
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

TBF vs. UVXY — 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
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 00
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

TBFUVXYDifference
Sharpe ratioReturn per unit of total volatility
0.21
-0.88

+1.09

Sortino ratioReturn per unit of downside risk
0.36
-1.67

+2.03

Omega ratioGain probability vs. loss probability

1.04

0.81

+0.23

Calmar ratioReturn relative to maximum drawdown

0.28

-0.97

+1.25

Martin ratioReturn relative to average drawdown

0.61

-1.33

+1.93

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. UVXY - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.21, which is higher than the UVXY Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of TBF and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TBFUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.21

-0.88

+1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

-0.66

+1.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

-0.64

+0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.21

-0.68

+0.46

Drawdowns

TBF vs. UVXY - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TBF and UVXY.

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Drawdown Indicators

TBFUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-70.40%

-100.00%

+29.60%

Max Drawdown (1Y)

Largest decline over 1 year

-7.23%

-76.19%

+68.96%

Max Drawdown (3Y)

Largest decline over 3 years

-17.79%

-95.25%

+77.46%

Max Drawdown (5Y)

Largest decline over 5 years

-17.79%

-99.69%

+81.90%

Max Drawdown (10Y)

Largest decline over 10 years

-38.39%

-100.00%

+61.61%

Current Drawdown

Current decline from peak

-43.53%

-100.00%

+56.47%

Average Drawdown

Average peak-to-trough decline

-47.43%

-98.55%

+51.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

55.83%

-52.56%

Volatility

TBF vs. UVXY - Volatility Comparison

The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.77%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TBFUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.77%

12.26%

-9.49%

Volatility (6M)

Calculated over the trailing 6-month period

6.43%

62.79%

-56.36%

Volatility (1Y)

Calculated over the trailing 1-year period

9.63%

84.51%

-74.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.71%

103.82%

-88.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

113.81%

-99.30%

TBF vs. UVXY - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

TBF vs. UVXY - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.85%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
TBF
ProShares Short 20+ Year Treasury		2.85%3.39%4.06%4.99%0.36%0.00%0.22%1.68%0.88%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TBF and UVXY have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (12.26%) compared to TBF (2.77%). In terms of maximum drawdown, TBF dropped -70.40% vs UVXY's -100.00%.

On 10-year performance, TBF leads with 2.68% vs -72.73% for UVXY. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.77%. 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 -72.73%. 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 UVXY.

TBF has the higher dividend yield at 2.85%, compared with 0.00% for UVXY.

TBF is categorized as Inverse Bonds, while UVXY is Volatility. TBF tracks U.S. Treasury 20+ Year Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.94% for TBF and 0.95% for UVXY.

TBF currently has the higher Sharpe Ratio (0.21 vs -0.88), 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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