TBF vs. VGLT
TBF (ProShares Short 20+ Year Treasury) and VGLT (Vanguard Long-Term Treasury ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 10 years, TBF returned 3.52%/yr vs -1.63%/yr for VGLT. Their -0.98 correlation means they have often moved in opposite directions in the past. TBF charges 0.94%/yr vs 0.03%/yr for VGLT.
Performance
TBF vs. VGLT - 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 VGLT's -1.98% return. Over the past 10 years, TBF has outperformed VGLT with an annualized return of 3.52%, while VGLT has yielded a comparatively lower -1.63% 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%
VGLT
- 1D
- 0.17%
- 1M
- -2.13%
- 6M
- -1.56%
- YTD
- -1.98%
- 1Y
- -0.89%
- 3Y*
- 0.27%
- 5Y*
- -6.65%
- 10Y*
- -1.63%
- ALL TIME*
- 2.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.03M | $3.82M | $5.32M | |
| $107.06M | $103.64M | $108.85M |
TBF vs. VGLT - 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% |
VGLT Vanguard Long-Term Treasury ETF | -1.98% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
Correlation
The correlation between TBF and VGLT is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | -0.98 |
The correlation between TBF and VGLT has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
TBF vs. VGLT — Risk / Return Rank
TBF
VGLT
TBF vs. VGLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and Vanguard Long-Term Treasury ETF (VGLT). 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 | VGLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.99 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.13 | +1.26 |
| Martin ratioReturn relative to average drawdown | 2.57 | -0.27 | +2.84 |
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Drawdowns
TBF vs. VGLT - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than VGLT's maximum drawdown of -46.18%. Use the drawdown chart below to compare losses from any high point for TBF and VGLT.
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Drawdown Indicators
| TBF | VGLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -46.18% | -24.22% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -7.03% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -13.38% | -4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -40.98% | +23.19% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -46.18% | +7.79% |
Current DrawdownCurrent decline from peak | -41.77% | -37.83% | -3.94% |
Average DrawdownAverage peak-to-trough decline | -47.37% | -15.28% | -32.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 3.26% | -0.38% |
Volatility
TBF vs. VGLT - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.56% compared to Vanguard Long-Term Treasury ETF (VGLT) at 2.32%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than VGLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | VGLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 2.32% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 6.36% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 8.41% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 14.46% | +1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 13.74% | +0.70% |
TBF vs. VGLT - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than VGLT's 0.03% expense ratio.
Dividends
TBF vs. VGLT - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.70%, less than VGLT's 4.74% 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% |
VGLT Vanguard Long-Term Treasury ETF | 4.74% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
TBF and VGLT have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.56%) compared to VGLT (2.32%). In terms of maximum drawdown, TBF dropped -70.40% vs VGLT's -46.18%.
On 10-year performance, TBF leads with 3.52% vs -1.63% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.32%. 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 -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.94% for TBF.
VGLT has the higher dividend yield at 4.74%, compared with 2.70% for TBF.
TBF is categorized as Inverse Bonds, while VGLT is Government Bonds. TBF tracks U.S. Treasury 20+ Year Index (-100%), while VGLT tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.94% for TBF and 0.03% for VGLT.
TBF currently has the higher Sharpe Ratio (0.81 vs -0.11), 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.
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