TBF vs. VGLT

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Short 20+ Year Treasury (TBF) and Vanguard Long-Term Treasury ETF (VGLT).

TBF and VGLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. VGLT is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Long Treasury Index. It was launched on Nov 19, 2009. Both TBF and VGLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TBF vs. VGLT - Performance Comparison

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

TBF vs. VGLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBF ProShares Short 20+ Year Treasury	1.01%	1.27%	16.33%	2.43%	42.37%	1.33%	-19.35%	-10.96%	3.26%	-8.46%
VGLT Vanguard Long-Term Treasury ETF	-0.14%	5.35%	-6.28%	3.27%	-29.34%	-4.98%	17.57%	14.30%	-1.54%	8.64%

Returns By Period

In the year-to-date period, TBF achieves a 1.01% return, which is significantly higher than VGLT's -0.14% return. Over the past 10 years, TBF has outperformed VGLT with an annualized return of 2.36%, while VGLT has yielded a comparatively lower -0.87% annualized return.

TBF

• 1D: 0.17%
• 1M: 3.85%
• YTD: 1.01%
• 6M: 3.77%
• 1Y: 6.81%
• 3Y*: 9.02%
• 5Y*: 9.20%
• 10Y*: 2.36%

VGLT

• 1D: -0.05%
• 1M: -3.18%
• YTD: -0.14%
• 6M: -0.79%
• 1Y: -0.40%
• 3Y*: -1.59%
• 5Y*: -4.89%
• 10Y*: -0.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBF vs. VGLT - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is higher than VGLT's 0.03% expense ratio.

TBF

ProShares Short 20+ Year Treasury

VGLT

Vanguard Long-Term Treasury ETF

Return for Risk

TBF vs. VGLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBF

TBF Risk / Return Rank: 28
TBF Sharpe Ratio Rank: 31
TBF Sortino Ratio Rank: 32
TBF Omega Ratio Rank: 26
TBF Calmar Ratio Rank: 29
TBF Martin Ratio Rank: 22

VGLT

VGLT Risk / Return Rank: 11
VGLT Sharpe Ratio Rank: 11
VGLT Sortino Ratio Rank: 10
VGLT Omega Ratio Rank: 10
VGLT Calmar Ratio Rank: 13
VGLT Martin Ratio Rank: 13

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. 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.

	TBF	VGLT	Difference
Sharpe ratio Return per unit of total volatility	0.62	-0.04	+0.66
Sortino ratio Return per unit of downside risk	1.00	0.02	+0.98
Omega ratio Gain probability vs. loss probability	1.11	1.00	+0.11
Calmar ratio Return relative to maximum drawdown	0.72	0.04	+0.68
Martin ratio Return relative to average drawdown	1.45	0.09	+1.36
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. VGLT - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.62, which is higher than the VGLT Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of TBF and VGLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TBF	VGLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	-0.04	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.34	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	-0.06	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	0.19	-0.41

Correlation

The correlation between TBF and VGLT is -0.98. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TBF vs. VGLT - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.88%, less than VGLT's 4.54% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBF ProShares Short 20+ Year Treasury	2.88%	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	4.54%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%

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.

Drawdown Indicators

	TBF	VGLT	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-46.18%	-24.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-8.48%	+0.37%
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 Drawdown Current decline from peak	-44.16%	-36.66%	-7.50%
Average Drawdown Average peak-to-trough decline	-47.47%	-14.83%	-32.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	3.86%	+0.18%

Volatility

TBF vs. VGLT - Volatility Comparison

ProShares Short 20+ Year Treasury (TBF) and Vanguard Long-Term Treasury ETF (VGLT) have volatilities of 3.61% and 3.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBF	VGLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	3.45%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	6.00%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	10.32%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	14.59%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.54%	13.84%	+0.70%