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 2.77%/yr vs -1.10%/yr for VGLT. At a correlation of -0.98, they often move in opposite directions. 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 2.38% return, which is significantly higher than VGLT's -0.41% return. Over the past 10 years, TBF has outperformed VGLT with an annualized return of 2.77%, while VGLT has yielded a comparatively lower -1.10% annualized return.
TBF
- 1D
- 0.49%
- 1M
- -0.32%
- YTD
- 2.38%
- 6M
- 4.57%
- 1Y
- 0.68%
- 3Y*
- 7.99%
- 5Y*
- 10.00%
- 10Y*
- 2.77%
VGLT
- 1D
- -0.40%
- 1M
- 0.71%
- YTD
- -0.41%
- 6M
- -1.68%
- 1Y
- 5.25%
- 3Y*
- -0.72%
- 5Y*
- -5.30%
- 10Y*
- -1.10%
TBF vs. VGLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.38% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
VGLT Vanguard Long-Term Treasury ETF | -0.41% | 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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
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 Nov 25, 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.
| TBF | VGLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.10 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 0.75 | -0.66 |
| Martin ratioReturn relative to average drawdown | 0.21 | 1.96 | -1.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBF | VGLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | 0.59 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | -0.37 | +1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | -0.08 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | 0.19 | -0.40 |
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 | -7.23% | -7.01% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -17.68% | -0.11% |
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 | -43.40% | -36.83% | -6.57% |
Average DrawdownAverage peak-to-trough decline | -47.43% | -15.06% | -32.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.68% | +0.59% |
Volatility
TBF vs. VGLT - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.80% compared to Vanguard Long-Term Treasury ETF (VGLT) at 2.59%. 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 | 2.80% | 2.59% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.42% | 5.94% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.63% | 8.88% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.72% | 14.58% | +1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.52% | 13.81% | +0.71% |
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 2.84%, less than VGLT's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.84% | 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 | 4.61% | 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 (2.80%) compared to VGLT (2.59%). In terms of maximum drawdown, TBF dropped -70.40% vs VGLT's -46.18%.
On 10-year performance, TBF leads with 2.77% vs -1.10% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.59%. 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 2.77% return vs -1.10%. 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 4.61%, compared with 2.84% 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.
VGLT currently has the higher Sharpe Ratio (0.59 vs 0.07), 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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