TBF vs. VOO
TBF (ProShares Short 20+ Year Treasury) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TBF returned 3.54%/yr vs 15.37%/yr for VOO. Their 0.22 correlation means their historical movements had little consistent relationship. TBF charges 0.94%/yr vs 0.03%/yr for VOO.
Performance
TBF vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 5.49% return, which is significantly lower than VOO's 13.74% return. Over the past 10 years, TBF has underperformed VOO with an annualized return of 3.54%, while VOO has yielded a comparatively higher 15.37% annualized return.
TBF
- 1D
- -0.83%
- 1M
- 3.45%
- 6M
- 4.84%
- YTD
- 5.49%
- 1Y
- 7.11%
- 3Y*
- 6.83%
- 5Y*
- 12.46%
- 10Y*
- 3.54%
- ALL TIME*
- -2.93%
VOO
- 1D
- 1.81%
- 1M
- 3.52%
- 6M
- 12.48%
- YTD
- 13.74%
- 1Y
- 23.65%
- 3Y*
- 21.57%
- 5Y*
- 13.38%
- 10Y*
- 15.37%
- ALL TIME*
- 15.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.97M | $3.89M | $5.31M | |
| $4.15B | $3.84B | $5.49B |
TBF vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 5.49% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
VOO Vanguard S&P 500 ETF | 13.74% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between TBF and VOO is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.22 |
The correlation between TBF and VOO shifts across timeframes, from -0.25 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBF vs. VOO — Risk / Return Rank
TBF
VOO
TBF vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.33 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 2.67 | -1.57 |
| Martin ratioReturn relative to average drawdown | 2.47 | 11.40 | -8.93 |
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Drawdowns
TBF vs. VOO - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TBF and VOO.
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Drawdown Indicators
| TBF | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -33.99% | -36.41% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -8.90% | +2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -18.69% | +0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -24.52% | +6.73% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -33.99% | -4.40% |
Current DrawdownCurrent decline from peak | -41.68% | 0.00% | -41.68% |
Average DrawdownAverage peak-to-trough decline | -47.38% | -3.67% | -43.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.08% | +0.80% |
Volatility
TBF vs. VOO - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.70%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.11%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 4.11% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 10.31% | -3.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 12.89% | -3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.61% | 16.96% | -1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.45% | 18.03% | -3.58% |
TBF vs. VOO - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
TBF vs. VOO - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.69%, more than VOO's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.69% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.04% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
TBF and VOO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (4.11%) compared to TBF (2.70%). In terms of maximum drawdown, TBF dropped -70.40% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.37% vs 3.54% for TBF. On fees, VOO is cheaper at 0.03% per year. On volatility, TBF has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.37% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.94% for TBF.
TBF has the higher dividend yield at 2.69%, compared with 1.04% for VOO.
TBF is categorized as Inverse Bonds, while VOO is S&P 500. TBF tracks U.S. Treasury 20+ Year Index (-100%), while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.94% for TBF and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.86 vs 0.78), 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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