TBT vs. AGNC

Last updated Jun 24, 2026

TBT (ProShares UltraShort 20+ Year Treasury) is Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while AGNC (AGNC Investment Corp.) is a stock. Over the past 10 years, TBT returned 2.32%/yr vs 6.26%/yr for AGNC. At a correlation of -0.04, they often move in opposite directions.

Performance

TBT vs. AGNC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) and AGNC Investment Corp. (AGNC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than AGNC's 2.94% return. Over the past 10 years, TBT has underperformed AGNC with an annualized return of 2.32%, while AGNC has yielded a comparatively higher 6.26% annualized return.

TBT

• 1D: -0.51%
• 1M: -4.25%
• YTD: 1.05%
• 6M: 2.51%
• 1Y: -0.72%
• 3Y*: 10.52%
• 5Y*: 16.22%
• 10Y*: 2.32%

AGNC

• 1D: 0.58%
• 1M: 3.43%
• YTD: 2.94%
• 6M: 3.70%
• 1Y: 30.57%
• 3Y*: 17.81%
• 5Y*: 3.81%
• 10Y*: 6.26%

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

TBT vs. AGNC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBT ProShares UltraShort 20+ Year Treasury	1.05%	-1.45%	27.66%	-2.42%	93.29%	2.86%	-37.93%	-22.90%	4.98%	-17.25%
AGNC AGNC Investment Corp.	2.94%	34.92%	8.90%	10.14%	-21.65%	5.20%	-1.78%	13.31%	-2.46%	23.73%

Correlation

The correlation between TBT and AGNC is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (5Y) Calculated over the trailing 5-year period	-0.24
Correlation (10Y) Calculated over the trailing 10-year period	-0.14
Correlation (All Time) Calculated using the full available price history since May 15, 2008	-0.04

Over the past year, the inverse relationship between TBT and AGNC has strengthened: their correlation has moved from -0.04 to -0.34, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

TBT vs. AGNC — Risk / Return Rank

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

TBT

TBT Risk / Return Rank: 8
TBT Sharpe Ratio Rank: 8
TBT Sortino Ratio Rank: 8
TBT Omega Ratio Rank: 8
TBT Calmar Ratio Rank: 8
TBT Martin Ratio Rank: 8

AGNC

AGNC Risk / Return Rank: 77
AGNC Sharpe Ratio Rank: 83
AGNC Sortino Ratio Rank: 79
AGNC Omega Ratio Rank: 77
AGNC Calmar Ratio Rank: 71
AGNC Martin Ratio Rank: 75

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.

TBT vs. AGNC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and AGNC Investment Corp. (AGNC). 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.

	TBT	AGNC	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.57	-1.61
Sortino ratio: Return per unit of downside risk	0.08	2.17	-2.09
Omega ratio: Gain probability vs. loss probability	1.01	1.27	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.05	1.64	-1.69
Martin ratio: Return relative to average drawdown	-0.10	4.64	-4.74

TBT vs. AGNC - Sharpe Ratio Comparison

The current TBT Sharpe Ratio is -0.04, which is lower than the AGNC Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of TBT and AGNC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBT vs. AGNC - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, which is greater than AGNC's maximum drawdown of -54.56%. Use the drawdown chart below to compare losses from any high point for TBT and AGNC.

Drawdown Indicators

	TBT	AGNC	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-54.56%	-40.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-18.71%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-31.04%	-2.79%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-50.65%	+16.82%
Max Drawdown (10Y) Largest decline over 10 years	-65.09%	-54.56%	-10.53%
Current Drawdown Current decline from peak	-85.92%	-9.33%	-76.59%
Average Drawdown Average peak-to-trough decline	-77.34%	-13.55%	-63.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	6.60%	+0.95%

Volatility

TBT vs. AGNC - Volatility Comparison

The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while AGNC Investment Corp. (AGNC) has a volatility of 5.46%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than AGNC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBT	AGNC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	5.46%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	16.21%	-2.72%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	19.57%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.32%	25.73%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.75%	25.42%	+3.33%

Dividends

TBT vs. AGNC - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 2.95%, less than AGNC's 13.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGNC AGNC Investment Corp.	13.79%	13.43%	15.64%	14.68%	13.91%	9.57%	10.00%	11.31%	12.31%	10.70%	12.69%	14.30%
TBT ProShares UltraShort 20+ Year Treasury	2.95%	3.21%	4.64%	4.98%	0.42%	0.00%	0.32%	2.12%	0.99%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBT and AGNC in my portfolio?

TBT and AGNC have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBT or AGNC?

AGNC has higher volatility (5.46%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs AGNC's -54.56%.

Which has better risk-adjusted returns?

AGNC currently has the higher Sharpe Ratio (1.57 vs -0.04), 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.