TBT vs. CGMS
TBT (ProShares UltraShort 20+ Year Treasury) and CGMS (Capital Group U.S. Multi-Sector Income ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while CGMS is a Multisector Bonds fund actively managed by Capital Group. TBT is passively managed, while CGMS is actively managed. Over the past 3 years, TBT returned 10.40%/yr vs 7.42%/yr for CGMS. Their -0.70 correlation means they have often moved in opposite directions in the past. TBT charges 0.93%/yr vs 0.39%/yr for CGMS.
Performance
TBT vs. CGMS - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 11.24% return, which is significantly higher than CGMS's 1.10% return.
TBT
- 1D
- 1.34%
- 1M
- 8.74%
- 6M
- 10.70%
- YTD
- 11.24%
- 1Y
- 12.71%
- 3Y*
- 10.40%
- 5Y*
- 20.76%
- 10Y*
- 3.87%
- ALL TIME*
- -9.28%
CGMS
- 1D
- -0.11%
- 1M
- -0.81%
- 6M
- 0.59%
- YTD
- 1.10%
- 1Y
- 3.97%
- 3Y*
- 7.42%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $34.85M | $28.44M | $28.60M | |
| $10.97M | $11.74M | $17.37M |
TBT vs. CGMS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 11.24% | -1.45% | 27.66% | -2.42% | -8.37% |
CGMS Capital Group U.S. Multi-Sector Income ETF | 1.10% | 7.52% | 7.24% | 11.51% | 2.77% |
Correlation
The correlation between TBT and CGMS is -0.72, 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. | -0.72 |
Correlation (3Y) Balances recent behavior with more history. | -0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022 | -0.70 |
The correlation between TBT and CGMS has been stable across timeframes, ranging from -0.72 to -0.70 - a consistent structural relationship.
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Return for Risk
TBT vs. CGMS — Risk / Return Rank
TBT
CGMS
TBT vs. CGMS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and Capital Group U.S. Multi-Sector Income ETF (CGMS). 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 | CGMS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.23 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.78 | -1.06 |
| Martin ratioReturn relative to average drawdown | 1.51 | 7.52 | -6.01 |
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Drawdowns
TBT vs. CGMS - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than CGMS's maximum drawdown of -4.08%. Use the drawdown chart below to compare losses from any high point for TBT and CGMS.
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Drawdown Indicators
| TBT | CGMS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -4.08% | -90.91% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -2.47% | -10.76% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -4.08% | -29.75% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | — | — |
Current DrawdownCurrent decline from peak | -84.50% | -0.88% | -83.62% |
Average DrawdownAverage peak-to-trough decline | -77.38% | -0.66% | -76.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.33% | 0.59% | +5.74% |
Volatility
TBT vs. CGMS - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.28% compared to Capital Group U.S. Multi-Sector Income ETF (CGMS) at 0.82%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than CGMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | CGMS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 0.82% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 2.85% | +11.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 3.49% | +15.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.19% | 5.07% | +26.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.66% | 5.07% | +23.59% |
TBT vs. CGMS - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than CGMS's 0.39% expense ratio.
Dividends
TBT vs. CGMS - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.52%, less than CGMS's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGMS Capital Group U.S. Multi-Sector Income ETF | 6.11% | 6.00% | 5.91% | 5.84% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% |
TBT ProShares UltraShort 20+ Year Treasury | 2.52% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
TBT and CGMS have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.28%) compared to CGMS (0.82%). In terms of maximum drawdown, TBT dropped -94.99% vs CGMS's -4.08%.
On 3-year performance, TBT leads with 10.40% vs 7.42% for CGMS. On fees, CGMS is cheaper at 0.39% per year. On volatility, CGMS has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TBT has performed better with a 10.40% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGMS is cheaper with a 0.39% expense ratio, compared with 0.93% for TBT.
CGMS has the higher dividend yield at 6.11%, compared with 2.52% for TBT.
TBT is categorized as Inverse Bonds, while CGMS is Multisector Bonds. They also come from different issuers: ProShares and Capital Group. Their fees differ too: 0.93% for TBT and 0.39% for CGMS.
CGMS currently has the higher Sharpe Ratio (1.26 vs 0.50), 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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