TBT vs. HFSI

Last updated Jun 24, 2026

TBT (ProShares UltraShort 20+ Year Treasury) and HFSI (Hartford Strategic Income ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while HFSI is a Multisector Bonds fund actively managed by Hartford. TBT is passively managed, while HFSI is actively managed. Over the past 3 years, TBT returned 10.52%/yr vs 8.17%/yr for HFSI. At a correlation of -0.72, they often move in opposite directions. TBT charges 0.93%/yr vs 0.49%/yr for HFSI.

Performance

TBT vs. HFSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) and Hartford Strategic Income ETF (HFSI). 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 HFSI's 1.45% 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%

HFSI

• 1D: -0.02%
• 1M: 0.82%
• YTD: 1.45%
• 6M: 1.51%
• 1Y: 7.10%
• 3Y*: 8.17%
• 5Y*: —
• 10Y*: —

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

TBT vs. HFSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBT ProShares UltraShort 20+ Year Treasury	1.05%	-1.45%	27.66%	-2.42%	93.29%	0.36%
HFSI Hartford Strategic Income ETF	1.45%	9.56%	7.91%	9.91%	-12.60%	-1.24%

Correlation

The correlation between TBT and HFSI is -0.78, 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	-0.78
Correlation (3Y) Calculated over the trailing 3-year period	-0.81
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	-0.72

The correlation between TBT and HFSI has been stable across timeframes, ranging from -0.81 to -0.72 - a consistent structural relationship.

Return for Risk

TBT vs. HFSI — 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

HFSI

HFSI Risk / Return Rank: 61
HFSI Sharpe Ratio Rank: 65
HFSI Sortino Ratio Rank: 69
HFSI Omega Ratio Rank: 68
HFSI Calmar Ratio Rank: 49
HFSI Martin Ratio Rank: 55

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. HFSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and Hartford Strategic Income ETF (HFSI). 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	HFSI	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	2.02	-2.05
Sortino ratio: Return per unit of downside risk	0.08	2.97	-2.89
Omega ratio: Gain probability vs. loss probability	1.01	1.38	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.05	2.33	-2.38
Martin ratio: Return relative to average drawdown	-0.10	9.30	-9.40

TBT vs. HFSI - Sharpe Ratio Comparison

The current TBT Sharpe Ratio is -0.04, which is lower than the HFSI Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of TBT and HFSI, 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. HFSI - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, which is greater than HFSI's maximum drawdown of -19.34%. Use the drawdown chart below to compare losses from any high point for TBT and HFSI.

Drawdown Indicators

	TBT	HFSI	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-19.34%	-75.65%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-3.06%	-11.83%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-5.11%	-28.72%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-65.09%	—	—
Current Drawdown Current decline from peak	-85.92%	-0.37%	-85.55%
Average Drawdown Average peak-to-trough decline	-77.34%	-5.66%	-71.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	0.76%	+6.79%

Volatility

TBT vs. HFSI - Volatility Comparison

ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to Hartford Strategic Income ETF (HFSI) at 1.04%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than HFSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBT	HFSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	1.04%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	2.63%	+10.86%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	3.57%	+15.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.32%	4.96%	+26.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.75%	4.96%	+23.79%

TBT vs. HFSI - Expense Ratio Comparison

TBT has a 0.93% expense ratio, which is higher than HFSI's 0.49% expense ratio.

Dividends

TBT vs. HFSI - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 2.95%, less than HFSI's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HFSI Hartford Strategic Income ETF	5.54%	5.67%	6.51%	5.77%	4.87%	0.71%	0.00%	0.00%	0.00%
TBT ProShares UltraShort 20+ Year Treasury	2.95%	3.21%	4.64%	4.98%	0.42%	0.00%	0.32%	2.12%	0.99%

Frequently Asked Questions

Can I hold both TBT and HFSI in my portfolio?

TBT and HFSI have a correlation of -0.78, 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 HFSI?

TBT has higher volatility (4.53%) compared to HFSI (1.04%). In terms of maximum drawdown, TBT dropped -94.99% vs HFSI's -19.34%.

Which ETF is better, TBT or HFSI?

On 3-year performance, TBT leads with 10.52% vs 8.17% for HFSI. On fees, HFSI is cheaper at 0.49% per year. On volatility, HFSI has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBT or HFSI?

Over the 3-year period, TBT has performed better with a 10.52% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBT or HFSI?

HFSI is cheaper with a 0.49% expense ratio, compared with 0.93% for TBT.

Which ETF pays a higher dividend yield, TBT or HFSI?

HFSI has the higher dividend yield at 5.54%, compared with 2.95% for TBT.

What is the main difference between TBT and HFSI?

TBT is categorized as Inverse Bonds, while HFSI is Multisector Bonds. They also come from different issuers: ProShares and Hartford. Their fees differ too: 0.93% for TBT and 0.49% for HFSI.

Which has better risk-adjusted returns?

HFSI currently has the higher Sharpe Ratio (2.02 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.