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TBT vs. HYHG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

TBT vs. HYHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) and ProShares High Yield-Interest Rate Hedged (HYHG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than HYHG's 3.86% return. Over the past 10 years, TBT has underperformed HYHG with an annualized return of 2.32%, while HYHG has yielded a comparatively higher 6.38% 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%

HYHG

1D
0.07%
1M
0.71%
YTD
3.86%
6M
4.29%
1Y
8.04%
3Y*
9.96%
5Y*
7.04%
10Y*
6.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBT vs. HYHG - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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%
HYHG
ProShares High Yield-Interest Rate Hedged
3.86%5.31%11.41%14.69%-1.71%5.75%0.16%12.02%-1.95%3.76%

Correlation

The correlation between TBT and HYHG is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.03

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since May 23, 2013

0.23

Over the past year, the correlation between TBT and HYHG has dropped to 0.03 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

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Return for Risk

TBT vs. HYHG — Risk / Return Rank

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

TBT
TBT Risk / Return Rank: 88
Overall Rank
TBT Sharpe Ratio Rank: 88
Sharpe Ratio Rank
TBT Sortino Ratio Rank: 88
Sortino Ratio Rank
TBT Omega Ratio Rank: 88
Omega Ratio Rank
TBT Calmar Ratio Rank: 88
Calmar Ratio Rank
TBT Martin Ratio Rank: 88
Martin Ratio Rank

HYHG
HYHG Risk / Return Rank: 5757
Overall Rank
HYHG Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
HYHG Sortino Ratio Rank: 4343
Sortino Ratio Rank
HYHG Omega Ratio Rank: 4242
Omega Ratio Rank
HYHG Calmar Ratio Rank: 8181
Calmar Ratio Rank
HYHG Martin Ratio Rank: 7474
Martin Ratio Rank
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. HYHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares High Yield-Interest Rate Hedged (HYHG). 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.


TBTHYHGDifference
Sharpe ratioReturn per unit of total volatility

-1.49

Sortino ratioReturn per unit of downside risk

-2.01

Omega ratioGain probability vs. loss probability

1.01

1.26

-0.25

Calmar ratioReturn relative to maximum drawdown

-0.05

4.00

-4.05

Martin ratioReturn relative to average drawdown

-0.10

13.36

-13.46

TBT vs. HYHG - Sharpe Ratio Comparison

The current TBT Sharpe Ratio is -0.04, which is lower than the HYHG Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of TBT and HYHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Drawdowns

TBT vs. HYHG - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, which is greater than HYHG's maximum drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for TBT and HYHG.


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Drawdown Indicators


TBTHYHGDifference

Max Drawdown

Largest peak-to-trough decline

-94.99%

-25.71%

-69.28%

Max Drawdown (1Y)

Largest decline over 1 year

-14.89%

-2.02%

-12.87%

Max Drawdown (3Y)

Largest decline over 3 years

-33.83%

-7.47%

-26.36%

Max Drawdown (5Y)

Largest decline over 5 years

-33.83%

-9.21%

-24.62%

Max Drawdown (10Y)

Largest decline over 10 years

-65.09%

-25.71%

-39.38%

Current Drawdown

Current decline from peak

-85.92%

0.00%

-85.92%

Average Drawdown

Average peak-to-trough decline

-77.34%

-3.03%

-74.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.55%

0.60%

+6.95%

Volatility

TBT vs. HYHG - Volatility Comparison

ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares High Yield-Interest Rate Hedged (HYHG) at 1.31%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


TBTHYHGDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.53%

1.31%

+3.22%

Volatility (6M)

Calculated over the trailing 6-month period

13.49%

4.36%

+9.13%

Volatility (1Y)

Calculated over the trailing 1-year period

19.19%

5.57%

+13.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.32%

8.17%

+23.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.75%

9.10%

+19.65%

TBT vs. HYHG - Expense Ratio Comparison

TBT has a 0.93% expense ratio, which is higher than HYHG's 0.50% expense ratio.


Dividends

TBT vs. HYHG - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 2.95%, less than HYHG's 6.73% yield.


PositionTTM20252024202320222021202020192018201720162015
HYHG
ProShares High Yield-Interest Rate Hedged
6.73%6.97%6.57%6.07%5.58%4.54%5.21%6.06%6.45%5.57%5.37%6.37%
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


TBT and HYHG have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TBT has higher volatility (4.53%) compared to HYHG (1.31%). In terms of maximum drawdown, TBT dropped -94.99% vs HYHG's -25.71%.

On 10-year performance, HYHG leads with 6.38% vs 2.32% for TBT. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HYHG has performed better with a 6.38% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HYHG is cheaper with a 0.50% expense ratio, compared with 0.93% for TBT.

HYHG has the higher dividend yield at 6.73%, compared with 2.95% for TBT.

TBT is categorized as Inverse Bonds, while HYHG is High Yield Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index. Their fees differ too: 0.93% for TBT and 0.50% for HYHG.

HYHG currently has the higher Sharpe Ratio (1.45 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.

Portfolio Optimizer

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