TBT vs. IQQQ

Last updated Jul 14, 2026

TBT (ProShares UltraShort 20+ Year Treasury) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, TBT returned 2.30% vs 25.95% for IQQQ. At a correlation of -0.09, they often move in opposite directions. TBT charges 0.93%/yr vs 0.55%/yr for IQQQ.

Performance

TBT vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBT achieves a 6.47% return, which is significantly lower than IQQQ's 13.67% return.

TBT

• 1D: 1.35%
• 1M: 4.17%
• 6M: 7.64%
• YTD: 6.47%
• 1Y: 2.30%
• 3Y*: 11.05%
• 5Y*: 18.74%
• 10Y*: 3.38%

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBT vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBT ProShares UltraShort 20+ Year Treasury	6.47%	-1.45%	12.04%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between TBT and IQQQ is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.09

Return for Risk

TBT vs. IQQQ — Risk / Return Rank

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

TBT

TBT Risk / Return Rank: 11
TBT Sharpe Ratio Rank: 11
TBT Sortino Ratio Rank: 11
TBT Omega Ratio Rank: 10
TBT Calmar Ratio Rank: 11
TBT Martin Ratio Rank: 11

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.48	-1.36
Sortino ratio: Return per unit of downside risk	0.30	1.99	-1.68
Omega ratio: Gain probability vs. loss probability	1.03	1.26	-0.22
Calmar ratio: Return relative to maximum drawdown	0.16	2.34	-2.19
Martin ratio: Return relative to average drawdown	0.30	7.74	-7.44

TBT vs. IQQQ - Sharpe Ratio Comparison

The current TBT Sharpe Ratio is 0.12, which is lower than the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of TBT and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for TBT and IQQQ.

Drawdown Indicators

	TBT	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-20.41%	-74.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-11.13%	-3.76%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	—	—
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	-85.17%	-4.54%	-80.63%
Average Drawdown Average peak-to-trough decline	-77.36%	-3.63%	-73.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.71%	3.36%	+4.35%

Volatility

TBT vs. IQQQ - Volatility Comparison

The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 5.79%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 7.78%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBT	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	7.78%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	14.34%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.99%	17.62%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	19.16%	+12.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.67%	19.16%	+9.51%

TBT vs. IQQQ - Expense Ratio Comparison

TBT has a 0.93% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

TBT vs. IQQQ - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 2.63%, less than IQQQ's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBT ProShares UltraShort 20+ Year Treasury	2.63%	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 IQQQ in my portfolio?

TBT and IQQQ have a correlation of -0.15, 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 IQQQ?

IQQQ has higher volatility (7.78%) compared to TBT (5.79%). In terms of maximum drawdown, TBT dropped -94.99% vs IQQQ's -20.41%.

Which ETF is better, TBT or IQQQ?

On 1-year performance, IQQQ leads with 25.95% vs 2.30% for TBT. On fees, IQQQ is cheaper at 0.55% per year. On volatility, TBT has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBT or IQQQ?

Over the 1-year period, IQQQ has performed better with a 25.95% return vs 2.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBT or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.93% for TBT.

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

IQQQ has the higher dividend yield at 5.25%, compared with 2.63% for TBT.

What is the main difference between TBT and IQQQ?

TBT is categorized as Inverse Bonds, while IQQQ is Nasdaq-100. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.93% for TBT and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs 0.12), 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.