TBT vs. PST
TBT (ProShares UltraShort 20+ Year Treasury) and PST (ProShares UltraShort 7-10 Year Treasury) are both Inverse Bonds funds from ProShares - TBT tracks the ICE U.S. Treasury 20+ Year Bond Index while PST tracks the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, TBT returned 3.87%/yr vs 3.13%/yr for PST. Their correlation of 0.91 means they have usually moved in the same direction. TBT charges 0.93%/yr vs 0.95%/yr for PST.
Performance
TBT vs. PST - 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 PST's 7.74% return. Over the past 10 years, TBT has outperformed PST with an annualized return of 3.87%, while PST has yielded a comparatively lower 3.13% annualized 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%
PST
- 1D
- 0.55%
- 1M
- 3.24%
- 6M
- 6.90%
- YTD
- 7.74%
- 1Y
- 7.92%
- 3Y*
- 4.59%
- 5Y*
- 11.11%
- 10Y*
- 3.13%
- ALL TIME*
- -4.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $115.25K | $150.97K | $186.50K | |
| $10.97M | $11.74M | $17.37M |
TBT vs. PST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 11.24% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
PST ProShares UltraShort 7-10 Year Treasury | 7.74% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
Correlation
The correlation between TBT and PST is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | 0.91 |
The correlation between TBT and PST has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
TBT vs. PST — Risk / Return Rank
TBT
PST
TBT vs. PST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares UltraShort 7-10 Year Treasury (PST). 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 | PST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.10 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.17 | -0.45 |
| Martin ratioReturn relative to average drawdown | 1.51 | 2.40 | -0.89 |
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Drawdowns
TBT vs. PST - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than PST's maximum drawdown of -79.25%. Use the drawdown chart below to compare losses from any high point for TBT and PST.
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Drawdown Indicators
| TBT | PST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -79.25% | -15.74% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -4.73% | -8.50% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -16.19% | -17.64% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -16.19% | -17.64% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -36.07% | -29.02% |
Current DrawdownCurrent decline from peak | -84.50% | -63.04% | -21.46% |
Average DrawdownAverage peak-to-trough decline | -77.38% | -61.49% | -15.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.33% | 2.73% | +3.60% |
Volatility
TBT vs. PST - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.28% compared to ProShares UltraShort 7-10 Year Treasury (PST) at 2.53%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than PST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | PST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 2.53% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 7.32% | +6.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 9.39% | +9.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.19% | 15.56% | +15.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.66% | 13.29% | +15.37% |
TBT vs. PST - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than PST's 0.95% expense ratio.
Dividends
TBT vs. PST - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.52%, less than PST's 2.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 2.78% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
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 PST have a correlation of 0.89, 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 PST (2.53%). In terms of maximum drawdown, TBT dropped -94.99% vs PST's -79.25%.
On 10-year performance, TBT leads with 3.87% vs 3.13% for PST. On fees, TBT is cheaper at 0.93% per year. On volatility, PST has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 3.87% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for PST.
PST has the higher dividend yield at 2.78%, compared with 2.52% for TBT.
TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while PST tracks ICE U.S. Treasury 7-10 Year Bond Index. Their fees differ too: 0.93% for TBT and 0.95% for PST.
PST currently has the higher Sharpe Ratio (0.59 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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