TBT vs. QQQ
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and Invesco QQQ ETF (QQQ).
TBT and QQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. QQQ is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 10, 1999. Both TBT and QQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TBT vs. QQQ - Performance Comparison
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TBT vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
QQQ Invesco QQQ ETF | -5.93% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than QQQ's -5.93% return. Over the past 10 years, TBT has underperformed QQQ with an annualized return of 1.35%, while QQQ has yielded a comparatively higher 18.85% annualized return.
TBT
- 1D
- 0.31%
- 1M
- 9.41%
- YTD
- 1.05%
- 6M
- 5.45%
- 1Y
- 7.58%
- 3Y*
- 12.55%
- 5Y*
- 13.91%
- 10Y*
- 1.35%
QQQ
- 1D
- 3.39%
- 1M
- -4.84%
- YTD
- -5.93%
- 6M
- -3.62%
- 1Y
- 23.68%
- 3Y*
- 22.32%
- 5Y*
- 12.88%
- 10Y*
- 18.85%
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TBT vs. QQQ - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Return for Risk
TBT vs. QQQ — Risk / Return Rank
TBT
QQQ
TBT vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and Invesco QQQ ETF (QQQ). 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.
| TBT | QQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.33 | 1.05 | -0.72 |
Sortino ratioReturn per unit of downside risk | 0.66 | 1.63 | -0.97 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.23 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | 0.33 | 1.88 | -1.55 |
Martin ratioReturn relative to average drawdown | 0.59 | 6.95 | -6.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBT | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 1.05 | -0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.58 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.85 | -0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.37 | -0.71 |
Correlation
The correlation between TBT and QQQ is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TBT vs. QQQ - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, more than QQQ's 0.49% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
QQQ Invesco QQQ ETF | 0.49% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Drawdowns
TBT vs. QQQ - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for TBT and QQQ.
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Drawdown Indicators
| TBT | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -82.97% | -12.02% |
Max Drawdown (1Y)Largest decline over 1 year | -17.29% | -12.62% | -4.67% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -35.12% | +1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -35.12% | -29.97% |
Current DrawdownCurrent decline from peak | -85.92% | -8.98% | -76.94% |
Average DrawdownAverage peak-to-trough decline | -77.25% | -32.99% | -44.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.57% | 3.41% | +6.16% |
Volatility
TBT vs. QQQ - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 7.56% compared to Invesco QQQ ETF (QQQ) at 6.51%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 6.51% | +1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 13.28% | 12.77% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.93% | 22.67% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.47% | 22.39% | +9.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.84% | 22.25% | +6.59% |