TBT vs. QQQ
TBT (ProShares UltraShort 20+ Year Treasury) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, TBT returned 3.38%/yr vs 21.19%/yr for QQQ. At a 0.20 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.18%/yr for QQQ.
Performance
TBT vs. QQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 6.47% return, which is significantly lower than QQQ's 16.13% return. Over the past 10 years, TBT has underperformed QQQ with an annualized return of 3.38%, while QQQ has yielded a comparatively higher 21.19% annualized 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%
QQQ
- 1D
- -1.90%
- 1M
- -1.22%
- 6M
- 13.75%
- YTD
- 16.13%
- 1Y
- 29.05%
- 3Y*
- 24.08%
- 5Y*
- 15.10%
- 10Y*
- 21.19%
TBT vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
QQQ Invesco QQQ ETF | 16.13% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between TBT and QQQ is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | 0.20 |
The correlation between TBT and QQQ shifts across timeframes, from -0.16 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.28 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | 2.44 | -2.28 |
| Martin ratioReturn relative to average drawdown | 0.30 | 8.74 | -8.44 |
Loading charts...
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.
Loading charts...
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 | -14.89% | -11.96% | -2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -22.77% | -11.06% |
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 | -85.17% | -4.51% | -80.66% |
Average DrawdownAverage peak-to-trough decline | -77.36% | -32.67% | -44.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 3.33% | +4.38% |
Volatility
TBT vs. QQQ - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 5.79%, while Invesco QQQ ETF (QQQ) has a volatility of 8.69%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBT | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 8.69% | -2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 13.88% | 15.40% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.99% | 18.61% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 22.80% | +8.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.67% | 22.44% | +6.23% |
TBT vs. QQQ - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
TBT vs. QQQ - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.63%, more than QQQ's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.43% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 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 QQQ have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (8.69%) compared to TBT (5.79%). In terms of maximum drawdown, TBT dropped -94.99% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 21.19% vs 3.38% for TBT. On fees, QQQ is cheaper at 0.18% 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.
Over the 10-year period, QQQ has performed better with a 21.19% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.93% for TBT.
TBT has the higher dividend yield at 2.63%, compared with 0.43% for QQQ.
TBT is categorized as Inverse Bonds, while QQQ is Nasdaq-100. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.93% for TBT and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (1.57 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.
Find the right allocation for TBT and QQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer