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 2.32%/yr vs 22.07%/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
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than QQQ's 16.45% return. Over the past 10 years, TBT has underperformed QQQ with an annualized return of 2.32%, while QQQ has yielded a comparatively higher 22.07% 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%
QQQ
- 1D
- -3.29%
- 1M
- -0.43%
- YTD
- 16.45%
- 6M
- 14.99%
- 1Y
- 34.88%
- 3Y*
- 26.05%
- 5Y*
- 16.01%
- 10Y*
- 22.07%
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 | 16.45% | 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 -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
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 -0.18 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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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 | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.35 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.93 | -2.98 |
| Martin ratioReturn relative to average drawdown | -0.10 | 10.86 | -10.96 |
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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 | -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 | -85.92% | -4.25% | -81.67% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -32.73% | -44.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 3.22% | +4.33% |
Volatility
TBT vs. QQQ - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. 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.
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Volatility by Period
| TBT | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 9.17% | -4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 14.57% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 17.96% | +1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 22.69% | +8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 22.42% | +6.33% |
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 2.95%, 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 | 2.95% | 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 QQQ have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (9.17%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.07% vs 2.32% for TBT. On fees, QQQ is cheaper at 0.18% per year. On volatility, TBT has been the lower-risk option at 4.53%. 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 22.07% return vs 2.32%. 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 2.95%, 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 (1.95 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.
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