TBT vs. SKOR
TBT (ProShares UltraShort 20+ Year Treasury) and SKOR (FlexShares Credit-Scored US Corporate Bond Index Fund) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SKOR is a Corporate Bonds fund tracking the NorthernTrustUS Corporate Bond Quality Value Index. Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs 2.82%/yr for SKOR. At a correlation of -0.61, they often move in opposite directions. TBT charges 0.93%/yr vs 0.22%/yr for SKOR.
Performance
TBT vs. SKOR - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than SKOR's 0.45% return. Over the past 10 years, TBT has underperformed SKOR with an annualized return of 2.32%, while SKOR has yielded a comparatively higher 2.82% 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%
SKOR
- 1D
- 0.09%
- 1M
- 0.48%
- YTD
- 0.45%
- 6M
- 0.66%
- 1Y
- 4.54%
- 3Y*
- 5.99%
- 5Y*
- 1.78%
- 10Y*
- 2.82%
TBT vs. SKOR - 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% |
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 0.45% | 7.99% | 4.42% | 7.64% | -9.88% | -1.40% | 8.84% | 10.69% | -1.25% | 4.38% |
Correlation
The correlation between TBT and SKOR is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014 | -0.61 |
The correlation between TBT and SKOR shifts across timeframes, from -0.82 (3 years) to -0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. SKOR — Risk / Return Rank
TBT
SKOR
TBT vs. SKOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR). 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 | SKOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.31 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.18 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.10 | 7.51 | -7.60 |
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Drawdowns
TBT vs. SKOR - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than SKOR's maximum drawdown of -15.98%. Use the drawdown chart below to compare losses from any high point for TBT and SKOR.
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Drawdown Indicators
| TBT | SKOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -15.98% | -79.01% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -2.09% | -12.80% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -3.11% | -30.72% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -15.13% | -18.70% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -15.98% | -49.11% |
Current DrawdownCurrent decline from peak | -85.92% | -0.67% | -85.25% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -2.64% | -74.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 0.61% | +6.94% |
Volatility
TBT vs. SKOR - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) at 0.84%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than SKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | SKOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 0.84% | +3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 2.07% | +11.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 2.72% | +16.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 4.43% | +26.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 4.90% | +23.85% |
TBT vs. SKOR - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than SKOR's 0.22% expense ratio.
Dividends
TBT vs. SKOR - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than SKOR's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 4.66% | 4.70% | 4.90% | 3.90% | 2.57% | 2.55% | 3.38% | 3.53% | 2.85% | 2.46% | 2.74% | 2.25% |
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 SKOR have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to SKOR (0.84%). In terms of maximum drawdown, TBT dropped -94.99% vs SKOR's -15.98%.
On 10-year performance, SKOR leads with 2.82% vs 2.32% for TBT. On fees, SKOR is cheaper at 0.22% per year. On volatility, SKOR has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SKOR has performed better with a 2.82% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKOR is cheaper with a 0.22% expense ratio, compared with 0.93% for TBT.
SKOR has the higher dividend yield at 4.66%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while SKOR is Corporate Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while SKOR tracks NorthernTrustUS Corporate Bond Quality Value Index. They also come from different issuers: ProShares and Northern Trust. Their fees differ too: 0.93% for TBT and 0.22% for SKOR.
SKOR currently has the higher Sharpe Ratio (1.68 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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