TBT vs. SPY

Last updated Jun 4, 2026

TBT (ProShares UltraShort 20+ Year Treasury) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TBT returned 2.10%/yr vs 15.49%/yr for SPY. At a 0.25 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.09%/yr for SPY.

Performance

TBT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBT achieves a 3.12% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, TBT has underperformed SPY with an annualized return of 2.10%, while SPY has yielded a comparatively higher 15.49% annualized return.

TBT

• 1D: 0.76%
• 1M: -1.08%
• YTD: 3.12%
• 6M: 7.77%
• 1Y: -2.58%
• 3Y*: 10.56%
• 5Y*: 15.44%
• 10Y*: 2.10%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBT ProShares UltraShort 20+ Year Treasury	3.12%	-1.45%	27.66%	-2.42%	93.29%	2.86%	-37.93%	-22.90%	4.98%	-17.25%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TBT and SPY is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 2, 2008	0.25

The correlation between TBT and SPY shifts across timeframes, from -0.21 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

TBT vs. SPY - Sectors Allocation Comparison

Sectors	TBT	SPY
Financial Services	72.7%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

TBT vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBT

TBT Risk / Return Rank: 7
TBT Sharpe Ratio Rank: 7
TBT Sortino Ratio Rank: 7
TBT Omega Ratio Rank: 7
TBT Calmar Ratio Rank: 7
TBT Martin Ratio Rank: 7

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TBT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	2.38	-2.51
Sortino ratio: Return per unit of downside risk	-0.05	3.24	-3.29
Omega ratio: Gain probability vs. loss probability	0.99	1.43	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.17	3.16	-3.34
Martin ratio: Return relative to average drawdown	-0.35	14.72	-15.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBT vs. SPY - Sharpe Ratio Comparison

The current TBT Sharpe Ratio is -0.13, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TBT and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBT	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	2.38	-2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.82	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.87	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.59	-0.91

Drawdowns

TBT vs. SPY - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TBT and SPY.

Drawdown Indicators

	TBT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-55.19%	-39.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-8.88%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-18.76%	-15.07%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-24.50%	-9.33%
Max Drawdown (10Y) Largest decline over 10 years	-65.09%	-33.72%	-31.37%
Current Drawdown Current decline from peak	-85.63%	-0.70%	-84.93%
Average Drawdown Average peak-to-trough decline	-77.33%	-9.05%	-68.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.50%	1.91%	+5.59%

Volatility

TBT vs. SPY - Volatility Comparison

ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.74% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	2.84%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	8.90%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	11.83%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.42%	17.05%	+14.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.79%	17.94%	+10.85%

TBT vs. SPY - Expense Ratio Comparison

TBT has a 0.93% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TBT vs. SPY - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 2.89%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TBT ProShares UltraShort 20+ Year Treasury	2.89%	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

Can I hold both TBT and SPY in my portfolio?

TBT and SPY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBT or SPY?

TBT has higher volatility (5.74%) compared to SPY (2.84%). In terms of maximum drawdown, TBT dropped -94.99% vs SPY's -55.19%.

Which ETF is better, TBT or SPY?

On 10-year performance, SPY leads with 15.49% vs 2.10% for TBT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBT or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.93% for TBT.

Which ETF pays a higher dividend yield, TBT or SPY?

TBT has the higher dividend yield at 2.89%, compared with 0.98% for SPY.

What is the main difference between TBT and SPY?

TBT is categorized as Inverse Bonds, while SPY is S&P 500. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.93% for TBT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.13), 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.