TBT vs. SPY
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and SPDR S&P 500 ETF (SPY).
TBT and SPY 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. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both TBT and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TBT or SPY.
Key characteristics
| TBT | SPY | |
|---|---|---|
| YTD Return | 26.89% | 5.94% |
| 1Y Return | 35.01% | 22.56% |
| 3Y Return (Ann) | 25.13% | 7.95% |
| 5Y Return (Ann) | 4.09% | 13.35% |
| 10Y Return (Ann) | -3.95% | 12.34% |
| Sharpe Ratio | 1.26 | 1.93 |
| Daily Std Dev | 33.91% | 11.63% |
| Max Drawdown | -94.99% | -55.19% |
| Current Drawdown | -85.95% | -4.05% |
Correlation
The correlation between TBT and SPY is 0.30, 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.
Performance
TBT vs. SPY - Performance Comparison
In the year-to-date period, TBT achieves a 26.89% return, which is significantly higher than SPY's 5.94% return. Over the past 10 years, TBT has underperformed SPY with an annualized return of -3.95%, while SPY has yielded a comparatively higher 12.34% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TBT vs. SPY - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is higher than SPY's 0.09% expense ratio.
Risk-Adjusted Performance
TBT vs. SPY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and 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.
Dividends
TBT vs. SPY - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 4.05%, more than SPY's 1.34% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 4.05% | 4.98% | 0.42% | 0.00% | 0.27% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY SPDR S&P 500 ETF | 1.34% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
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. For additional features, visit the drawdowns tool.
Volatility
TBT vs. SPY - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 7.97% compared to SPDR S&P 500 ETF (SPY) at 3.91%. 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.