TBT vs. SQQQ
TBT (ProShares UltraShort 20+ Year Treasury) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, TBT returned 3.31%/yr vs -54.92%/yr for SQQQ. At a correlation of -0.18, they often move in opposite directions. TBT charges 0.93%/yr vs 0.95%/yr for SQQQ.
Performance
TBT vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 6.06% return, which is significantly higher than SQQQ's -36.02% return. Over the past 10 years, TBT has outperformed SQQQ with an annualized return of 3.31%, while SQQQ has yielded a comparatively lower -54.92% annualized return.
TBT
- 1D
- 0.19%
- 1M
- 4.81%
- 6M
- 8.83%
- YTD
- 6.06%
- 1Y
- 0.31%
- 3Y*
- 10.93%
- 5Y*
- 19.07%
- 10Y*
- 3.31%
SQQQ
- 1D
- 4.65%
- 1M
- 10.00%
- 6M
- -34.17%
- YTD
- -36.02%
- 1Y
- -51.09%
- 3Y*
- -49.80%
- 5Y*
- -45.39%
- 10Y*
- -54.92%
TBT vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 6.06% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
SQQQ ProShares UltraPro Short QQQ | -36.02% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between TBT and SQQQ is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| 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 Feb 11, 2010 | -0.18 |
The correlation between TBT and SQQQ shifts across timeframes, from -0.18 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. SQQQ — Risk / Return Rank
TBT
SQQQ
TBT vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.85 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.84 | +0.86 |
| Martin ratioReturn relative to average drawdown | 0.04 | -1.53 | +1.57 |
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Drawdowns
TBT vs. SQQQ - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TBT and SQQQ.
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Drawdown Indicators
| TBT | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -100.00% | +5.01% |
Max Drawdown (1Y)Largest decline over 1 year | -14.68% | -61.03% | +46.35% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -92.51% | +58.68% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -97.27% | +63.44% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -99.97% | +34.88% |
Current DrawdownCurrent decline from peak | -85.22% | -100.00% | +14.78% |
Average DrawdownAverage peak-to-trough decline | -77.37% | -92.76% | +15.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.57% | 33.52% | -25.95% |
Volatility
TBT vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 5.08%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.12%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 22.12% | -17.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 46.34% | -32.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.90% | 56.08% | -37.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.26% | 67.92% | -36.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.65% | 66.58% | -37.93% |
TBT vs. SQQQ - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
TBT vs. SQQQ - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.64%, less than SQQQ's 9.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.34% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
TBT ProShares UltraShort 20+ Year Treasury | 2.64% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% |
Frequently Asked Questions
TBT and SQQQ 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.
SQQQ has higher volatility (22.12%) compared to TBT (5.08%). In terms of maximum drawdown, TBT dropped -94.99% vs SQQQ's -100.00%.
On 10-year performance, TBT leads with 3.31% vs -54.92% for SQQQ. On fees, TBT is cheaper at 0.93% per year. On volatility, TBT has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 3.31% return vs -54.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 9.34%, compared with 2.64% for TBT.
TBT is categorized as Inverse Bonds, while SQQQ is Leveraged Equities. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.93% for TBT and 0.95% for SQQQ.
TBT currently has the higher Sharpe Ratio (0.02 vs -0.91), 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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