TBT vs. TBF
TBT (ProShares UltraShort 20+ Year Treasury) and TBF (ProShares Short 20+ Year Treasury) are both Inverse Bonds funds from ProShares - TBT tracks the ICE U.S. Treasury 20+ Year Bond Index while TBF tracks the U.S. Treasury 20+ Year Index (-100%). Both are passively managed. Over the past 10 years, TBT returned 3.57%/yr vs 3.52%/yr for TBF. Their 0.99 correlation means they have historically moved very closely together. TBT charges 0.93%/yr vs 0.94%/yr for TBF.
Performance
TBT vs. TBF - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 8.55% return, which is significantly higher than TBF's 5.32% return. Both investments have delivered pretty close results over the past 10 years, with TBT having a 3.57% annualized return and TBF not far behind at 3.52%.
TBT
- 1D
- -0.24%
- 1M
- 5.84%
- 6M
- 7.26%
- YTD
- 8.55%
- 1Y
- 11.13%
- 3Y*
- 8.35%
- 5Y*
- 19.69%
- 10Y*
- 3.57%
- ALL TIME*
- -9.40%
TBF
- 1D
- -0.16%
- 1M
- 2.99%
- 6M
- 4.48%
- YTD
- 5.32%
- 1Y
- 7.38%
- 3Y*
- 6.77%
- 5Y*
- 12.07%
- 10Y*
- 3.52%
- ALL TIME*
- -2.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.03M | $3.82M | $5.32M | |
| $12.05M | $11.52M | $17.20M |
TBT vs. TBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 8.55% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
TBF ProShares Short 20+ Year Treasury | 5.32% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
Correlation
The correlation between TBT and TBF is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2009 | 0.99 |
The correlation between TBT and TBF has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
TBT vs. TBF — Risk / Return Rank
TBT
TBF
TBT vs. TBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Short 20+ Year Treasury (TBF). 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 | TBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.14 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.14 | -0.29 |
| Martin ratioReturn relative to average drawdown | 1.76 | 2.57 | -0.80 |
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Drawdowns
TBT vs. TBF - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than TBF's maximum drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for TBT and TBF.
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Drawdown Indicators
| TBT | TBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -70.40% | -24.59% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -6.52% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -17.79% | -16.04% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -17.79% | -16.04% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -38.39% | -26.70% |
Current DrawdownCurrent decline from peak | -84.88% | -41.77% | -43.11% |
Average DrawdownAverage peak-to-trough decline | -77.39% | -47.37% | -30.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.32% | 2.88% | +3.44% |
Volatility
TBT vs. TBF - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.34% compared to ProShares Short 20+ Year Treasury (TBF) at 2.56%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than TBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | TBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.34% | 2.56% | +2.78% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 6.78% | +7.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.76% | 9.11% | +9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.20% | 15.60% | +15.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.65% | 14.44% | +14.21% |
TBT vs. TBF - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TBF's 0.94% expense ratio.
Dividends
TBT vs. TBF - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.58%, less than TBF's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.70% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TBT ProShares UltraShort 20+ Year Treasury | 2.58% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
With a correlation of 0.98, TBT and TBF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TBT has higher volatility (5.34%) compared to TBF (2.56%). In terms of maximum drawdown, TBT dropped -94.99% vs TBF's -70.40%.
On 10-year performance, TBT leads with 3.57% vs 3.52% for TBF. On fees, TBT is cheaper at 0.93% per year. On volatility, TBF has been the lower-risk option at 2.56%. 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 3.57% return vs 3.52%. 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 0.94% for TBF.
TBF has the higher dividend yield at 2.70%, compared with 2.58% for TBT.
TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TBF tracks U.S. Treasury 20+ Year Index (-100%). Their fees differ too: 0.93% for TBT and 0.94% for TBF.
TBF currently has the higher Sharpe Ratio (0.81 vs 0.60), 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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