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 2.32%/yr vs 2.89%/yr for TBF. With a 0.99 correlation, they move nearly in lockstep. TBT charges 0.93%/yr vs 0.94%/yr for TBF.
Performance
TBT vs. TBF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than TBF's 1.51% return. Over the past 10 years, TBT has underperformed TBF with an annualized return of 2.32%, while TBF has yielded a comparatively higher 2.89% 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%
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
TBT vs. TBF - 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% |
TBF ProShares Short 20+ Year Treasury | 1.51% | 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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.04 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.23 | -0.28 |
| Martin ratioReturn relative to average drawdown | -0.10 | 0.50 | -0.59 |
Loading charts...
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.
Loading charts...
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 | -14.89% | -7.23% | -7.66% |
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 | -85.92% | -43.88% | -42.04% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -47.41% | -29.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 3.31% | +4.24% |
Volatility
TBT vs. TBF - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares Short 20+ Year Treasury (TBF) at 2.20%. 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.
Loading charts...
Volatility by Period
| TBT | TBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 2.20% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 6.52% | +6.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 9.29% | +9.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 15.68% | +15.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 14.50% | +14.25% |
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 2.95%, more than TBF's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 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 (4.53%) compared to TBF (2.20%). In terms of maximum drawdown, TBT dropped -94.99% vs TBF's -70.40%.
On 10-year performance, TBF leads with 2.89% vs 2.32% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, TBF has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 2.89% return vs 2.32%. 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.
TBT has the higher dividend yield at 2.95%, compared with 2.86% for TBF.
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 (0.18 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.
Find the right allocation for TBT and TBF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer