TBT vs. TLT
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and iShares 20+ Year Treasury Bond ETF (TLT).
TBT and TLT 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. TLT is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Bond Index. It was launched on Jul 26, 2002. Both TBT and TLT 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 TLT.
Key characteristics
| TBT | TLT | |
|---|---|---|
| YTD Return | 26.49% | -9.72% |
| 1Y Return | 43.65% | -14.30% |
| 3Y Return (Ann) | 25.71% | -11.96% |
| 5Y Return (Ann) | 4.12% | -4.37% |
| 10Y Return (Ann) | -4.27% | 0.13% |
| Sharpe Ratio | 1.16 | -0.76 |
| Daily Std Dev | 34.18% | 17.24% |
| Max Drawdown | -94.99% | -48.35% |
| Current Drawdown | -86.00% | -43.75% |
Correlation
The correlation between TBT and TLT is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Performance
TBT vs. TLT - Performance Comparison
In the year-to-date period, TBT achieves a 26.49% return, which is significantly higher than TLT's -9.72% return. Over the past 10 years, TBT has underperformed TLT with an annualized return of -4.27%, while TLT has yielded a comparatively higher 0.13% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
TBT vs. TLT - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is higher than TLT's 0.15% expense ratio.
Risk-Adjusted Performance
TBT vs. TLT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and iShares 20+ Year Treasury Bond ETF (TLT). 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. TLT - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 4.07%, more than TLT's 3.92% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 4.07% | 4.98% | 0.42% | 0.00% | 0.27% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 3.92% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% | 2.67% | 3.26% |
Drawdowns
TBT vs. TLT - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TBT and TLT. For additional features, visit the drawdowns tool.
Volatility
TBT vs. TLT - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 8.46% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 4.26%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.