TBT vs. TLT
TBT (ProShares UltraShort 20+ Year Treasury) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TBT returned 3.87%/yr vs -2.38%/yr for TLT. Their -0.99 correlation means they have often moved in opposite directions in the past. TBT charges 0.93%/yr vs 0.15%/yr for TLT.
Performance
TBT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 11.24% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, TBT has outperformed TLT with an annualized return of 3.87%, while TLT has yielded a comparatively lower -2.38% annualized return.
TBT
- 1D
- 1.34%
- 1M
- 8.74%
- 6M
- 10.70%
- YTD
- 11.24%
- 1Y
- 12.71%
- 3Y*
- 10.40%
- 5Y*
- 20.76%
- 10Y*
- 3.87%
- ALL TIME*
- -9.28%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.97M | $11.74M | $17.37M | |
| $2.33B | $2.02B | $2.19B |
TBT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 11.24% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between TBT and TLT is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | -0.99 |
The correlation between TBT and TLT has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
TBT vs. TLT — Risk / Return Rank
TBT
TLT
TBT vs. TLT - Risk-Adjusted Trends 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.
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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.99 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | -0.14 | +0.86 |
| Martin ratioReturn relative to average drawdown | 1.51 | -0.30 | +1.80 |
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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.
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Drawdown Indicators
| TBT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -48.35% | -46.64% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -7.74% | -5.49% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -14.79% | -19.04% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -43.70% | +9.87% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -48.35% | -16.74% |
Current DrawdownCurrent decline from peak | -84.50% | -42.36% | -42.14% |
Average DrawdownAverage peak-to-trough decline | -77.38% | -13.99% | -63.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.33% | 3.57% | +2.76% |
Volatility
TBT vs. TLT - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.28% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. 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.
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Volatility by Period
| TBT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 2.46% | +2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 6.85% | +7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 9.32% | +9.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.19% | 15.74% | +15.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.66% | 14.83% | +13.83% |
TBT vs. TLT - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
TBT vs. TLT - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.52%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.52% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TBT and TLT have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.28%) compared to TLT (2.46%). In terms of maximum drawdown, TBT dropped -94.99% vs TLT's -48.35%.
On 10-year performance, TBT leads with 3.87% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 3.87% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.93% for TBT.
TLT has the higher dividend yield at 4.34%, compared with 2.52% for TBT.
TBT is categorized as Inverse Bonds, while TLT is Government Bonds. Both ETFs track ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.93% for TBT and 0.15% for TLT.
TBT currently has the higher Sharpe Ratio (0.50 vs -0.11), 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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