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 2.32%/yr vs -1.74%/yr for TLT. At a correlation of -0.99, they often move in opposite directions. 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 1.05% return, which is significantly higher than TLT's 0.77% return. Over the past 10 years, TBT has outperformed TLT with an annualized return of 2.32%, while TLT has yielded a comparatively lower -1.74% 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%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
TBT vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.07 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.51 | -0.56 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.22 | -1.32 |
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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 | -14.89% | -7.58% | -7.31% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -19.18% | -14.65% |
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 | -85.92% | -39.82% | -46.10% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -13.87% | -63.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 3.18% | +4.37% |
Volatility
TBT vs. TLT - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.20%. 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 | 4.53% | 2.20% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 6.62% | +6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 9.48% | +9.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 15.82% | +15.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 14.88% | +13.87% |
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 2.95%, less than TLT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 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 | 4.54% | 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 (4.53%) compared to TLT (2.20%). In terms of maximum drawdown, TBT dropped -94.99% vs TLT's -48.35%.
On 10-year performance, TBT leads with 2.32% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT 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, TBT has performed better with a 2.32% return vs -1.74%. 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 4.54%, compared with 2.95% 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.
TLT currently has the higher Sharpe Ratio (0.41 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.
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