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TBT vs. TMF
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between TBT and TMF is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

TBT vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort 20+ Year Treasury (TBT) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

-80.00%-75.00%-70.00%-65.00%-60.00%-55.00%NovemberDecember2025FebruaryMarchApril
-77.41%
-62.23%
TBT
TMF

Key characteristics

Sharpe Ratio

TBT:

-0.00

TMF:

-0.21

Sortino Ratio

TBT:

0.20

TMF:

-0.00

Omega Ratio

TBT:

1.02

TMF:

1.00

Calmar Ratio

TBT:

-0.00

TMF:

-0.10

Martin Ratio

TBT:

-0.01

TMF:

-0.38

Ulcer Index

TBT:

12.24%

TMF:

23.23%

Daily Std Dev

TBT:

28.56%

TMF:

42.73%

Max Drawdown

TBT:

-94.99%

TMF:

-92.11%

Current Drawdown

TBT:

-86.24%

TMF:

-91.44%

Returns By Period

In the year-to-date period, TBT achieves a -2.70% return, which is significantly lower than TMF's 0.38% return. Over the past 10 years, TBT has outperformed TMF with an annualized return of -0.41%, while TMF has yielded a comparatively lower -14.96% annualized return.


TBT

YTD

-2.70%

1M

2.45%

6M

8.36%

1Y

-1.80%

5Y*

21.45%

10Y*

-0.41%

TMF

YTD

0.38%

1M

-6.01%

6M

-16.25%

1Y

-6.75%

5Y*

-37.69%

10Y*

-14.96%

*Annualized

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TBT vs. TMF - Expense Ratio Comparison

TBT has a 0.92% expense ratio, which is lower than TMF's 1.09% expense ratio.


Expense ratio chart for TMF: current value is 1.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
TMF: 1.09%
Expense ratio chart for TBT: current value is 0.92%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
TBT: 0.92%

Risk-Adjusted Performance

TBT vs. TMF — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBT
The Risk-Adjusted Performance Rank of TBT is 2424
Overall Rank
The Sharpe Ratio Rank of TBT is 2323
Sharpe Ratio Rank
The Sortino Ratio Rank of TBT is 2626
Sortino Ratio Rank
The Omega Ratio Rank of TBT is 2424
Omega Ratio Rank
The Calmar Ratio Rank of TBT is 2323
Calmar Ratio Rank
The Martin Ratio Rank of TBT is 2323
Martin Ratio Rank

TMF
The Risk-Adjusted Performance Rank of TMF is 1616
Overall Rank
The Sharpe Ratio Rank of TMF is 1313
Sharpe Ratio Rank
The Sortino Ratio Rank of TMF is 1717
Sortino Ratio Rank
The Omega Ratio Rank of TMF is 1717
Omega Ratio Rank
The Calmar Ratio Rank of TMF is 1616
Calmar Ratio Rank
The Martin Ratio Rank of TMF is 1515
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

TBT vs. TMF - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and Direxion Daily 20-Year Treasury Bull 3X (TMF). 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.


The chart of Sharpe ratio for TBT, currently valued at -0.00, compared to the broader market-1.000.001.002.003.004.00
TBT: -0.00
TMF: -0.21
The chart of Sortino ratio for TBT, currently valued at 0.20, compared to the broader market-2.000.002.004.006.008.00
TBT: 0.20
TMF: -0.00
The chart of Omega ratio for TBT, currently valued at 1.02, compared to the broader market0.501.001.502.00
TBT: 1.02
TMF: 1.00
The chart of Calmar ratio for TBT, currently valued at -0.00, compared to the broader market0.002.004.006.008.0010.0012.00
TBT: -0.00
TMF: -0.10
The chart of Martin ratio for TBT, currently valued at -0.01, compared to the broader market0.0020.0040.0060.00
TBT: -0.01
TMF: -0.38

The current TBT Sharpe Ratio is -0.00, which is higher than the TMF Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of TBT and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-1.00-0.500.000.501.00NovemberDecember2025FebruaryMarchApril
-0.00
-0.21
TBT
TMF

Dividends

TBT vs. TMF - Dividend Comparison

TBT's dividend yield for the trailing twelve months is around 4.50%, more than TMF's 4.22% yield.


TTM20242023202220212020201920182017
TBT
ProShares UltraShort 20+ Year Treasury
4.50%4.64%4.98%0.42%0.00%0.32%2.12%0.99%0.00%
TMF
Direxion Daily 20-Year Treasury Bull 3X
4.22%4.29%2.82%1.62%0.13%2.23%0.94%1.49%0.41%

Drawdowns

TBT vs. TMF - Drawdown Comparison

The maximum TBT drawdown since its inception was -94.99%, roughly equal to the maximum TMF drawdown of -92.11%. Use the drawdown chart below to compare losses from any high point for TBT and TMF. For additional features, visit the drawdowns tool.


-92.00%-90.00%-88.00%-86.00%-84.00%-82.00%NovemberDecember2025FebruaryMarchApril
-82.60%
-91.44%
TBT
TMF

Volatility

TBT vs. TMF - Volatility Comparison

The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 11.41%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 18.17%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


6.00%8.00%10.00%12.00%14.00%16.00%18.00%NovemberDecember2025FebruaryMarchApril
11.41%
18.17%
TBT
TMF