TBT vs. TQQQ
TBT (ProShares UltraShort 20+ Year Treasury) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs 45.48%/yr for TQQQ. At a 0.18 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.95%/yr for TQQQ.
Performance
TBT vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than TQQQ's 41.43% return. Over the past 10 years, TBT has underperformed TQQQ with an annualized return of 2.32%, while TQQQ has yielded a comparatively higher 45.48% 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%
TQQQ
- 1D
- -9.86%
- 1M
- -4.37%
- YTD
- 41.43%
- 6M
- 35.75%
- 1Y
- 100.69%
- 3Y*
- 58.02%
- 5Y*
- 21.47%
- 10Y*
- 45.48%
TBT vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 41.43% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between TBT and TQQQ is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.18 |
The correlation between TBT and TQQQ shifts across timeframes, from -0.18 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. TQQQ — Risk / Return Rank
TBT
TQQQ
TBT vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.30 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.74 | -2.79 |
| Martin ratioReturn relative to average drawdown | -0.10 | 8.72 | -8.81 |
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Drawdowns
TBT vs. TQQQ - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TBT and TQQQ.
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Drawdown Indicators
| TBT | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -81.66% | -13.33% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -36.97% | +22.08% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -58.04% | +24.21% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -81.66% | +47.83% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -81.66% | +16.57% |
Current DrawdownCurrent decline from peak | -85.92% | -14.65% | -71.27% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -18.49% | -58.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 11.59% | -4.04% |
Volatility
TBT vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 27.27% | -22.74% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 43.35% | -29.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 53.39% | -34.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 67.41% | -36.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 66.32% | -37.57% |
TBT vs. TQQQ - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TQQQ's 0.95% expense ratio.
Dividends
TBT vs. TQQQ - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, more than TQQQ's 0.42% 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% |
TQQQ ProShares UltraPro QQQ | 0.42% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
TBT and TQQQ have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (27.27%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.48% vs 2.32% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, TBT has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.48% 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 0.95% for TQQQ.
TBT has the higher dividend yield at 2.95%, compared with 0.42% for TQQQ.
TBT is categorized as Inverse Bonds, while TQQQ is Leveraged Equities. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.93% for TBT and 0.95% for TQQQ.
TQQQ currently has the higher Sharpe Ratio (1.90 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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