TBT vs. TTT
TBT (ProShares UltraShort 20+ Year Treasury) and TTT (UltraPro Short 20+ Year Treasury) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%). Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs -0.85%/yr for TTT. With a 0.99 correlation, they move nearly in lockstep. TBT charges 0.93%/yr vs 0.95%/yr for TTT.
Performance
TBT vs. TTT - 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 TTT's 0.59% return. Over the past 10 years, TBT has outperformed TTT with an annualized return of 2.32%, while TTT has yielded a comparatively lower -0.85% 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%
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
TBT vs. TTT - 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% |
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
Correlation
The correlation between TBT and TTT is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| 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 | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | 0.99 |
The correlation between TBT and TTT has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
TBT vs. TTT — Risk / Return Rank
TBT
TTT
TBT vs. TTT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and UltraPro Short 20+ Year Treasury (TTT). 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 | TTT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.00 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.18 | +0.13 |
| Martin ratioReturn relative to average drawdown | -0.10 | -0.34 | +0.24 |
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Drawdowns
TBT vs. TTT - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, roughly equal to the maximum TTT drawdown of -94.00%. Use the drawdown chart below to compare losses from any high point for TBT and TTT.
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Drawdown Indicators
| TBT | TTT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -94.00% | -0.99% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -22.18% | +7.29% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -49.69% | +15.86% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -49.69% | +15.86% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -81.76% | +16.67% |
Current DrawdownCurrent decline from peak | -85.92% | -78.91% | -7.01% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -70.37% | -6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 11.89% | -4.34% |
Volatility
TBT vs. TTT - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while UltraPro Short 20+ Year Treasury (TTT) has a volatility of 6.36%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than TTT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | TTT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 6.36% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 19.77% | -6.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 28.33% | -9.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 47.02% | -15.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 43.32% | -14.57% |
TBT vs. TTT - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TTT's 0.95% expense ratio.
Dividends
TBT vs. TTT - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than TTT's 9.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
Frequently Asked Questions
With a correlation of 0.99, TBT and TTT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TTT has higher volatility (6.36%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs TTT's -94.00%.
On 10-year performance, TBT leads with 2.32% vs -0.85% for TTT. 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, TBT has performed better with a 2.32% return vs -0.85%. 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 TTT.
TTT has the higher dividend yield at 9.61%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while TTT is Leveraged Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%). Their fees differ too: 0.93% for TBT and 0.95% for TTT.
TBT currently has the higher Sharpe Ratio (-0.04 vs -0.14), 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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