TBT vs. TWM
TBT (ProShares UltraShort 20+ Year Treasury) and TWM (ProShares UltraShort Russell2000) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%). Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs -28.49%/yr for TWM. At a correlation of -0.24, they often move in opposite directions. TBT charges 0.93%/yr vs 0.95%/yr for TWM.
Performance
TBT vs. TWM - 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 TWM's -32.09% return. Over the past 10 years, TBT has outperformed TWM with an annualized return of 2.32%, while TWM has yielded a comparatively lower -28.49% 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%
TWM
- 1D
- 1.98%
- 1M
- -7.68%
- YTD
- -32.09%
- 6M
- -28.69%
- 1Y
- -50.37%
- 3Y*
- -30.94%
- 5Y*
- -17.34%
- 10Y*
- -28.49%
TBT vs. TWM - 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% |
TWM ProShares UltraShort Russell2000 | -32.09% | -24.71% | -19.35% | -26.84% | 28.43% | -35.43% | -60.01% | -38.40% | 19.15% | -26.36% |
Correlation
The correlation between TBT and TWM is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | -0.24 |
The correlation between TBT and TWM shifts across timeframes, from -0.24 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. TWM — Risk / Return Rank
TBT
TWM
TBT vs. TWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares UltraShort Russell2000 (TWM). 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 | TWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.78 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.99 | +0.94 |
| Martin ratioReturn relative to average drawdown | -0.10 | -1.64 | +1.55 |
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Drawdowns
TBT vs. TWM - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, roughly equal to the maximum TWM drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for TBT and TWM.
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Drawdown Indicators
| TBT | TWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -99.94% | +4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -51.15% | +36.26% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -74.07% | +40.24% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -76.44% | +42.61% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -96.79% | +31.70% |
Current DrawdownCurrent decline from peak | -85.92% | -99.93% | +14.01% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -87.29% | +9.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 30.89% | -23.34% |
Volatility
TBT vs. TWM - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while ProShares UltraShort Russell2000 (TWM) has a volatility of 13.21%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than TWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | TWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 13.21% | -8.68% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 28.79% | -15.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 39.41% | -20.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 45.25% | -13.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 45.84% | -17.09% |
TBT vs. TWM - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TWM's 0.95% expense ratio.
Dividends
TBT vs. TWM - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than TWM's 6.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TWM ProShares UltraShort Russell2000 | 6.67% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
Frequently Asked Questions
TBT and TWM have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWM has higher volatility (13.21%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs TWM's -99.94%.
On 10-year performance, TBT leads with 2.32% vs -28.49% for TWM. 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 -28.49%. 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 TWM.
TWM has the higher dividend yield at 6.67%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while TWM is Leveraged Equities. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TWM tracks Russell 2000 (-200%). Their fees differ too: 0.93% for TBT and 0.95% for TWM.
TBT currently has the higher Sharpe Ratio (-0.04 vs -1.28), 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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