TBT vs. TYD
TBT (ProShares UltraShort 20+ Year Treasury) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TBT returned 3.38%/yr vs -5.51%/yr for TYD. At a correlation of -0.83, they often move in opposite directions. TBT charges 0.93%/yr vs 1.09%/yr for TYD.
Performance
TBT vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 6.47% return, which is significantly higher than TYD's -8.30% return. Over the past 10 years, TBT has outperformed TYD with an annualized return of 3.38%, while TYD has yielded a comparatively lower -5.51% annualized return.
TBT
- 1D
- 1.35%
- 1M
- 4.17%
- 6M
- 7.64%
- YTD
- 6.47%
- 1Y
- 2.30%
- 3Y*
- 11.05%
- 5Y*
- 18.74%
- 10Y*
- 3.38%
TYD
- 1D
- -0.90%
- 1M
- -2.66%
- 6M
- -8.14%
- YTD
- -8.30%
- 1Y
- -2.67%
- 3Y*
- -4.77%
- 5Y*
- -14.07%
- 10Y*
- -5.51%
TBT vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.30% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between TBT and TYD is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.83 |
The correlation between TBT and TYD has been stable across timeframes, ranging from -0.92 to -0.83 - a consistent structural relationship.
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Return for Risk
TBT vs. TYD — Risk / Return Rank
TBT
TYD
TBT vs. TYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and Direxion Daily 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.98 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | -0.20 | +0.35 |
| Martin ratioReturn relative to average drawdown | 0.30 | -0.45 | +0.75 |
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Drawdowns
TBT vs. TYD - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for TBT and TYD.
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Drawdown Indicators
| TBT | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -64.28% | -30.71% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -13.54% | -1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -23.96% | -9.87% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -59.84% | +26.01% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -64.28% | -0.81% |
Current DrawdownCurrent decline from peak | -85.17% | -60.15% | -25.02% |
Average DrawdownAverage peak-to-trough decline | -77.36% | -22.16% | -55.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 5.95% | +1.76% |
Volatility
TBT vs. TYD - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.79% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 4.65%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 4.65% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.88% | 10.29% | +3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.99% | 13.84% | +5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 22.98% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.67% | 20.20% | +8.47% |
TBT vs. TYD - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
TBT vs. TYD - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.63%, less than TYD's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.36% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TBT and TYD have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.79%) compared to TYD (4.65%). In terms of maximum drawdown, TBT dropped -94.99% vs TYD's -64.28%.
On 10-year performance, TBT leads with 3.38% vs -5.51% for TYD. On fees, TBT is cheaper at 0.93% per year. On volatility, TYD has been the lower-risk option at 4.65%. 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 3.38% return vs -5.51%. 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 1.09% for TYD.
TYD has the higher dividend yield at 3.36%, compared with 2.63% for TBT.
TBT is categorized as Inverse Bonds, while TYD is Leveraged Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TYD tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.93% for TBT and 1.09% for TYD.
TBT currently has the higher Sharpe Ratio (0.12 vs -0.19), 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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