TBT vs. TYO
TBT (ProShares UltraShort 20+ Year Treasury) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TYO 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 2.43%/yr for TYO. Their correlation of 0.89 suggests significant overlap in exposure. TBT charges 0.93%/yr vs 1.08%/yr for TYO.
Performance
TBT vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 6.47% return, which is significantly lower than TYO's 10.78% return. Over the past 10 years, TBT has outperformed TYO with an annualized return of 3.38%, while TYO has yielded a comparatively lower 2.43% 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%
TYO
- 1D
- 1.40%
- 1M
- 3.20%
- 6M
- 10.70%
- YTD
- 10.78%
- 1Y
- 6.55%
- 3Y*
- 7.57%
- 5Y*
- 14.33%
- 10Y*
- 2.43%
TBT vs. TYO - 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 10.78% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between TBT and TYO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.89 |
The correlation between TBT and TYO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
TBT vs. TYO — Risk / Return Rank
TBT
TYO
TBT vs. TYO - 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 Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.09 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | 0.66 | -0.50 |
| Martin ratioReturn relative to average drawdown | 0.30 | 1.20 | -0.90 |
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Drawdowns
TBT vs. TYO - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than TYO's maximum drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for TBT and TYO.
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Drawdown Indicators
| TBT | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -89.25% | -5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -10.00% | -4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -24.40% | -9.43% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -24.40% | -9.43% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -52.21% | -12.88% |
Current DrawdownCurrent decline from peak | -85.17% | -76.60% | -8.57% |
Average DrawdownAverage peak-to-trough decline | -77.36% | -71.11% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 5.48% | +2.23% |
Volatility
TBT vs. TYO - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.79% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.73%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 4.73% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 13.88% | 10.88% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.99% | 14.28% | +4.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 23.21% | +8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.67% | 20.15% | +8.52% |
TBT vs. TYO - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
TBT vs. TYO - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.63%, more than TYO's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.52% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TBT and TYO have a correlation of 0.87, 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 TYO (4.73%). In terms of maximum drawdown, TBT dropped -94.99% vs TYO's -89.25%.
On 10-year performance, TBT leads with 3.38% vs 2.43% for TYO. On fees, TBT is cheaper at 0.93% per year. On volatility, TYO has been the lower-risk option at 4.73%. 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 2.43%. 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 1.08% for TYO.
TBT has the higher dividend yield at 2.63%, compared with 2.52% for TYO.
TBT is categorized as Inverse Bonds, while TYO is Leveraged Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TYO 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 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.46 vs 0.12), 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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