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 2.32%/yr vs 2.13%/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
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than TYO's 7.50% return. Over the past 10 years, TBT has outperformed TYO with an annualized return of 2.32%, while TYO has yielded a comparatively lower 2.13% 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%
TYO
- 1D
- -0.95%
- 1M
- -1.40%
- YTD
- 7.50%
- 6M
- 7.74%
- 1Y
- 5.39%
- 3Y*
- 7.07%
- 5Y*
- 12.78%
- 10Y*
- 2.13%
TBT vs. TYO - 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 7.50% | -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 0.88, 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 | 0.88 |
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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.07 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.54 | -0.59 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.00 | -1.09 |
Loading charts...
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.
Loading charts...
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 | -85.92% | -77.30% | -8.62% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -71.10% | -6.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 5.42% | +2.13% |
Volatility
TBT vs. TYO - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.29%. 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.
Loading charts...
Volatility by Period
| TBT | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 4.29% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 10.61% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 14.36% | +4.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 23.23% | +8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 20.17% | +8.58% |
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 2.95%, more than TYO's 2.83% 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.83% | 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 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to TYO (4.29%). In terms of maximum drawdown, TBT dropped -94.99% vs TYO's -89.25%.
On 10-year performance, TBT leads with 2.32% vs 2.13% for TYO. On fees, TBT is cheaper at 0.93% per year. On volatility, TYO has been the lower-risk option at 4.29%. 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 2.13%. 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 2.95%, compared with 2.83% 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 (0.38 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.
Find the right allocation for TBT and TYO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer