TBT vs. UPRO
TBT (ProShares UltraShort 20+ Year Treasury) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs 30.18%/yr for UPRO. At a 0.24 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.89%/yr for UPRO.
Performance
TBT vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, TBT has underperformed UPRO with an annualized return of 2.32%, while UPRO has yielded a comparatively higher 30.18% 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%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
TBT vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between TBT and UPRO is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | 0.24 |
The correlation between TBT and UPRO shifts across timeframes, from -0.24 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. UPRO — Risk / Return Rank
TBT
UPRO
TBT vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.34 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.10 | 9.52 | -9.61 |
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Drawdowns
TBT vs. UPRO - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for TBT and UPRO.
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Drawdown Indicators
| TBT | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -76.82% | -18.17% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -26.78% | +11.89% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -48.87% | +15.04% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -63.94% | +30.11% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -76.82% | +11.73% |
Current DrawdownCurrent decline from peak | -85.92% | -10.27% | -75.65% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -14.39% | -62.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 6.57% | +0.98% |
Volatility
TBT vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBT | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 14.68% | -10.15% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 29.49% | -16.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 37.35% | -18.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 50.62% | -19.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 53.79% | -25.04% |
TBT vs. UPRO - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
TBT vs. UPRO - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
TBT and UPRO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs 2.32% for TBT. On fees, UPRO is cheaper at 0.89% 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, UPRO has performed better with a 30.18% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.93% for TBT.
TBT has the higher dividend yield at 2.95%, compared with 0.74% for UPRO.
TBT is categorized as Inverse Bonds, while UPRO is Leveraged Equities. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while UPRO tracks S&P 500. Their fees differ too: 0.93% for TBT and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 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.
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