TBT vs. USFR
TBT (ProShares UltraShort 20+ Year Treasury) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs 2.43%/yr for USFR. At a 0.01 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.15%/yr for USFR.
Performance
TBT vs. USFR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than USFR's 1.82% return. Both investments have delivered pretty close results over the past 10 years, with TBT having a 2.32% annualized return and USFR not far ahead at 2.43%.
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%
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
TBT vs. USFR - 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% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between TBT and USFR is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | 0.01 |
The correlation between TBT and USFR shifts across timeframes, from 0.00 (5 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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. USFR — Risk / Return Rank
TBT
USFR
TBT vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.71 | ||
| Sortino ratioReturn per unit of downside risk | -50.05 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 13.31 | -12.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 201.33 | -201.38 |
| Martin ratioReturn relative to average drawdown | -0.10 | 779.76 | -779.86 |
Loading charts...
Drawdowns
TBT vs. USFR - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for TBT and USFR.
Loading charts...
Drawdown Indicators
| TBT | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -1.36% | -93.63% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -0.02% | -14.87% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -0.06% | -33.77% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -0.18% | -33.65% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -0.80% | -64.29% |
Current DrawdownCurrent decline from peak | -85.92% | 0.00% | -85.92% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -0.15% | -77.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 0.01% | +7.54% |
Volatility
TBT vs. USFR - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that TBT's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBT | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 0.09% | +4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 0.19% | +13.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 0.27% | +18.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 0.40% | +30.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 0.78% | +27.97% |
TBT vs. USFR - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
TBT vs. USFR - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than USFR's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
TBT and USFR have a correlation of 0.13, 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 USFR (0.09%). In terms of maximum drawdown, TBT dropped -94.99% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.43% vs 2.32% for TBT. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USFR has performed better with a 2.43% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.93% for TBT.
USFR has the higher dividend yield at 3.90%, compared with 2.95% for TBT.
TBT is categorized as Inverse Bonds, while USFR is Government Bonds. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.93% for TBT and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 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 USFR
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