TBT vs. UVXY
TBT (ProShares UltraShort 20+ Year Treasury) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, TBT returned 3.57%/yr vs -71.14%/yr for UVXY. Their -0.20 correlation means they have often moved in opposite directions in the past. TBT charges 0.93%/yr vs 0.95%/yr for UVXY.
Performance
TBT vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBT achieves a 8.55% return, which is significantly higher than UVXY's -38.60% return. Over the past 10 years, TBT has outperformed UVXY with an annualized return of 3.57%, while UVXY has yielded a comparatively lower -71.14% annualized return.
TBT
- 1D
- -0.24%
- 1M
- 5.84%
- 6M
- 7.26%
- YTD
- 8.55%
- 1Y
- 11.13%
- 3Y*
- 8.35%
- 5Y*
- 19.69%
- 10Y*
- 3.57%
- ALL TIME*
- -9.40%
UVXY
- 1D
- -4.83%
- 1M
- -7.27%
- 6M
- -41.44%
- YTD
- -38.60%
- 1Y
- -72.18%
- 3Y*
- -64.22%
- 5Y*
- -67.88%
- 10Y*
- -71.14%
- ALL TIME*
- -80.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.05M | $11.52M | $17.20M | |
| $192.80M | $190.57M | $230.93M |
TBT vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 8.55% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -38.60% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between TBT and UVXY is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.20 |
The correlation between TBT and UVXY shifts across timeframes, from -0.20 (all time) to 0.15 (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. UVXY — Risk / Return Rank
TBT
UVXY
TBT vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.83 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -1.02 | +1.86 |
| Martin ratioReturn relative to average drawdown | 1.76 | -1.56 | +3.33 |
Loading charts...
Drawdowns
TBT vs. UVXY - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TBT and UVXY.
Loading charts...
Drawdown Indicators
| TBT | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -100.00% | +5.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -71.05% | +57.82% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -95.55% | +61.72% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -99.69% | +65.86% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -100.00% | +34.91% |
Current DrawdownCurrent decline from peak | -84.88% | -100.00% | +15.12% |
Average DrawdownAverage peak-to-trough decline | -77.39% | -98.76% | +21.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.32% | 48.08% | -41.76% |
Volatility
TBT vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 5.34%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.42%. This indicates that TBT experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBT | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.34% | 22.42% | -17.08% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 65.04% | -50.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.76% | 85.86% | -67.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.20% | 103.36% | -72.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.65% | 112.06% | -83.41% |
TBT vs. UVXY - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
TBT vs. UVXY - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.58%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.58% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBT and UVXY have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.42%) compared to TBT (5.34%). In terms of maximum drawdown, TBT dropped -94.99% vs UVXY's -100.00%.
On 10-year performance, TBT leads with 3.57% vs -71.14% for UVXY. On fees, TBT is cheaper at 0.93% per year. On volatility, TBT has been the lower-risk option at 5.34%. 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 3.57% return vs -71.14%. 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 0.95% for UVXY.
TBT has the higher dividend yield at 2.58%, compared with 0.00% for UVXY.
TBT is categorized as Inverse Bonds, while UVXY is Volatility. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.93% for TBT and 0.95% for UVXY.
TBT currently has the higher Sharpe Ratio (0.60 vs -0.84), 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 UVXY
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