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 2.32%/yr vs -73.85%/yr for UVXY. At a correlation of -0.20, they often move in opposite directions. TBT charges 0.93%/yr vs 0.95%/yr for UVXY.
Performance
TBT vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, TBT has outperformed UVXY with an annualized return of 2.32%, while UVXY has yielded a comparatively lower -73.85% 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
TBT vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -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 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 0.14 (1 year), reflecting how their relationship changes across market environments.
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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 | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.81 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -1.01 | +0.96 |
| Martin ratioReturn relative to average drawdown | -0.10 | -1.45 | +1.36 |
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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.
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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 | -14.89% | -73.51% | +58.62% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -94.93% | +61.10% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -99.71% | +65.88% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -100.00% | +34.91% |
Current DrawdownCurrent decline from peak | -85.92% | -100.00% | +14.08% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -98.75% | +21.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 55.34% | -47.79% |
Volatility
TBT vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 4.53%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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.
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Volatility by Period
| TBT | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 25.85% | -21.32% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 66.46% | -52.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 85.46% | -66.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 103.96% | -72.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 112.39% | -83.64% |
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 2.95%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to TBT (4.53%). In terms of maximum drawdown, TBT dropped -94.99% vs UVXY's -100.00%.
On 10-year performance, TBT leads with 2.32% vs -73.85% for UVXY. On fees, TBT is cheaper at 0.93% 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, TBT has performed better with a 2.32% return vs -73.85%. 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 2.95%, 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 (-0.04 vs -0.87), 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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