TLT vs. TBT
TLT (iShares 20+ Year Treasury Bond ETF) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TLT returned -1.66%/yr vs 2.10%/yr for TBT. At a correlation of -0.99, they often move in opposite directions. TLT charges 0.15%/yr vs 0.93%/yr for TBT.
Performance
TLT vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -0.27% return, which is significantly lower than TBT's 3.12% return. Over the past 10 years, TLT has underperformed TBT with an annualized return of -1.66%, while TBT has yielded a comparatively higher 2.10% annualized return.
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
TBT
- 1D
- 0.76%
- 1M
- -1.08%
- YTD
- 3.12%
- 6M
- 7.77%
- 1Y
- -2.58%
- 3Y*
- 10.56%
- 5Y*
- 15.44%
- 10Y*
- 2.10%
TLT vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
TBT ProShares UltraShort 20+ Year Treasury | 3.12% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between TLT and TBT is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 2, 2008 | -0.99 |
The correlation between TLT and TBT has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
TLT vs. TBT — Risk / Return Rank
TLT
TBT
TLT vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and ProShares UltraShort 20+ Year Treasury (TBT). 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.
| TLT | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | -0.17 | +0.83 |
| Martin ratioReturn relative to average drawdown | 1.63 | -0.35 | +1.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLT | TBT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | -0.13 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.40 | 0.49 | -0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 0.07 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | -0.33 | +0.58 |
Drawdowns
TLT vs. TBT - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TLT and TBT.
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Drawdown Indicators
| TLT | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -94.99% | +46.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -14.89% | +7.31% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -33.83% | +14.65% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -33.83% | -9.87% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -65.09% | +16.74% |
Current DrawdownCurrent decline from peak | -40.44% | -85.63% | +45.19% |
Average DrawdownAverage peak-to-trough decline | -13.82% | -77.33% | +63.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 7.50% | -4.46% |
Volatility
TLT vs. TBT - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.76%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.74%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 5.74% | -2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 6.50% | 13.20% | -6.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.77% | 19.76% | -9.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.87% | 31.42% | -15.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 28.79% | -13.88% |
TLT vs. TBT - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than TBT's 0.93% expense ratio.
Dividends
TLT vs. TBT - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.59%, more than TBT's 2.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.89% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and TBT have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.74%) compared to TLT (2.76%). In terms of maximum drawdown, TLT dropped -48.35% vs TBT's -94.99%.
On 10-year performance, TBT leads with 2.10% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 2.10% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.93% for TBT.
TLT has the higher dividend yield at 4.59%, compared with 2.89% for TBT.
TLT is categorized as Government Bonds, while TBT is Inverse Bonds. Both ETFs track ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for TLT and 0.93% for TBT.
TLT currently has the higher Sharpe Ratio (0.51 vs -0.13), 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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